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Old 10-01-08, 09:16 AM   #1
Jerseysbest
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How much to split rent?

I'm probably going to be moving into a place with a friend next month;

2 bedrooms, one being a master bedroom with it own bathroom. Total rent is 1700. Other room is smaller, pretty much typical of any 2 bedroom apartment in a building.

Whats a far way to split up the rent? Right now we're thinking 900 for the master, 800 for the smaller. Does that seem fair? More, less?
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Old 10-01-08, 09:22 AM   #2
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Yeah...sounds fair to me.
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Old 10-01-08, 09:24 AM   #3
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Sounds reasonable. As a random idea, how about the two of you separately write on a piece of paper what you're willing to pay per month for the master bedroom, and whoever bids the higher amount gets it at that price?
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Old 10-01-08, 09:30 AM   #4
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Does that seem fair? More, less?
No, $1700 for a 2BR sounds ridiculous. My mortgage is a third of that.
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Old 10-01-08, 09:31 AM   #5
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Why don't you get mathematical about the situation. Measure up the square footage of the common areas and private areas. Figure out the rent per square foot. Divide the common area rent in 2.
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Old 10-01-08, 09:40 AM   #6
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Originally Posted by Jerseysbest View Post
I'm probably going to be moving into a place with a friend next month;

2 bedrooms, one being a master bedroom with it own bathroom. Total rent is 1700. Other room is smaller, pretty much typical of any 2 bedroom apartment in a building.

Whats a far way to split up the rent? Right now we're thinking 900 for the master, 800 for the smaller. Does that seem fair? More, less?
What we used to do when I was splitting a house with 2 other guys was this:

Add up all the common area square footage and private area footage. So, for example, if the rent was 1000/mo for a 1000 square foot place... and there was 600 square feet of common space, two bedrooms with 150 square feet and one bedroom with 100 square feet:

The 600 square feet costing $600 would be split evenly at $200 each
The 150 square foot rooms would cost $150 to their occupants
The 100 square foot room would cost $100 to its occupant

So, each occupant of a 150 square foot room would pay $200+150 = 350
and the occupant of the 100 square foot room would pay $200+100 = 300

You could attach a value to a private bathroom, say $50/mo, and just add that. Say the smaller 100 square foot room had a private bathroom. That person would pay $350 instead of $300, and that $50 would reduce each of the other two persons' rent by $25, to $325.

Up to you how you proportion that... but this worked well for us...
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Old 10-01-08, 09:46 AM   #7
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Hmmm all good ideas.

I actually want the smaller room and want to pay as little as possible, but he's my friend and I don't want to scam him or anything. But the idea of writing the amount we're willing to pay for the master bedroom is a darn good idea. I thought about the sq footage idea, but don't have the numbers off hand. I may do that once we move in.

One thing I have to keep into consideration is that I'll be living very close to work, like 1/4 mile, and he's moving here partly cause I don't want to move away, and partly cause its a cool town. And he's gonna have to pay $50 extra a month to park his car here. Since I don't drive during the week, I'll be keeping my car in my work's parking garage (again, less than a 1/4 mile away)...
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Old 10-01-08, 09:50 AM   #8
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No, $1700 for a 2BR sounds ridiculous. My mortgage is a third of that.
Anything cheaper than 1700 and we'd be living in some real sh*t holes. Or like 45 minutes away.
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Old 10-01-08, 09:52 AM   #9
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sounds good to me. especially if youre the one who found the apartment and your name is under the lease. you could almost even justify doing it 50-50
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Old 10-01-08, 09:55 AM   #10
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Anything cheaper than 1700 and we'd be living in some real sh*t holes. Or like 45 minutes away.
That's a shame, because it really is quite expensive. Where do you live?

I live in a fairly expensive area and I'm in a 3 bedroom house (rental) for $1300/mo.
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Old 10-01-08, 09:58 AM   #11
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Anything cheaper than 1700 and we'd be living in some real sh*t holes. Or like 45 minutes away.
1700 would be cheap for a 2-bedroom apartment around here.
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Old 10-01-08, 10:03 AM   #12
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Sounds reasonable. As a random idea, how about the two of you separately write on a piece of paper what you're willing to pay per month for the master bedroom, and whoever bids the higher amount gets it at that price?
whoa,,, good idea....
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Old 10-01-08, 10:36 AM   #13
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No, $1700 for a 2BR sounds ridiculous. My mortgage is a third of that.
TWO mortgages AND a Tractor payment for LESS THAN THAT!!!
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Old 10-01-08, 10:52 AM   #14
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Why don't you get mathematical about the situation. Measure up the square footage of the common areas and private areas. Figure out the rent per square foot. Divide the common area rent in 2.
That's a good idea, but it doesn't factor in the value of having the connected bathroom.
That may just need to be negotiated.
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Old 10-01-08, 11:02 AM   #15
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That's a shame, because it really is quite expensive. Where do you live?

I live in a fairly expensive area and I'm in a 3 bedroom house (rental) for $1300/mo.
Some places down the street go for about 2200 for a 2 bedroom, 1 bath.

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1700 would be cheap for a 2-bedroom apartment around here.
I know, NJ is expensive, but nothing like NYC or parts of Cali.
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Old 10-01-08, 11:56 AM   #16
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I just bought my house, virtually nothing down, fixed rate mortgage. 2 bedrooms, 1 bath (toilet in basement, so I guess 1/3 bath???) full basement, 1 car heated attached garage, 2 car detached garage on 1/2 acre.

Interest, principle, insurance and taxes are $830 per month.

But, I paid $850 for rent (not including any utilities) for a studio apartment in Hayward, California four years ago, and rent was going up when I moved. It was a pretty good deal, and an 18 mile drive to work. I am now under 8, with far less traffic.

Just to add something productive, I like the square footage ideas.
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Old 10-01-08, 12:42 PM   #17
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I just bought my house, virtually nothing down, fixed rate mortgage. 2 bedrooms, 1 bath (toilet in basement, so I guess 1/3 bath???) full basement, 1 car heated attached garage, 2 car detached garage on 1/2 acre.

Interest, principle, insurance and taxes are $830 per month.
But you have to live in Wilkes-Barre, PA! Man, $830 a month, I could easily own two homes and rent one out.

It'd be great to find a job where there's a low cost of living, but 1 bedroom Coop's are running in the 250k range around here. Plus I'd pay taxes (which are 2.28% of assessed value in this town), association fees, and god knows what else.
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