Date: 2013-03-22 02:39 am (UTC)
As a landlord, I've done this several times, but I amend the lease to substitute one for the other and put the new person through the same background check. I make the tenants deal with any prepaids among themselves (last month's rent, deposit). It's easier if the change happens at the end of the lease, but it can be managed.

The real problem with subletting is when you sublet the property without the landlord involved and then split. That's why subletting is prohibited in most leases.

I don't even consider that subletting -- you want to substitute a new lessee. Ask the landlord.
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