The California sublease agreement is a legal document that binds the current tenant of a rental property (the "sublessor") to a new tenant (the "sublessee") How Much Does a Sublease Cost?The average cost (i.e. Subletting is a real estate arrangement where a tenant leases their rental property or part of it to another individual, known as a subtenant. A sublease agreement is a legal contract signed between a tenant and a third party allowing the latter to rent out the entire property or any part of it. Check out our list of available San Diego office subleases or create a sublease listing to advertise your commercial office space. Subletting, also known as subleasing, involves renting out a property or a portion of it that you are currently leasing, to a new tenant. Rental Arbitrage is a smart technique to earn money in any type of property including a multifamily house, duplexes, or triplexes. Sublet and sublease are two different words for the same concept. The suffixes of each word, "let" and "lease," both mean to rent out a property.