To lease for less than the proper value. (verb-transitive)
To sublet. (verb-transitive)
American Heritage(R) Dictionary of the English Language, Fifth Edition. Copyright (c) 2011 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
Use "underlet" in a sentence
"Now that I was left wholly to myself, I gave notice of my intention to quit the chambers in the Temple as soon as my tenancy could legally determine, and in the meanwhile to underlet them."
"‘They are not to be got rid of, for six months at least, unless they could be underlet, and that I don’t believe."
"The land is let on lease for terms as long sometimes as sixty-four years, and is sometimes underlet at greatly increased prices to the ultimate tenants, whose precarious condition brings the "head" landlord into undeserved odium."