Practical Advice for Splitting Rent with Roommates!
One of the biggest advantages of having a roommate is the ability to split the cost of rent and utilities; which usually mean you’ll be able to afford a larger apartment or house with better amenities than you could if you were living alone. However, when you live with roommates, you have to share major expenses, and money can be a sensitive subject. Whether the bedrooms are different sizes or one person has more amenities than another, sometimes splitting the rent evenly isn’t totally fair. Creekbend Property Management has some practical advice to help avoid giving yourself a headache trying to come up with a fair way to divvy up rent.
Here are some easy ways to divide rent practically among roommates!
- Splitting the cost by size: If there is a big disparity in the size of the bedrooms, you may want to base what each roommate pays by square footage. You can do this by dividing the total cost of rent by the total square footage of the apartment. For example, if your rental rate is $1,000 per month for a 1,000-square-foot apartment, the cost per square foot is $1. Next, determine the square footage of each bedroom, and multiply that number by the cost per square footage. If one bedroom is 250 square feet and the other is 350 square feet, the rental cost per bedroom would be $250 and $350.
- Factoring in amenities: In addition to square footage, you should also consider other amenities and comforts like private bathrooms, etc. For example, if one roommate gets a master bedroom with a walk-in closet and his or her own private bathroom, he or she should pay more than the roommate with the smaller closet and shared bathroom. You can use RoomieCalc to help you fairly calculate the amount of rent each person should pay based on the size of rooms and their amenities.
- Don’t forget other shared expenses: While you’re discussing how to split the rent, you should also talk about utilities. Does one person never watch cable while the other can’t live without Game of Thrones? Talk through who will use what, and decide what you think is fair.
- Online tools: You can always go the traditional route of using a spreadsheet, but technology has made it easier than ever to split rent and bills. Simply use a bill-splitting website such as Splitwise or Spliddit and have the math done for you. These sites can also keep track of who owes what, so there’s no question of whether or not everyone has paid their share.
- Get your rent down in writing: To guard against future money disputes, get it down in writing and make sure each person has a copy. A roommate agreement is the perfect way to get your details on file so you’re not left wondering the terms in the future. It may seem a bit overkill, especially if you’re living with friends, but a roommate agreement could help you save on expenses and avoid arguments down the line.
This article is brought to you by Creekbend Property Management an experienced property management company that prides itself on quality service for both homeowners and tenants. Don’t forget to check our weekly blog for property listings, helpful tips, community news, and more!
Creekbend Property Management is located in Charleston, SC specializing in rental properties in downtown Charleston, James Island, Isle of Palm, Johns Island, Kiawah, Mt. Pleasant, Summerville, Goose Creek, Moncks Corner, North Charleston, and West Ashley. We are licensed and insured, providing leasing services, management services, maintenance, and most importantly; giving our property investors peace of mind!