- To rent property from someone who is renting from someone else. Effectively, the person subletting the property is renting out property that they themselves are renting. Some rental agreements place restrictions on or outright prohibit the subletting of the rental property.
Related Terms and Acronyms
- Condominium (condo) — Abbreviation,
- A condominium is an apartment building or townhouse complex where the structure and living areas are managed and owned, rather than rented, by the building's tenants.
- A structure of two or more housing units. The interior space of the units are individually owned. The balance of the property (land, building and other amenities) is owned in common by the owners of the individual units.
- Landlord — Definition,
- One who rents or leases his or her property to another person or a business.
- Lease (lse) — Abbreviation,
- A written agreement in which the property owner allows a tenant to use property in exchange for rent, and for a specified period. Or, a written agreement in which a car dealer allows a consumer to use a vehicle in exchange for payments for a specified period.
- Lessee — Definition,
- The person who signs a lease.
- Lessor — Definition,
- The person who grants a lease.
- Rent — Definition,
- When one party pays another for the use of an asset, service or property.
- Rental Agreement (RA) — Acronym, Important,
- A document that states the terms and conditions for tenancy of a dwelling.
- Rental Property (RP) — Acronym, Important,
- Property that is occupied by rent-paying tenants and not the owner.
- Tenant — Definition,
- One who rents property.