If you’re looking to move out of your apartment in New York City but still have time left on your lease, you might be considering subletting or assigning your lease. Both options allow you to temporarily transfer your rental agreement to someone else, but there are some key differences to consider.
The first step you should take is to make sure you discuss these options with your landlord. While most landlords will try to work with you, most also have very specific ways in which they do sublets or lease assignments. Also some landlords may only allow one option.
What is a sublet?
A sublet is when you temporarily rent out your apartment to someone else while you are still the primary tenant on the lease. You are responsible for paying rent to your landlord and for ensuring that the subtenant follows the terms of the lease.
One of the benefits of subletting is that it allows you to generate income while you are away, which can help offset the cost of rent. However, it’s important to note that you will need the permission of your landlord before you can sublet your apartment.
What is a lease assignment?
A lease assignment is when you transfer the entire lease to someone else. This means that the new tenant becomes responsible for paying rent and following the terms of the lease.
One of the benefits of a lease assignment is that it allows you to completely sever your ties with the apartment and the landlord. However, it’s important to note that you will need the permission of your landlord before you can assign your lease.
Which option is right for you?
Whether you choose to sublet or assign your lease will depend on your individual circumstances. Here are a few things to consider:
- Length of time: If you only need to be away for a short period of time, subletting might be a better option. However, if you know you won’t be returning to the apartment, a lease assignment might be a better choice.
- Rent: If you are able to find a subtenant who is willing to pay the same or more than what you are paying in rent, subletting might be a good way to generate income. However, if you are unable to find a subtenant who is willing to pay the same amount of rent, a lease assignment might be a better choice.
- Relationship with landlord: If you have a good relationship with your landlord, they might be more willing to allow you to sublet your apartment. However, if you don’t have a good relationship with your landlord or you are unsure of their feelings on the matter, a lease assignment might be a safer option.
I hope this blog post helps clarify the differences between sublets and lease assignments in New York City. If you have any additional questions or need further information, it’s always a good idea to consult with a qualified attorney or real estate professional.
Of course feel free to post your sublease or lease assignment (for free) on Leasebreak. If you are searching for an apartment, we have some of the best sublets and lease assignments in NYC.
If you would like more advice on renting in NYC, please click here.