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Old 07-01-2017, 09:35 AM
 
3,570 posts, read 3,746,444 times
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There has some debate on what to charge for rent for a friend of mine who is looking for a roommate so I wanted to solicit opinions.

The proposed share would be breaking up an apartment into two private spaces with seperate entrances. The only common space would be the kitchen and bathroom.

The roommate would get 3/4 of the available private space, direct entry to the kitchen and bathroom, all the closets in the private areas.

The lease holder would get 1/4 of the space. They would access the kitchen and bath through an external hall. (Sort of like a dorm situation; no getting up in the middle of the night and using the bathroom in ones underwear.) They could theoretically take at least one of the three closets in the shared space. At least one will need to be used for shared things like cleaning products for example. However this means his personal belongings are accessible to the roommate.

The lease holder would be liable for the rent, internet, gas and electricity. (Utilities charged seepage from the rent.)

I think he should charge 3/4 of the rent because not only is the other party getting 3/4 more space, but they are also getting the better space without the liabilities that come with being responsible for the apartment and utilities. (Those would be split in half.)

Others think he should charge half of the rent.

The rent for the whole apartment is lower than the prevailing rent for the neighborhood because it is not renovated, but it isn't low. 3/4 rent is the same as a single room in a share with a lot of other people in a less desirable location, but in a newer apartment.

So to be clear, the apartment is broken down as:
3 private rooms; 1 large, 2 medium, 3 closets, direct kitchen bath access
2 private rooms; 1 large, 1 very small (it can't fit a full size bed), no closets
Shared kitchen and bath, 3 closets

What do you think?
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Old 07-01-2017, 09:48 AM
 
Location: In the heights
37,022 posts, read 39,094,778 times
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Will they both be on the lease? If it's just your friend, then just look around at other rental listings in the area and charge the going rate for the area.
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Old 07-01-2017, 11:57 AM
 
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Quote:
Originally Posted by OyCrumbler View Post
Will they both be on the lease? If it's just your friend, then just look around at other rental listings in the area and charge the going rate for the area.
Just my friend will continue to hold the lease; and all the responsibility. The prevailing listings charge the same, or MORE for one room. He's offering three.
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Old 07-01-2017, 12:06 PM
 
Location: In the heights
37,022 posts, read 39,094,778 times
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Quote:
Originally Posted by roseba View Post
Just my friend will continue to hold the lease; and all the responsibility. The prevailing listings charge the same, or MORE for one room. He's offering three.
Unless it's to help someone out and he can afford that, he should go by the prevailing rate.
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Old 07-01-2017, 01:23 PM
 
782 posts, read 524,299 times
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Just an fyi, if this apartment is rent-stabilized, there are limits to how much the leaseholder can charge the roommate: Frequently Asked Questions

Quote:
Can a tenant in a rent regulated apartment take in a roommate and is there a limit on the rent that the roommate can be charged?

When only one tenant is named on a lease, the tenant has the right to take in a roommate and the roommate's dependent children. When two or more tenants are named on the lease, the number of tenants and roommates cannot exceed the number of tenants named in the lease. In all situations, occupancy may be restricted in order to comply with municipal regulations concerning overcrowding.

In a rent stabilized apartment, the rent collected from the roommate cannot exceed their proportionate share of the apartment. For example, one tenant named on a lease can take in one roommate and the roommate can be charged no more than half of the legal rent. The roommate can be advised to file a complaint of rent overcharge with DHCR if they were charged in excess of that proportionate share.

With regard to a rent controlled apartment, a roommate may not be charged an amount of rent that is in excess of the legal rent for the apartment. Any determination of a rent overcharge is under the jurisdiction of the civil court.
If it's not rent-stabilized, then the roommate with the better space should definitely pay more. As to the appropriate split, I don't know. I would say at least a 60/40 split since that's how the # of private rooms are split. Reasons for increasing the split would be, as you mentioned, the roommate has the better-sized rooms and better access to the common areas. Reasons for not increasing the split would be that some people might not like that they are not on the lease and therefore their living situation is more tenuous.
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Old 07-01-2017, 04:03 PM
 
3,570 posts, read 3,746,444 times
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Quote:
Originally Posted by MC305 View Post
Just an fyi, if this apartment is rent-stabilized, there are limits to how much the leaseholder can charge the roommate: Frequently Asked Questions



If it's not rent-stabilized, then the roommate with the better space should definitely pay more. As to the appropriate split, I don't know. I would say at least a 60/40 split since that's how the # of private rooms are split. Reasons for increasing the split would be, as you mentioned, the roommate has the better-sized rooms and better access to the common areas. Reasons for not increasing the split would be that some people might not like that they are not on the lease and therefore their living situation is more tenuous.
It's not stabilized and technically there is no lease. My friend has been there for 14 years. There never was a lease, only a business agreement signed for one year with the realtor. The landlord doesn't do leases. He's very old and doesn't do anything by 21st century standards.

The difference in square footage is significant. One is almost like a full apartment and the other is a room with essentially a walk in closet.
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Old 07-02-2017, 06:48 AM
 
782 posts, read 524,299 times
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Quote:
Originally Posted by roseba View Post
It's not stabilized and technically there is no lease. My friend has been there for 14 years. There never was a lease, only a business agreement signed for one year with the realtor. The landlord doesn't do leases. He's very old and doesn't do anything by 21st century standards.

The difference in square footage is significant. One is almost like a full apartment and the other is a room with essentially a walk in closet.
Well, then the split you suggest sounds fair. Your friend will just need to balance the asking rent with the type of roommate that he hopes to attract. Compare with prevailing rents in the same neighborhood but look at all the factors. Will the roommate be able to have full access to the kitchen or not really because your friend is home often and cooks a lot? You said this apartment is older so factor that in. This space has 3 private rooms but consider that other roommate situations often include shared living room so it's not completely a 3 room vs. 1 room situation. Is your friend looking for someone short term or long term?

Whatever your friend decides is a fair split and what he can get based on market conditions, then he might want to underprice in order to attract a larger pool of potential roommates. It sounds like your friend is a bit older (for roommate situations) so might that be an issue finding the type of roommate he wants?
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Old 07-02-2017, 12:54 PM
 
12,340 posts, read 26,071,619 times
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Is there any harm in advertising at the higher price to see if there are any good applicants? And if the higher price does not work out, then lower it on a new ad.

There may also be a way to market it to people who could use a few separate adjacent spaces -- for example a writer who needs a separate writer's studio. The description could say one bedroom with adjacent private office or something like that. However, if the main tenant does not want to rent to someone who works from home (as many people don't) then it wouldn't be a good idea.
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