Why Individual Leases Matter for Student Living
What is an Individual Lease?
An Individual Lease is a rental agreement in which two or more people living in the same unit take responsibility only for their room and use of communal spaces like the living room, kitchen, dining room, and any other shared spaces. Unlike better-known joint leases, individual leases also allow two or more people to live in the same apartment but pay separate rents. Many individual-lease apartments have private bedrooms, with a private bathroom for each bedroom.
Advantages of Individual Leases
Pay your share – and only your share: With an individual lease, you have no financial responsibility for any other roommate. This is a huge piece of mind for many! If a roommate moves out or stops paying rent, you and other roommates will not have to pay his or her rent.
Imagine Only Having to Remember to Pay One Bill Each Month
At the Reserve, we take all of this one step further for your convenience. Your individual lease combines rent, furniture, utilities, smart apartment home technology, including water/sewage, trash pickup, electric, cable, and high-speed internet access into one monthly amount. There’s no need to worry about dividing up the different bills each month with roommates!
Your Room is Your Room
Each individual student bedroom is equipped with a smart lock system, giving you peace of mind while home and away. In addition, each student will receive an access code that will allow you access to the main door and your individual bedroom.
What’s your damage?
A renter with an individual lease is responsible for damage in his or her bedroom only, not a roommate’s bedroom. And vice versa, if a roommate moves out, you aren’t responsible for any damage they may have caused to their bedroom and bath.
If you are renting off-campus for the first time or you simply have more questions about individual leases, our on-site management team is ready to assist you with any questions you may have! Call us today at 434-473-6036. We are ready to assist you!