Question
Sharing an Apartment rent free with friends?
I am in college was asked by a friend if I would rent an apartment in my name for the four of us to live in. It would be myself, my firend, his girlfriend and their two year old son. Because I'm in school, I get the Pell Grant which covers my entire tutition and books each semester. I work as a tutor at my college and earn around $240/mo and have about $300 left over in grant money. I'm eligible for Stafford Loans so I could possibly take out a small loan for living expenses. They have offered to pay for the rent completely, and asked if I would help with utilities. Both have jobs (the girl has a full time job that pays $10/hr, my buddy works part time as a cook making $12/hr) and are currently staying with a couple that is settling down and would like them to leave. They have payed rent on time the entire time they have been living with the couple (since Feb. of 2009). Seems like a good move to save me money and build my credit. Is this a smart idea and if I do that can I have them sign a contract saying they are responsible for the rent and a portion of the utilities, where would I go about finalizing the contract? Sorry for it being long but I didn't want to generalize the details as, I feel, they are important. Thanks!
1 month ago - 4 answers
Best Answer
Chosen by Asker
Why are they wanting you to sign the lease in your name, if they are the ones paying the rent? I wouldn't do it. Yes, you could have them sign a contract; however, you would then have to sue them in small claims court to get the money back because you will be the one responsible for the full term of the lease. You cannot just hand the landlord the contract and say, "look they were supposed to pay." They should be the ones who sign the lease. Then, you all can write up a contract stating that you are only responsible for a portion of the utilities (to protect you). Do not put your name on the lease unless you can afford to cover the full rent for the term of the lease if they should decide they cannot afford it. Besides, if you have little or no credit, and you have extremely little income, no one is going to rent an apartment to you. They're going to ask for income information and $240/month isn't enough to cover rent and utilities and insurance each month. They'll also do a credit check. You'll need a cosigner should you choose to put it in your name (but don't). Just tell your friend that you would never qualify... you don't have any income!
by spalmer
1 month ago
Asker's Rating: 
Other Answers
I would say that as long as your landlord is aware that they are responsible for the payment of rent, and that ALL names of people in the apartment are on the lease, you should have no problems. However, it does seem a little weird that they are offering for you to live there free, but are asking you to put the apartment in your name... If they are paying the rent, the apartment should be in their name. If anything happens in the future (non-payment of rent, etc.), you will be left responsible if the apartment is in your name. Just be cautious, and cover all of your bases... That's my advice! Good Luck! =)
by TravellingGirl24- 1 month ago
How do you plan to qualify for this apartment? Does any of the occupants have any decent credit?
by HEATHER- 1 month ago
This does not seem like a good move (no pun intended) to me. If they are capable of paying the rent completely on their own, why do they need you to rent the apartment? Something odd is going on here; do you really want to be in the middle of it? If something goes wrong, it's your credit that will take the hit, regardless of whether you have a contract that says they will pay....
by RoofingPrincess- 1 month ago