Weighing the Pros and Cons of Individual and Joint Lease
Many tenants in the US prefer sharing their apartments to save on monthly rentals and enjoy the company. Though having a roommate brings several unique benefits, disagreements are quite common. Whether you decide to rent an apartment in San Angelo TX or elsewhere in the USA, landlords and property managers often ask you to sign a lease. The lease may be either “individual” or “joint”, and you need to decide what best suits your interests. To help you decide on the best foot forward, the blog post discusses the basics of individual and joint lease along with their advantages and disadvantages. Take a look.
Individual Lease: The Basics
Individual lease, also referred to as “by the bedroom” lease, is one of the most suitable options among college students or roommates occupying apartments for rent in places such as San Angelo, TX. Under an individual lease, two or more people can stay in an apartment; but need to pay separate monthly rentals. If you sign an individual lease, you are solely responsible for your share of rent and upkeep or maintenance of shared areas such as the living room, dining room, or bathroom.
- You are only accountable for your share of the rental every month, even if your roommate(s) defaults
- You don’t need to pay for any damage to the apartment as long as the damage isn’t a direct result of your actions
- The landlord or property manager reserves the right to rent the apartment to anyone if and when a roommate breaks the lease in between and moves out
- You may have to pay more when signing an individual lease due to increased financial risk for the landlord
- You may be held jointly responsible for any damage to shared areas, irrespective of the actual person who did the damage
Joint Lease: The Basics
Joint lease, also known as “by the apartment” lease, requires tenants to pay for the full cost of the rental apartment, and not only individual rooms or shared areas. Under a joint lease system, all tenants are accountable for paying monthly rent on time and maintaining the entire apartment. If you go for a joint lease, you may have to prepare a “roommate agreement” in advance to prevent rifts or disagreements in future.
- A joint lease is inexpensive, given the low financial risk involved
- If any of the roommates moves out before the lease expires, you get to decide who rents the empty bedrooms
- Joint tenants are equally responsible for paying rent on time, maintaining the property and carrying out repairs as and when required
- If your roommate defaults, you may have to financially cover for them
Ready to Rent an Apartment?
Both, individual and joint leases are great options depending on your understanding with your roommate and the financial risk you are willing to take. To avoid potential issues during your stay, prepare a “roommate agreement” for the duration of your stay at the rental property. If you are searching for roommate friendly and amenity packed rental properties in San Angelo, TX; Kington Properties can help. To visit our rental properties or to learn more, fill out our contact form. You can also call us at (325) 942-8198.