sublet

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Assignment of Lease

The transfer of a lease by the lessee to another party. For example, if one rents an apartment, one might sell or give one's friend the right to live there (and the obligation to make payments). The assignor (the original lessee) remains bound by the lease contract if the assignee fails to make his/her obligations, unless the lessor states otherwise. Because of the potential complications, some lessors do not allow lessees to engage in assignment of lease.

sublet

See sublease.

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References in periodicals archive ?
He added that if rents were increased, the illegal sublet phenomenon would die out.
According to Wharton Properties data, when vacant sublet space grew in 2000 from 501,088 s/f to 5,797,690 s/f (in 2003), the overall vacancy rate climbed from 3% to nearly 10%; meanwhile, average rents dropped from approximately $54 psf to $42.
Consequently, the total amount of available space in sublets dropped 4% from 2001 in Fairfield county to 2.
This market was hurt by a jump in sublet space from companies such as Deloitte & Touche, Shawrout, Value Behavioral Health and Aetna.
What may finally resolve the sublet issue is that the market for re-sales is picking up.
Strong demand for direct space in Midtown South was offset somewhat by additional sublets put back on the market.
The study found that sublet rents exceeded direct rents, rising 7.
Sublet rents here too exceeded direct space rents, ending the second quarter at $18.
Does the Board consider sublets to be a necessary evil that it wishes to discourage and control, or as a potential benefit that merely will be aided by regulation?
Evasion of the adopted policy should be discouraged, perhaps both by indicating that occupancy by a non-shareholder in the absence of the shareholder for a period in excess of 30 days shall be considered a de facto sublet, and also by establishing an economic penalty for violation of the published procedure.
With a glut of sublease supply on the market, sublet asking rents also experienced a decline, from $56.
The market's sublet availability rate also inched upwards to 4% from the 3.