Rentin’ Rooms in your House

Why U No Use Rent Calculator?
Most Splitwise Man In The World

If you are going to rent out a room in your house, especially to a friend, you need to pick a fair price that also reflects the market. One reader asks:

Dear Splitwise,

How would you charge if you rent out a room with a private bathroom in the home that is your primary residence, which you own?

Sincerely,
Landlord in Training

Hi Landlord in Training,

Great question. As it happens, I just had to help my parents do this. Here’s what you need to know: Continue reading Rentin’ Rooms in your House

Soon To Be Third Wheel

In this “Dear Splitwise”, we return to the always tricky issue of live-in significant others.

Dear Splitwise,

If my roommate has his girlfriend move in, what would be a fair price for him to pay me additionally? My roommate currently pays $435.00 for his share of the rent out of $995.00 per month. Electric is a total of $210.00 (which we split two ways) and cable is $60.00 each. He only wants to pay $50.00 more per month, which is way too cheap. What would be a fair amount for her share of rent and utilities per month? He’s trying to justify the low amount by saying she’s not going to use TV even though there is TV with cable in his room.

Thanks,
-Soon to be Third Wheel

Continue reading Soon To Be Third Wheel

When Three People Share A Room

Dear Splitwise,

What if more than 3 people are in a room? Your rent calculator does not have a setting for this.

Our apartment has two bedrooms. The first is a guest bedroom (113 sq ft) being shared by two people, with a guest bath that also has access to the living room. The master bedroom (124 square feet) is being shared by three people, and has its own “private” bathroom. There is a living room (126 sq ft) with a fireplace, a balcony, and a normal sized kitchen.

Thanks if you could help me decide what to charge for each of us 5 apartmentmates.

With gratitude,
Roommates à trois Continue reading When Three People Share A Room

How To Share A Broker’s Fee

Today we answer our first question emailed to Dear Splitwise.

Dear Splitwise,

How does one split the broker’s fee fairly in a NYC apartment? If someone has their own bathroom, should they pay more, or is it split evenly by all roommmates?

Thanks,
Broke and Broker

Dear Broke and Broker,

It’s true that in New York, Boston, and other major metro areas you often have to pay a broker’s fee to the real estate agent to get an apartment, even one you would share with roommates. Which stinks.

So, Broke and Broker, your question is: if the bedrooms are different enough in quality that one bedroom should have a higher rent, the question is, should that person also pay a bigger share of the broker’s fee? Great question! Continue reading How To Share A Broker’s Fee