Distinguish subletting from lease assignment: Be well-informed before renting your next apartment!
Are you searching for a new rental property? If so, you have probably heard of subletting and lease assignment. Do you really know the differences between these two terms?
Subletting occurs when the tenant of an apartment chooses to rent all or part of that apartment to another person, called the subtenant. In this case, the original tenant remains responsible to the landlord for all the fees and obligations of the lease. This means that if the subtenant doesn’t pay the rent or causes damage to the apartment, it is the original tenant who bears the responsibility.
However, lease assignment occurs when the tenant of an apartment wants to transfer their lease to another person, called the assignee. In this case, the original tenant is completely released from all obligations towards the landlord and the assignee becomes the new occupant of the apartment. The assignee is therefore responsible for all the terms of the lease, including rent payment and maintenance of the apartment.
Now that you understand the differences between subletting and lease assignment, you can make an informed decision during your apartment search. If you are comfortable remaining responsible as the primary tenant, subletting can be an excellent option for you. It allows you to share the rental costs with a subtenant, which can be advantageous financially.
On the other hand, if you prefer to unload all responsibility towards the landlord, lease assignment is the best option. By transferring your lease to an assignee, you can consider moving without worrying about the commitments made as a tenant.
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