Here are three things you need to know about co-tenants.
1. A co-tenant is equally responsible for the lease
One of the main specifiers of a co-tenant, as opposed to a traditional roommate arrangement, is that co-tenants are equally responsible for the terms of the lease.
For example, instead of one roommate paying the other, and the second roommate paying rent to the property owner, co-tenants are individually responsible for paying their portion of the rent directly to the property owner.
2. There are some obvious downsides to co-tenants
A co-tenant living situation is not ideal for every renter. There are some benefits but there are also some clear downsides. One of the main ones is the lack of privacy you have when someone is living in the same rental as you. You can also never predict how responsible someone else is when it comes to upholding their end of a lease.
3. Co-tenants open up housing opportunities not available to individual renters
Beyond the potential pitfalls of a co-tenant relationship are some great benefits. The biggest benefit of having co-tenants is that it opens up your access to rentals you couldn’t rent as a single renter because of cost.
Think you’re ready for a co-tenant?
Deciding whether or not to have a roommate is a big decision. And deciding whether or not to live with someone labeled a co-tenant is an even bigger decision. Before making the commitment, weigh out the pros and cons. The most important thing is to make an informed decision.