Rent, apartments, co-signers, and utilities. Oh, my!
Sorting out your rent and dealing with landlords and property managers can be a hassle. Read below for important tips on keeping a roof over your head.
What is it Called When Someone Else Pays Your Rent?
Many people are in situations in which another person provides money for their rent. In some cases, another individual or organization provides financial aid in the payment of their rent. Landlords typically do not take issue with this as long as the rent is being reliably paid.
When someone else provides you with rent money but does not pay the landlord directly, this is referred to as a sublet. Another tenant is leasing the property from you and, indirectly, from the landlord.
Who Has the Right to Pay Your Rent?
Anyone can pay the rent for your property. As long as your landlord is receiving their payment, it generally does not matter where the payment comes from. That said, each landlord may have its own rules restricting arrangements such as subletting.
Can a Landlord Kick You Out if Someone Else is Paying Your Rent?
Though it is true that many landlords are not particular as to who pays the rent- as long as it is being paid- it is important to note that some landlords do not allow their tenants to sublet their units. For infringements on policies such as these, landlords may evict the tenants at their own discretion.
For How Long Can Someone Else Pay Your Rent?
As was previously mentioned, most landlords do not take issue with where your rent money comes from, as long as it makes its way to them. In these cases, there is no time limit for which another person can pay your rent.
It is, however, important to check with your landlord and ensure that there are no rules or constraints against the type of arrangement you have struck; this is true, particularly in cases of subletting.
Things You Need to Know if Someone Else is Paying Your Rent
As with any financial agreement, it is important to trust the individual that is responsible for your rent. You should be extremely selective with those whom you allow subletting. Reliable borrowers and tenants can be reviewed via financial records and credit scores.
It is vital to ensure the reliability and trustworthiness of any individual to whom you give financial power over your life or property.
Landlords can- and will- evict those from whom they do not receive rent, which makes it all the more important to only strike financial agreements with those you trust.
Final Thoughts on Someone Else Paying Your Rent
In conclusion, check with your property manager to ensure the parameters of your rent agreement. While it is usually safe to assume that all is well as long as rent is paid, it is always a good idea to check with your landlord first.
THIS IS NOT OFFICIAL FINANCIAL ADVICE.