In some areas where the economy has not "stimulated", many tenants who rented as "singles" are approaching their landlord about taking in a roommate.....landlords who say NO face lost rent and a vacancy depending on their tenant's financial situation so having a policy to accommodate their tenants is a MUST.
Provide tenants with applications and require that their roommate complete it and return it to you. Charge any application or credit check fee as appropriate. Screen the applicant and if they pass, offer your tenant the option of approving them as an AUTHORIZED OCCUPANT under the current lease OR offer to re-write the lease and place them on record as a tenant who is jointly and severally responsible for the remainder of the lease term * I charge a fee for this lease re-write.
Option #1 allows your tenant to remain in control of the rented dwelling in case their new roommate does not work out.
Option #2 allows the landlord or property manager to now have 2 tenants on the hook for the rent AND responsibilities under the lease terms.
The security deposit at the inception of the lease remains the possession of the original tenant and the roommate should pay any deposit directly to the current tenant and they handle any disposition of the deposits between themselves. The landlord/property manager is not involved until the end of the lease or the unit is entirely vacant so that an inspection can be conducted.
Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
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We never had a reason to do this, and so far have not been approached. We do not allow tenants to sublet... but this is a bit different. Have you seen successes with it?
Yes actually - although I do not rent to UVa undergraduates, I often have older graduate students in townhomes and condos so when they find themselves in financial difficulties and can easily find a roommate, I try to accomodate them.
Wallace, I haven't been blogging much of late and I miss seeing the good recommendations you have on your site. This is really thought provoking. So much so that I just cut it and pasted it to word document for discussion at our next property management meeting. Thanks for your constant sharing of such suggestions. Jerry
Aloha Jerry - Mahalo for your kokua!!!