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New York Sublets

What is a Sublet?
In real estate law, sublease (or, less formally, sublet) is the name given to an arrangement in which the lessee in a lease assigns the lease to a third party, thereby making the old lessee the sublessor, and the new lessee the sublessee, or subtenant. This means you are renting and renting out the same property at the same time. For example, the owner of an office building may lease the whole building to a management company. This company may then sublease parts of the building to other people. The management company is said to sublet the property to the individual tenants by means of a sublease. In this event, the management company (which was previously the lessee under the original lease) becomes the sublessor, and the individual tenants are subtenants or sublessees.

Sublessor remains liable to the original lessor for any damage to the property and for payment of rent. Often the original lessee requires a lower rent payment from the sublessee than what he or she may have originally paid, leaving a partial amount of the rent left up to the original lessee.

Subletting and assignment of Leases.

Subletting and assignment are methods of transferring the tenant's legal interest in an apartment to another person. A sublet transfers less than the tenant's entire interest while an assignment transfers the entire interest. A tenant's right to assign the lease is much more restricted than the right to sublet.

A tenant may not assign the lease without the landlord's written consent. The landlord may withhold consent without cause. If the landlord reasonably refuses consent, the tenant cannot assign and is not entitled to be released from the lease. If the landlord unreasonably refuses consent, the tenant is entitled to be released from the lease after 30 days notice.

New York Sublets

People looking for a temporary apartment in New York, often refer to these apartments as "sublets", which implies that a tenant that has a long term lease in an apartment subleases their apartment for a short period of time. This is very common in Manhattan since hotels are expensive for visitors coming to New York and long term rents in the City are pricey, compared to other States, for people that live in the city and need to travel often. Then a sublet is the best option for both parties. The tenant living in New York can sublet his/her apartment for the time he/she will be away and be able to cover the rent expense in the meantime. The person coming to temporarily to New York City then will sublet that apartment at a much lower price than a hotel and will enjoy having the comfort of being in an apartment.

Unfortunately, there are some problems that may arise from subletting an apartment from an individual. One of the problems is that many tenants sublet their apartments without the owner's consent. Another problem is that you are in someone else's apartment and you may have to deal with less closet space, a lot of their personal things in the apartment and missing furniture and electronics that you would normally have in your house. Something else to consider is the fact that something may go wrong in the apartment and you may not have who to contact to take care of the problem while the tenant is away.

To prevent all these problems, Lara Group only offers sublets from landlords and management companies that not only have the authorization of the owner to sublet their apartments, but also that are subleased for the only purpose of renting them as furnished apartments not like typical New York sublets.