What to consider when sharing a rental.
Right about now, the rental market is pretty tough, with high demand and a nationwide shortage of available properties leading to increased rental prices across a lot of the country.
For some renters that means the best solution is to share the cost, whether that’s with their partner, friends or new flatmates.
But when it comes to sharing a rental, there’s a few things to consider, so let’s walk through a couple of factors to keep in mind…
All names on the agreement
Regardless of whether the sharing relationship is romantic or purely economic, co-inhabiting should equal co-responsibility.
That’s particularly the case when it comes to who is named on the rental agreement. Under rental law in most states, the property owner and manager need to be kept abreast of exactly who is living at the residence.
These occupants should also be named on the rental agreement. When someone is listed on the rental agreement, they share responsibility for paying the rent. They also pay part of the bond and are partly responsible for ensuring the property is not damaged.
A shared approach
With that in mind, it’s important to carefully vet the people who you will be sharing a rental property with.
In other words, are they responsible, can they afford the rent, and will they take their obligations as a co-renter seriously?
The scary thing is, if they don’t, it could impact you, with damage or non-payment of rent potentially making it harder for you to get a rental property in the future.
In the end sharing a rental comes down to setting clear expectations, and this can also ensure your share house runs smoothly on a day-to-day basis.
Before you start perusing properties or consider moving in with someone work through the following:
- How will household chores be divided?
- Are these people easy to live with (as in share similar values when it comes to finances, socialising, study or work ethic)?
- Who will be on the rental agreement?
- What happens if something goes awry or changes? (such as someone losing their job, the relationship faltering, or they need to relocate?)
- Do they have the funds or employment to pay their share of the rent?
- Are they generally responsible?
The final word
Sharing a rental is a great way to manage the increased cost of renting. But the obligations of renters stay the same.
If you sign a rental agreement, by law you must pay the rent on time, look after the property, notify your property manager regarding any required repairs, and ensure it’s left in the same condition as when you found it.
Whoever you opt to share with should be fully aware of these responsibilities as well as the general expectations of the household long before you all move in together.
How we can help
Our experienced property managers pride themselves on establishing great relationships with both rental occupiers and owners.
We manage every property as if it were our own and you can learn more about our property management services here.
Alternatively, if you are looking to rent a property, you can view the properties we currently have available here.