Definition of "underlet" [un•der•let]

• 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.

• "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."