Everyone dreams of landing that exquisite townhouse uptown, but springing for real estate is a massive financial decision. This is why it’s so common to rent property. If you manage to find a roommate to share space with, then your side of the monthly fees can diminish. But, how do you go about this without short-changing your roommate.
Splitting up the rent is a science all on its own. You need to achieve the right balance that guarantees equal responsibilities. Sometimes a simple 50/50 split won’t cut it. Your roommate may get a fair rate for their space, while you end up footing a majority of the costs. For the sake of fairness, here are some smart methods to divide up the monthly rent.
Floor Space
If you call dibs on the master bedroom and your roommate gets “the baby room,” guess who’s getting the lion’s share of the rent?
The principle works the same as paying for real estate. Before moving in, grab some measuring tape and take down the square footage of each available room. Divide the total rent by the number of square feet plus bathrooms and shared spaces. This will provide a clear estimate for each.
Request a copy of the property’s floor plan for clearer information.
Per-Person
Depending on the hotel you’re staying at, they may charge you for each additional person occupying your room. This may be pricey for a brief hotel stay, but different if you’re rooming for the long haul.
Let’s say you and two others rent out a two bedroom apartment for a total of $1,400. You’ll take one bedroom for $500, and the couple will share their room for $300 each (about $600 total). These costs may also factor in an extra hundred for common areas (bathrooms, kitchen, etc.).
If your building allows pets, then it might be tricky when factoring them as additional occupants.
Extra Amenities
Sometimes a certain room might have better amenities than the other. It could be access to a balcony, private bathroom, or extra phone jacks. It’s only fair that you would have to pay extra for those perks.
Pricing for these perks can be adjusted according to frequency of use. These extras could be shared spaces if they adjoin with another’s room. Budget the fee based on how much space that person will need.
Amenities should be one of the things you and your roommate(s) discuss before agreeing to go in on the rental.
Special Calculation Tools
You’ve measured the rooms, valued the property, but you still need help formulating a fair rent. One mathematical proposition called, “Sperner’s Lemma,” can be used to divide property fairly.
Sperner’s Lemma uses a triangular algorithm to provide an infinite number of solutions to choose from. In short, a rental valued at $3000 can be divided at three points of a triangle to determine what dividend the occupant of the chosen room will have to pay.
Spliddit is one of many online calculators that can simplify this fair division process.
I live in a small Georgia town that you most likely have never heard of and I LOVE it! My house is more than full as I am a single mother of four & caregiver to my aging mother and uncle. Lover of all things Outlander. Goes to the beat of her own drum woman.
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My daughter had to deal with this for her last couple of years of college. There weren’t any extra amenities in their basic apartment, but the master bedroom with attached bathroom cost more…two other bedrooms shared a hall bath for less rent. It gets very tricky, but agreements have to be kept to keep friendships together.