Subletting vs Assigning
What’s the difference? Most people have heard the term “sublet” when it comes to apartment lingo, but what exactly is an “assignment”?
When a tenant is unable to fulfill the full terms of their lease agreement due to changes in their personal life, health, relocation, etc. they may wish to give all obligations and rights under their current tenancy agreement to another tenant. This is when the assignment process comes in.
An assignment essentially means that the current tenant finds a new tenant to assume the remainder of their lease term. The current occupant is responsible for marketing their unit and finding a suitable prospect. Once a fitting prospective future tenant is found, they direct them to the property manager so that the application and screening process can be completed to ensure the incoming tenant is qualified.
In an assignment, the original tenant terminates their lease agreement and gives up their apartment permanently with no intention to return.
Subletting is different than assigning. If a tenant plans to vacate their apartment for an extended period of time but then eventually return to occupy the unit, a sublet is an option with some property management companies. A sublet allows the tenant to avoid assigning their unit or buying out their lease. It also secures their apartment while they are unable to occupy it. A sublet is typically done on long term leases of two or more years. Because our lease terms are typically only for one year, VHP does not currently offer subletting to tenants and this practice is becoming less and less popular as an option for tenants.
If tenants are unable to successfully assign their unit, a lease buy out is another option to accommodate your changing lifestyle.
No matter who your property management company or landlord is, an assignment request needs to be mutually agreed upon by all parties so before you list your unit, be sure to contact your property manager for approval.