Tenant Changes & Roommates

I have roommates. Can we all pay with separate cheques?

Roommates must designate one individual who will be responsible for the collection of rent for the house and issue one cheque to Emerald Management & Realty Ltd.

My roommate just gave me notice, and I need to get a new roommate. What do I need to do in order to adhere to my Tenancy Agreement?

Only tenants listed in the Tenancy Agreement may occupy the rental unit unless the landlord has provided prior written approval.

If you are anticipating a new roommate, the proposed tenant must complete the Application to Rent form and submit it to Emerald Management & Realty Ltd. for approval. Depending on your location or building, the proposed tenant, once approved, may also be required to pay a move-in/move out fee.

The tenant that is moving out must supply their notice of leaving to Emerald Management & Realty Ltd., in writing, and may also be responsible for a move-in/move-out fee.

We recommend that the vacating tenant also signs a Waiver of Security Deposit form.

My roommate wants to move out, but the lease is still active. What steps need to happen?

At Emerald Management & Realty Ltd. all tenants are singularly and jointly obligated to ensure that rent is paid in full by the first of the month. This means that if a roommate moves out without giving proper notice, the remaining tenants can be held responsible and will be obligated to pay the portion of rent your prior roommate(s) were responsible for; however, this is a worst-case scenario.

Ideally, your roommate will provide written notice to both you and Emerald Management & Realty Ltd., thereby providing you with an adequate amount of time to manage your finances or find a different roommate. If you find a new roommate, this person will need to fill out a Tenant Agreement form and get approval from the Landlord to move in.

It is not the responsibility of Emerald Management & Realty Ltd. to negotiate or mediate issues between tenants. We strongly recommend that the vacating tenant also sign a Waiver of Security Deposit form.

My roommate has given notice to Emerald Management & Realty Ltd. What happens to the security deposit?

Security deposits are collected to ensure that the property is well maintained by the tenants. Accordingly, we keep the security deposit until all tenants vacate the property, and have completed a move-out inspection prior to vacating the property. If there was no damage to the property, aside from normal wear-and-tear, the security deposit will be returned in full. Partial reimbursements to roommates will not be given. We expect the vacating tenants and the new tenants to manage this matter on their own. We also strongly recommend that the vacating tenant sign a Waiver of Security Deposit form.

I have roommates. Can we get insurance together or do we have to have separate policies?

Some insurance companies will allow individuals to purchase tenant insurance jointly; however, there are some disadvantages to this approach. In order to ensure expectations are met between all tenants, it is good to keep a record of each tenant’s valuables and their worth and accordingly, an appropriate ratio of sharing the cost of the insurance. Also, roommates should discuss together what would happen if one of the tenants moved out.

Alternatively, insurance companies can also provide separate policies, which can make things much simpler if a roommate decides to leave.