If you are a landlord, considering becoming one, or representing a current or potential one, it can be a huge help to prepare for the type of tenants you will have along with having methods to market to them. The below linked article, which contains interesting research about cities in which there are plenty of unmarried couples living together, shows one such trend to be aware of.
From a legal standpoint, it can help a landlord to be better prepared for potential problems when a couple has a breakup or one person has a financial crisis. An example is one person moves out and the remaining tenant gets stuck for 100% instead of 50% of payments and is struggling. In cities where “living together” is more common, having an immediate buyout policy in a lease may be possible. Gaining a vacancy on short notice is not ideal, but may be more economically feasible and much less time consuming than a lengthy eviction process which ALSO prevents you from getting a more solid tenant in place.
However, my concern is in how you market such rental opportunities, especially if you have a high percentage of vacancies to fill. You might attract more tenants when they know they could “share” the rent each month while being able to exit easily in the event a roommate is lost. Whether you should do this or not depends in part on how competitive the city or area your property is in. If your building is in an area where unmarried couples, family members, or groups of friends have choices of buildings to rent in, this concept may give applicants a big reason to choose your building. Others may not offer this option. From your point of view, being in an area with a high demand for “roommate” rentals means that your chances of filling an unexpected vacancy are higher than normal.
Explore what your options are to prevent possible evictions and problems with an attorney or real estate professional. Your real estate business can gain from bringing advantages to your properties, opportunities, partners, and clients. Being “first in” to offer them can make a big difference!
https://www.credaily.com/briefs/apartment-searches-reveal-relationship-trends-by-city/















