Pros & Cons of Renting a Home with Friends or Family Members
When it comes to renting an apartment, oftentimes one considers whether or not to share a living space with a friend or family member. Perhaps you are about to graduate from high school or college and need a place to stay outside your parents’ home. Maybe you currently live on your own and have thought about the possible benefits of sharing an apartment or duplex with a mutual friend. Whatever the reason may be, there are both pros and cons to the idea of co-renting with another.
#1. Lower expenses
The most obvious benefit of renting with others is the fact that living expenses go down. Not only can you split the rent itself but also groceries, utility bills, and the like. If you’re working a lower wage job, this can really make all the difference when you don’t have to fork over the entire bill.
Another benefit is not having to constantly be alone when you’re in your apartment or other living space. Even for introverts like myself, I like to be able to socialize with my closest friends every now and then. Plus, it’s easier to make plans on the weekends with your friend when you’re both not working.
#3. Splitting chores
Cleaning can be quite a nuisance sometimes, particularly if you have to do it all yourself. Having someone to split tasks with on a weekly basis makes it easier to keep your place nice and tidy. It also makes having company over less embarrassing if you haven’t had time to clean the dishes or put away the laundry.
#1. Long-term friendship
If I’ve learned anything about friendships growing up, it’s that even the closest of friends can reach a limit with how well they get along. Ask yourself if this person you’re about to share a living space with is easy to get along with and if you’ve both had plenty of interactions beforehand. This could give you an idea of what to expect. While every relationship has its ups and downs, co-renting ties in all kinds of expenses that could be jeopardized if one or the other decides it’s not worth staying around any longer. Make sure this is an arrangement both of you have given plenty of thought to.
#2. Meeting deadlines
While saving on expenses is certainly a benefit, it really depends on if both people meet the deadline to pay the bills. All too often, one or more people may be behind on other bills or recently lost a job and is working to finding another and thus you have to pay the extra. Once in a while, this may not be a big deal for you; but after time, this could really hurt your financial situation and cause a rift between you and your friend.
Although you may enjoy being around your friend at first, sometimes you may want to be alone and have some quiet time for yourself. Maybe there’s a show or movie you’d like to see on the TV that your friend has no interest in, or maybe you have a significant other you’d like to invite over for dinner. Having someone else there consistently can make forming plans often difficult. Consider how willing you are to give up some aspects of privacy for the benefits you’re interested in.
In the end, whether or not to co-rent really depends on your own situation. If neither you nor your friend has any intention of finding a spouse; and you both have gotten along well historically, then this may be just what you need to get a good start in the world.
For more explanation, clarification, or if you have questions on property management or luxury leases in Los Angeles County, contact my office at any time.
“Luis helped us find our beautiful home in the Hollywood Hills. He was calm, kind, knowledgeable, and also a great communicator and negotiator. We will be buying another home for investment soon and we will be calling Luis because we had such a great experience working with him before.” – Kate L.
Contact me below for more information on luxury lease options in LA or to list your home as a luxury lease or if you are a tenant looking to lease and rent a luxury home in this market.
Mobile818 445 9557
Office310 275 2076
More Resources for Home Sellers:
- 6 Things to Look for in a Luxury Lease
- How to Sell an LA Home
- How COVID Has Affected the Hollywood Hills Real Estate Market
- Top 5 Qualities you Want in a Luxury Real Estate Agent
- Leasing a Luxury Home in Malibu
- COVID Restrictions for LA Landlords