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I may purchase a condo and rent it out. The issue is the condo is two bedrooms and two bathrooms. Because the property is near a college campus. Most of the similar units are rent for college students.

So the condo is best for renting for two students. They can split the rent fee.

Here is the question:

Say I post the rent information on craiglist.com. Student "A" will rent it. I am not sure how to deal with the roommate. Should I find a roommate for "A" or "A" find a roommate by himself(herself)?

What kind of lease between "A" and I? Should "A" pay the entire rent fee to me or just half of the fee?

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  • For your own protection and sanity, deal with be leased and let them organize their own roommates. If they can't, you probably don't want them as tenants...
    – keshlam
    Jan 2, 2017 at 21:24
  • But make sure you have veto on roommates. Otherwise the nice quiet A student will be replaced by a stoner pyromaniac.
    – DJClayworth
    Jan 3, 2017 at 0:50

1 Answer 1

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You have two options:

  1. Rent the unit at market price to someone, and let them sublet the other room [note: many condo associations do not allow this, and also limit the number of rental units! Read the by-laws before buying it if it's a rental unit!]

  2. You can rent each room independently, likely charging more than market prices in aggregate, but you are responsible for each individual rental.

In either case, you should have a specific written rental contract outlining the deal (especially in the latter option, because after the fact 'renter A' may say that you rented the entire unit to them if your agreement isn't specific.

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    A third possibility could be to lease the entire unit jointly to a pair of tenants. There is a single rental contract and both tenants are parties to it. This effectively means the roommates have to find each other, but any changes in tenants require renegotiating the lease and you can decide whether to accept. This also doesn't require anyone to sublet.
    – Nate Eldredge
    Jan 4, 2017 at 6:41

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