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What Is Subletting or Subleasing? Subleasing is when the person whose name is on the lease finds another person to pay the monthly rent.A sublease is a new contract between the lessee and the sublessee. The original lessee turns into a sublessor in this new contract. Typically, a sublease lasts until the end of the original term for the original lease. Assignment: The transfer of an entire leasehold interest from a tenant to a third party. Essentially, sublet and sublease are two different words for the same concept. What duties do I have when I sublease to a tenant? When you sublease to a subtenant, you take on the duties of a landlord. When the tenant of a particular piece of property wishes to give his or her rights under the lease to another party, the situation warrants a sublease.