Is it a good idea to rent an apartment with a friend?

As a landlord, your goal is to secure a steady stream of rental income, and renting to friends can be a good way to achieve that. If you enter into a lease agreement with friends, they may be more likely than a random tenant to keep up their end of the bargain by paying rent and covering expenses on time and in full.

Is it a bad idea to move in with your best friend?

Though it’s universally considered a bad idea from many who have tried it before, moving in with a best friend can sometimes seem like just the thing you need in your life. But if you’re not careful, the realities of sharing a living space can weigh down even the strongest friendship bonds.

Can two friends rent an apartment together?

Renting a place together and signing the same lease is the most common way that two people become cotenants. But you and your partner can become cotenants in another way, too. If you have a place and your landlord approves of an additional occupant, your partner can sign your original lease and become a cotenant.

Is it a bad idea to rent from a friend?

Unfortunately, the way renting to friends or family often works out is far from what would be expected between people who care about one another. For the most part, friends and family members will actually make bad renters, because they’ll expect more from you than a tenant who doesn’t know you.

Why you shouldn’t get an apartment with your best friend?

While you and your best friend may have a wonderful relationship, living together can add financial strain to the dynamic, especially if you don’t view or handle money the same way. If one person slacks, it could mean getting kicked out, no longer living together and possibly the end of your friendship.

Should your friend be your landlord?

Your landlord might feel that it’s absolutely fine to invite themselves into your home or possessions the same way a close friend might. But in reality, doing so can most often cross a very important line between being a landlord and taking advantage of a friend.

Can you share an apartment with a friend?

You can rent an apartment and share it with your friends, living there together as co-signers who help pay the rent. You would all be considered “tenants” on your lease and would be listed accordingly. If you rent an apartment and allow someone to live there who is not on the lease, this would be considered illegal.

What are the risks of having a bad tenant?

The risk of having a bad tenant and getting stuck with him/her could be even worse than the risk of not having a tenant at all. True, not having tenants means 0 rental income. However, if you get bad tenants, you run the risk of your rent not being paid on time while utility costs being accumulated.

Do friends and family members make bad renters?

For the most part, friends and family members will actually make bad renters, because they’ll expect more from you than a tenant who doesn’t know you.

Is it bad to be a landlord to a friend?

It can be hard to say “no” when you know someone you care about is really struggling, of course, and some landlords do help friends or family members out with short-term arrangements, but even those can become problematic. Generally, mixing the business of being a landlord with personal relationships isn’t a good choice, and should be avoided.