Many of our clients, particularly those out of college, or graduate school search for an apartment they can share with one or two people. Some enter into this type of living arrangement out of necessity and others share in hopes of a bigger or better apartment. The latter may find themselves disillusioned, since apartments that are both large and cheap are rare. Landlords often take no more than two names on a lease. Roommates will be held jointly responsible for rent and brokerage fees. If one roommate does not pay his or her portion, the others will be held responsible for payment. We encourage you to create a written agreement amongst all parties involved binding each individual to the terms of the lease and to the fee. In addition, landlords frequently require a lease guarantor even if the combined incomes meet financial requirements: you should discuss this in advance. Search for your home together, for one roommate's palace may be another's dungeon.
Each apartment in a co-operative actually owns shares in the co-operative (the same way that an individual might own shares in a publicly traded cooperation). These shares represent the proportion of the building that is owned by that individual shareholder. This is determined by the size of the apartment, the floor on which the apartment is located, and if there are any particular special features associated with a particular apartment. Two identical apartments located on different floors will possess a different number of shares.