In the context of leases, what does "assignment" mean?

In the context of leases, "assignment" refers specifically to the transfer of a tenant's rights and obligations under a lease to another party. When a tenant assigns their lease, they are essentially giving another individual or entity the legal right to occupy the rental property and to take over the responsibilities outlined in the lease agreement, such as paying rent, maintaining the property, and adhering to any lease terms.

This process typically requires the landlord's consent, as the original tenant remains liable to the landlord for the lease terms unless the landlord agrees to release them. Assignments can be an important aspect of lease management, as they provide tenants with flexibility if they need to relocate while still bound by the lease.

The other options concern different legal or leasing concepts, such as termination of a lease (which ends the agreement), provisions for lease renewals (which are related to extending the duration of the lease), and methods for increasing rental rates (which deal with the financial aspects of leasing) but do not pertain to the concept of assignment as it relates to leases.