Sublets and Lease Assignments
What’s the difference?
A sublet occurs when a tenant temporarily moves out and rents their unit to a subtenant until they return on a specified date, whereas an assignment occurs when a tenant permanently moves out and transfers their agreement, with all rights & responsibilities, to a new tenant.
When you sublet your unit out, you’re still the tenant and you will still be responsible for whatever happens at the property, including any property maintenance and rent payment obligations.
If you are sub-leasing your room, for many sections of the RTA, you will act as the ‘landlord’ to the subletter. Rent should be paid direct by the tenant and all non-emergency maintenance, general requests, and other communication should be submitted directly by the tenant.
For a subtenancy to exist under the RTA, the tenant must:
Axon Property Management is not involved in the selection of potential subtenants and will not arbitrarily or unreasonably withhold consent to the sublet of a rental unit to a potential subtenant.
If you are a current tenant that has found a potential subtenant, please submit the application here.
The management company incurs costs to review & approve applications on behalf of the Landlord, so all sublet applications have a $40 processing fee.
If you are a tenant looking to assign your lease to another person during your fixed term lease agreement, this means you wish to remove yourself from the lease agreement, of all rights & responsibilities, to assign to another individual.
If there are multiple tenants on the lease agreement and not all wish to assign their lease, all tenants must agree to the proposed assignment.
Upon the landlord’s consent to the assignment, the assignee takes on the obligations of the tenant and the benefits of the landlord’s obligations. The assignee is not liable to the landlord for any breaches of the RTA or of a tenancy agreement that occurred prior to the date of the assignment. The tenancy continues on the same terms as was the case with the original tenant.
Any deposits paid by the tenant are not to be returned or applied to rent, if the lease is continuing and being assigned. It is the tenant’s responsibility to collect any related payments from the assignee, as may be agreed upon.
Axon Property Management is not involved in the selection of potential lease assignee’s and will not arbitrarily or unreasonably withhold consent to the assignment of a rental unit.
If you are a current tenant that has wishes to assign their lease and has found a lease assignee, please submit an application here.
The management company incurs costs to review & approve applications on behalf of the Landlord, so all lease assignment applications have a $350 processing fee.
Once received, Axon’s team will review the information, and if approved, will sign off on the lease agreement and return the completed copy to all members of your group.