Paying rent is typically everyone’s largest monthly expense and because of this many people decide to split rent with roommates.
This is a great decision that will save you save hundreds on your monthly bills.
Whether you choose to rent split with friends, parents, significant others or someone you just met, the hardest decision most come across is how to split rent fairly.
Before making any decisions, there are a couple of things you want to consider. The first is that you will be locked into these payments for the duration of the lease. Also consider that no matter where you decide to rent, every house, condo or apartment complex is going to be a little different.
There are many different ways that you can split rent. Room size, income and your relationship with your roommates are just a few of the things you should keep in mind when you are deciding which way is best for you.
The easiest way is to split rent evenly. However, splitting rent this way only if everyone is on board with some living spaces potentially being larger and with sharing bathrooms. This method works best for good friends who spend a lot of their time in the common space.
If you decide on this method of rent splitting, you might also want to consider doing a check-in with your roommates. Often times people can have a change of heart after settling into a situation. Do this every few months to make sure that everyone still feels comfortable with what was originally agreed upon.
Another method is to split rent by income. This way everyone can pay what they can afford.
How you decide to break down the rent will vary, because you are the only one who knows what you can afford. However, if you want to use a formula, you can add the total income of all renters and divide your personal income by that number. This will give you a percentage of “what you can afford.”
Deciding to split rent by space is great for those living in a house or apartment with roommates that they don’t know very well. This could be a “fair” way to split rent because it is based on the amount of space each individual privately occupies.
To calculate this, add the square footage of all the space each renter calls their own. This will include bathrooms and bedrooms, but not common spaces like the living room and kitchen. Divide each person’s individual space by the total square footage of private space and pay the same percentage of rent as space you occupy.
If you and your roommates cannot agree on a fair way to split rent, then you might want to try using a rent split calculator. There are a few calculators that will tell you how to split rent fairly. There are calculators that can tell you how much you can afford based on earnings and there are calculators for fairly dividing the space in a house or apartment.
This method will give you a mathematical way to split rent based on the total rent, size of rooms, number of bathrooms, closet space and other amenities. If you are renting and in need of one of these calculators, here are a few you can try:
Living and splitting rent with a couple can get a little dicey when it comes to keeping things fair. To avoid an uncomfortable situation, this is how to split rent with a couple:
Here are a few reminders to ensure you maintain a good relationship with your roommate, no matter how you decide to split rent:
Now that you have finally decided whether you are going to split rent evenly, by space or by income, you should be sure to put this into writing. Though things may be good at the start, there might be discrepancies down the line. Just in case, you will want to have your final decision somewhere that you can all reference it.