Sublet Rent
In a sublet situation, when a tenant sublets a property to a third party, the original tenant is still responsible for payment of the rent as well as any damages to the property. The person subletting the property pays rent to the original tenant; in essence, the original tenant acts as a landlord, collecting sublet rent from the sublessee. The original tenant then pays the rent to the landlord or property owner. The amount of rent paid by the sublessee to the original renter may in some cases be slightly lower than the actual rent; the difference is then paid by the original renter. A sublease contract should be signed by all parties involved in a sublet; the contract should outline the specifics of the sublet, including the duration, the amount of rent to be paid and when it's due, and any other terms, rights, and responsibilities pertaining to the sublet arrangement.
Fast Facts
- The asking price for commercial sublease space in Manhattan fell 8% in the first 3 months of 2009, to $56.25 a square foot.
- There was approximately 10.3 million square feet of commercial sublet space in Manhattan in early 2009.
- In mid 2009, the median rental price for a residential sublet in New York City was $2800.




