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RealEstateAnswer
RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 26706
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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I am considering renting an apartment daughter, who is in

Customer Question

I am considering renting an apartment for my daughter, who is in college in Queens NY. The rental unit has four rooms and the rent of 2,600 will be split 4 ways. The real estate agent said that there will be one lease with all four students names on it, which means that if one or more students become delinquent in paying, we will be responsible for the entire rent. Is there any way I can protect myself from that happening? Also the agent said she requires a brokerage fee of one months rent up front. Does that sound appropriate? is there anything else I need to consider in signing a rental lease? I have never rented before. We own a home.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 1 year ago.

Good afternoon. In regard to the lease, that is true. The only way to avoid this is to get the landlord to agree to allow each individual to be solely responsible for their portion of the rent. As such, they would each need to pay 1/4. However, the landlord is not likely going to do this, since it limits their ability to recover and who to go after, if the rent is not paid. Now, as far as the fee for the agent, that is common but you can see if the landlord would agree to cover the cost or share it, so you do not need to incur it or ask that it be split 4 ways, with the other tenants. Just be aware that if you sign and there is an issue or problem, you can be liable and sued, for the money owed. You need to make sure that if the other students sign and/or their parents, that they are responsible and will pay for their child, if something happens.

Expert:  RealEstateAnswer replied 1 year ago.

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Expert:  RealEstateAnswer replied 1 year ago.

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!