Whether you live with roommates under a common or individual lease, you will likely have informal agreements on job sharing, bill sharing and internal settlement. These conditions do not apply to the owner, so they do not appear on the rental agreement, but it is always a good idea to put them in writing so that you can get them as needed. Tenancy agreements with multiple tenants can be simple as long as you follow the above suggestions and maintain frequent communication with your tenants. If you live in Montana or Texas and need a lease, be sure to check out Turbo Tenant`s new customizable leases. In student housing, for example, it is common for tenants to fall in and out of love, study abroad, attend internships, fight with each other and give you headaches to you, the landlord. This is why the flexibility of individual leases may be worth an additional risk. In addition, parents often finance the rented apartment. The requirement that a parent co-signed the lease can provide far more security than collecting from a group of 19-year-olds through a common contract. Before the lease is signed, it is a good idea to let all tenants know that a person`s actions can have potentially negative consequences for everyone who lives in the rental unit. Make sure you understand, even if only one person violates all or part of the lease, the landlord can terminate the lease. Before facing a group of angry roommates who insist that they “didn`t,” tell them that they must feel comfortable living together, because all tenants are responsible for each person`s negative actions. While a roommate agreement will help establish respect and boundaries between tenants, this reminder will be useful to know what they are willing to do. When one or more roommates decide to remove the property at the end of the original lease, it is customary for the remaining tenants to find one or more substitutes that they wish to add to the renewal.
Don`t forget to check replacements the same way you did with the original customers. In the leasing industry, a landlord often brings a replacement tenant into the rental agreement if the original roommates were excellent tenants.