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Tips for Landlords for Managing Roommate Leases

Roommates frequently apply to share rental properties together, and for landlords, that can bring some complex considerations. Fortunately, when you have a property management company handling your applications, screenings, and units on your behalf, managing roommate leases doesn’t have to be more complicated than managing the leases of single or family tenants. If you have roommates living in your rental property, here is what you need to know about managing their leases.

Make the Lease Apply Jointly and Severally

As a landlord, you need to protect yourself financially from roommate disputes over rent payments, property damage, and other tenant expenses. To do this, every item in your lease should apply to roommates both jointly as a unit and severally as individuals. This means that if one of the roommates decides to stop paying rent, all of the roommates in the unit can be held responsible for making up the deficit, and they can all suffer any of the repercussions of one roommate’s actions, up to and including eviction. This protects you from the financial consequences if the roommate relationship breaks down or if one roommate has a change in his or her ability to pay the lease.

Screen Tenants Thoroughly

It may seem as if you can safely reduce your screening requirements when you are turning over one of your properties to multiple people, since they can combine their money and upkeep efforts, but in fact, the same screening standards should apply. Your property management team will screen each application to ensure that everyone who lives in your units is qualified.

Accept Rent in One Check

Minimize the burden of collecting more than one payment per unit by only accepting one check. This also passes the responsibility of collecting rent from all of the roommates to the tenants, rather than you.

MRS Property Management makes it easy for landlords to welcome roommates while mitigating the risk. Let us take the demands of tenant screening and day-to-day property management off your shoulders. Talk to a property manager in Beverly, MA today by calling (978) 927-3690.

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