Charging extra for five adults

[DianneDachyshyn]

I know that this topic has been addressed before, but I can`t find the thread. We have five adults who want to move into our 3-bedroom duplex (two couples and a single). Should we be charging extra rent in this case? If so, how much and how do we word it on the lease? Thanks.

 

[Thomas Beyer]

QUOTE (DianneDachyshyn @ Sep 11 2008, 12:50 PM) I know that this topic has been addressed before, but I can`t find the thread. We have five adults who want to move into our 3-bedroom duplex (two couples and a single). Should we be charging extra rent in this case? If so, how much and how do we word it on the lease? Thanks.
a possible disaster down the road! consider not renting.

Of course you should charge more as they wear out the place more !

Consider IN ADVANCE what you will do if one couple moves out.

I would have one couple as the main tenant, and allow them to sub-lease to 2nd couple for up to XXX $s / month out of which you will get X %.

 

[ShannonMurree]

QUOTE (DianneDachyshyn @ Sep 11 2008, 02:50 PM) I know that this topic has been addressed before, but I can`t find the thread. We have five adults who want to move into our 3-bedroom duplex (two couples and a single). Should we be charging extra rent in this case? If so, how much and how do we word it on the lease? Thanks.


Five Adults that should all have their own income and want to share a 3 Bedroom duplex? I`m with the other poster. I wouldn`t rent either. If you must, only put one couple on the lease and sublet as suggested to get the extra income but then this way the couple on the lease are on the hook.

 

[GrahamWhite]

I have considered this in only one circumstance and it was when all of the tenants were Phillipino. I have a few associates who employ Phillipinos and provide rental accomodations to them as well. Because Phillipinos send so much money home to their families, they want to keep their living expenses as low as possible and so they live five or six to a 3 bedroom (kind of like a dorm situation). 5 with 1 being a woman is best because she tends to take on the roll of housekeeper.

I have a Phillipino nanny and so we are well acquainted with the culture and have been very impressed.

That said, my rule is $150/person over 3 adults over what I`d normally charge.

I have also decided to be pretty firm about the number of kids to have in one property. My rule of thumb is two kids and there`s not really any amount of money that would make more ok. Having 4 myself, my take on it is that it takes a lot of time and money to keep them responsibly occupied and supervised and renters with more than 2 kids tend not to fit that profile.