What is the difference between an individual and a joint lease?
Liability and risk are the main differences between the individual and joint leases. Joint leases are more risky and individual leases are less risky. Most complexes only offer individual leases for the protection of the students, some have the option, and a few have joint leases only. Joint Lease is the classic lease most people are familiar with. In a joint lease, everybody is fully responsible for lease charges. This means that even if you paid rent on time, you still would owe if a roommate failed to pay. This is the best option if you are positive that your roommates are able and willing to fulfill their rent obligations. Individual leases separate the bedroom and rent charges so that the only joint liability is for common area charges. The common areas are defined in the individual lease document. This is the best option if you do not know your roommates or do not want to run the risk of having to pay somebody else’s rent.
