We have noticed in the last year or so an increasing number of our rentals are receiving applications from room mates who have decided to split the cost of renting.

There are a couple of reasons for this.

Number 1 reason I’m sure is because of the current high cost of rents these days.   So if you are teaming up with a good friend it sounds like a great idea to get into a nice place in a great neighborhood with lower out of pockets costs if you were to rent alone.

However Make The Following Considerations

When renting with roommates, there are several important factors to consider to ensure a harmonious living situation.

Our suggestion is to have a “roommate” agreement between roommates because a lot of issues can arise during a tenancy especially when you are all obligated to the same lease terms.  If one of you decides to leave, keep in mind there are legal issues and responsibilities that you could have negotiated in advance of moving into a rental home/apartment together.  So what happens then...?

We’re sure that most of the time, you’re friends already and you have compatible interests.  But when living as roommates things such as your lifestyles and habits may come into question, like sleep schedules, cleanliness,  noise levels, and social habits so it helps to have that agreed upon even before you start to look for a place to rent. 

Don’t forget “Financial Considerations”  

Our experience with roommates from time to time is they have failed to document the following items in writing, as they’ve been problematic in past roommate rentals.

1.  Rent and Bills : Clearly outline how rent and utility bills will be divided. Make sure everyone is comfortable with the arrangement.

2.  Security Deposit: Decide how the security deposit will be split and what happens in case of damages.

Some small things to consider that can escalate into a larger problem between roommates are things such as privacy and boundaries.   

Each roommate should respect each other’s personal space and privacy.  Establish boundaries to avoid potential conflicts.   Probably one that could get on the nerves of other roommates if not addressed a head of time is, Guests.

An agreement on policies regarding Guests, including how often they can visit and any overnight stays should be considered.

All the roommates are on the Lease Agreements to protect everyone's rights and responsibilities, and you should agree on policies for subletting in case someone needs to leave temporarily or permanently.   If a roommate moves out don’t forget to make your landlord aware of this situation because they might require a replacement to qualify with a credit check.   Failure to do this step might cause you to violate lease terms.

And furthermore, you should all agree on a reasonable notice period for moving out to allow time to find a replacement.

Having clear agreements and understanding in these areas can help create a positive and harmonious living environment with your roommates.

Remember, communication and respect are key to making shared living work smoothly.

And Finally:

We hope the above helps those of you thinking of renting with some friends in a roommate situation.   Best of luck in your search for a great rental.

Now in the Meantime...?

Make it a Great Day....!