The sample lease says “jointly and severally” responsible for everything including payments, I assume it’s standard, and it makes sense, otherwise the rental company would be able to rent any rooms in the multi bedroom apartment to anyone separately. But it basically means each of the potential roommates would be committing to $600-700 * 10 month * 3-4 roommates - in case any one of them decides to drop out or transfer, the other(s) will have to pay for that room. While I don’t expect any of them to do such things and definitely planning to pay our part, it is a lot of money. I guess the question is, do people usually just base it on trust? Or is there any way to have an agreement between them that would have some legal standing? I don’t mean this to sound offensive for anyone, they are nice people and friends, but things happen…
Yes, the rental agreement is very standard. The landlord wants the full rent, whether it’s 2 of you or 4 of you paying. The downside of a regular rental vs. on-campus housing, where your rate doesn’t change just because someone leaves. Also, if you only have to rent for 10 months, that’s unusual. It’s usually a year lease if off-campus.
It’s definitely tricky and based on trust - I don’t know of anyone doing side agreements not to bail on each other, but it would be a good idea, no? If the housing is tight at your school, you will probably have no problem back filling if it happens at the beginning of the term. D is going through this right now in a very tight housing market - not fun.
- How well do you trust these people
- Ask everyone, including yourself, what would they do if they have to move out? Keep paying until a new roommate is found? How would they afford that?
- Are there other housing options?
They can sign for the university housing. It’s a big state school. The main reason they want to not live in a dorm is that it’s very noisy - the rooms are tiny, and many play computer games and shout through the hall to each other until very late. I suggested ear plugs - he said that won’t be enough. Also, although it’s basically an engineering dorm (not usually considered as a party place, right?) there is definitely some substance in use. It is being legalized now, but not on a university campus. They (not me, I just found out recently, not even from him) do not want to be near that.
I doubt it would be easy to find a new roommate. Also, even if they move out (I don’t know if it’s possible to get into a university dorm during the year) the rental company can sue them for the whole amount and will win. Th university has a site called something like tenant union where they explain all that.
I know one of them and his parents, and they are good people. Don’t know the second one at all. He currently lives next door in the dorm.
Affording - it would be from our savings. Paying 37K/year tuition and fees, I don’t think we’ll just say there is no more money so you have to drop out. But it is a lot for us.
My kid is a freshman and was considering renting an off-campus apartment with a few friends next year. My question was the same as yours, @aandaparent ! What if they all are great kids with the best intentions-- but one of them has to take a medical leave from school after the lease takes effect, and that kid’s parents don’t want to keep paying the rent – who then picks up the slack? I asked my kid to figure it out and come up with a plan that answered all my questions. I asked for a full-on PowerPoint presentation showing the pros and cons, and especially, what the $ savings would be. (Apparently, I wasn’t the only parent in the group to make such a request, either!) The group wasn’t able to get their ducks in a row before the housing application deadline – and so she wound up choosing to room next year with a friend in a new dorm that will be completed this summer. She loves to cook and is longing for her own kitchen, but I’m really glad she’ll be living on campus for at least another year.
Searched for “rental agreement roommate” and found a form, actually, many of them, some state-adjusted. I don’t know why I thought it was a delicate subject :). Obviously, I’m not the only one who wants some guarantee. What makes it even scarier that they have to do it now, months before the move in. The lease goes into effect the minute they sign it, who knows what can happen during summer. One of them applied for transfer - chances are very very slim but not zero.
@cameo43, pros and cons is a good idea. It might be that I overestimate how much he wants to move out of the dorm. He is a very low maintenance person and normally doesn’t ask about anything that is not absolutely necessary, that’s probably why we jumped on that idea. The kids themselves might not be that set on it.