Roommate fallout threatens to collapse tenant finances

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Question: My roommate and I don't get along and she's moving out before our lease ends. I only need to pay my half, right? Answer: Wrong. No matter who is left in the rental, the rent has to be paid in full, for the amount stated in the lease, each month. Even if you each wrote a separate rent check, the lease is for a total amount. Why? Known as "jointly and severally liable," all lease terms are "all for one and one for all," including paying the full rent. Everyone is responsible, even if one player leaves the game and you're left holding the ball. Other suggestions to keep in mind when a roommate departs: Notify your landlord. Always a good idea, since they may let you out of the lease or have suggestions on finding another roommate. If you think you can afford the place yourself (or want to) then let the landlord know of your plans. Don't be surprised if they run your credit anew and demand clearing any new tenants. Beware of deposit woes. Since deposits are also usually are...