Can you do the splits? No, not that kind! Not banana splits, either. We’re talking about splitting the rent fairly with your roommates. Don’t let this issue ruin what could be an extremely rewarding (and cost-effective) living experience. Here are some fair ideas for splitting apartment rent between you and your roommates.
1. Split Rent by Person
Splitting rent by person is by far the most simple method for splitting rent between roommates. Take the total rent due to your landlord and divide it by the number of tenants living in your apartment. Each person pays the same amount, regardless of bedroom size or other individual perks. This method is fair, quick, and easy.
2. Split Rent by Room Size
In most apartments, not all rooms are created equal. Typically, an apartment will include one “master” bedroom which is quite a bit larger than the other bedrooms. Sometimes this room will even include a walk-in closet or private bathroom.
If this is the case in your apartment, you and your roommates may not think it’s fair to have everybody pay the same amount of rent. Luckily, there’s a solution: Add up the total square footage for each bedroom, then calculate the percentage of bedroom space each roommate will have, excluding the common areas.
Example: Let’s say rent for your apartment is $1,500 total and you have three roommates. Together, the square footage for all three bedrooms is 600 sq. feet. (This square footage doesn’t include common areas, like the living room or kitchen.)
- Room #1 (300 sq. ft.) = ½ of total area = $750 in rent
- Room #2 (200 sq. ft.) = ⅓ of total area = $500 in rent
- Room #3 (100 sq. ft.) = ⅙ of total area = $250 in rent
3. Split Rent by Factoring in Individual Perks
Sometimes room size doesn’t mean a better room. Maybe the master bedroom has no windows and a tiny closet. Or, perhaps that 100 sq. ft. bedroom offers an incredible view of the city and includes a private bathroom.
One way to split apartment rent is by assigning a value to each one of these perks, then tacking these values onto an otherwise equitable rent price division.
4. Use a Rent Split Calculator
Math is hard. That’s why a number of different online tools exist to help you and your roommates calculate your rent splits, such as Spliddit, the New York Times Rent Split Calculator, and Splitwise.com.
A rent calculator takes the competition and weird vibes out of the equation by allowing each tenant to choose their room preferences and price point. You can even include information about room-splitting and individual perks.
Talk to your potential roommates about these rent split ideas and be sure to ask them other important questions. A fair and equitable rent split is the first step toward a wonderful relationship between you and your new roommates.
Have your rent split figured out but still looking for an apartment? Find your perfect place on ApartmentSearch.com today!