What to know about renting with a friend or partner

Renting a property with a friend or partner can be a fantastic way to share costs and enjoy a larger, more desirable living space.

- PROPERTY WRITER

However, Seeff's rental agents say that it should always be done with forethought to avoid potential future pitfalls, including a fallout if the relationship sours down the road.

Shared living offers significant financial benefits as splitting rent, deposits, and utilities make higher-end properties more accessible. Beyond finances, sharing a home with a friend or partner can offer companionship and shared responsibility, making the rental experience more enjoyable.

Seeff, however, recommends proactive measures and clear agreements to prevent legal headaches if the living situation deteriorates, and offer a few important pointers:

• The rental agreement

The person whose name is on the lease agreement is the person who is responsible for the rent payments, and the property itself. It is therefore recommended that the parties agree upfront whether the agreement should be done in one person's name, or jointly. If only one part signs the lease, then that person will be the legal tenant and responsible for the rent and the property.