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Paying Rent with Roommates
Answers for Renters

 When sharing a rental with one or more roommates, make certain that everyone understands how to handle the payment of rent. Trouble begins when one roommate cannot pay his or her portion. 
         
You and your roommates must understand that everyone included in the rental agreement or lease is equally liable for payment of the entire rent, not just their own share. If any portion of the rent is late, everyone is subject to any late fee.  If the rent remains unpaid, everyone may be evicted.
         
That is the case even if you are willing to pay your share of the rent. Since property managers are not required to accept partial payments of the rent, most do not. Doing so would create confusion since a property manager cannot evict just one of the tenants for non-payment of rent. Therefore, if you try to pay your share of the rent, it probably will be rejected.
         
Property managers should carefully evaluate prospective renters’ ability to pay the rent before renting to them. Likewise, you should carefully consider your roommates ability to pay before deciding to share a rental. Your best friend will not make your best roommate if he or she has trouble paying the rent. Unfortunately, many good relationships end when money gets tight.

 
 
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Prudential Nichols

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www.prudentialnichols.com

 

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