Planning to take the next step and move out of your childhood home? Or are you moving to a new city for a potential job opportunity? Whatever the reason may be, the rising housing costs and living expenses can put real pressure on your finances. Now, getting a roommate to split the bills is one effective way to save money. But more than that, what else could the advantages of having a roommate be? Continue reading to find out!
1. Shared Rent = Lower Housing Costs
First and foremost, one of the most evident benefits of living with a roommate is that you can significantly save up on rent and other bills. Regardless of whether you’re sharing a small apartment with one roommate or a single-family home with several others, having roommates can significantly lower your housing costs.
Based on our experience as property managers in Austin, we find this as the most common reason why tenants opt to live with roommates rather than living alone. Considering that rent typically accounts for the biggest expense per month, being able to cut your share by 50 percent or more can help a lot.
2. Split Utility Bills and Wi-Fi
Other than rent, you can also save up on other essential expenses such as utilities and Wi-Fi. When you write your rental agreement with your roommate, you can indicate that you will split the cost of living necessities such as water, electricity, gas, and the internet. Even if you live with more people and your usage surges, you can still expect significant savings when the utility cost is split equally among members of the household.
3. Share Groceries, Furniture & Household Supplies
Another financial benefit of living with roommates is that you can save up by sharing the cost of groceries, household supplies, and even furniture. Thinking about buying a couch for your bare living room? If you have a roommate, you can split the bill instead of shouldering all the cost of this purchase. The same idea goes for groceries and other supplies. Since you’ll be consuming these products collectively as a household, you could share the costs with your roommates.
4. Save on Moving Costs and Deposits
Moving comes with a number of fees. You pay when you send in your application for screening, and you also pay a holding deposit to reserve a rental property.
When you do get accepted, you have to give a security deposit as part of your lease agreement, which is typically the amount of one to two months’ rent. Not to mention the cost of hiring movers or renting a U-Haul. Moving in with a roommate can ease the financial pressure since you can share these costs among you instead of shouldering them all by yourself.
5. More Emotional Support and Less Loneliness
Whether you’re a social butterfly or not, living with roommates means that you’ll have someone close to you at all times. And even if you’re not the type to make small talk, having another person around you can ease feelings of loneliness. And when you need it, you’ll have someone to lean on for emotional support.
6. Divide Chores and Responsibilities
At times, coming home after a long day and still having to do a bunch of household chores can be exhausting. Now imagine that you get home and there’s food on the table, the dishes are clean, and the trash is taken out. When you have a roommate, you can divide chores or take turns doing chores. Even with this setup, you still get to split household responsibilities.
7. Added Security and Safety
There’s no denying that living alone comes with risks. For example, burglars tend to target homes with minimal activity. When you live alone, your home is at risk the moment you step out of it. Having roommates means that your home is less likely to be completely vacant.
8. More Flexibility with Work Schedules and Life
Having roommates also allows you to share more than just household chore responsibilities. Aside from having a shoulder to lean on, you can rely on your roommates for other aspects of your day-to-day lives. Whether it’s a favor to receive a package on your behalf, get your dry cleaning, or simply cover for you since you have an urgent work matter to tend to. Having this kind of relationship with your roommate will bring you more flexibility to handle whatever life throws at you.
Find Your Next Home with Stone Oak Property Management
On the surface, having a roommate with you will provide you with significant financial relief – from rent to utilities, and even deposits. However, there’s more to it than just cost-saving. The advantages of having a roommate extend from emotional support to essential aid in handling day-to-day living responsibilities.
Thinking about getting a roommate the next time you move? When you do, you need to find the perfect home to fit both your needs and lifestyle. Connect with us at Stone Oak Property Management for an expansive collection of rental properties for you to choose from. With our rental property management experience, we’ll help you find the perfect home for you and your roommate!
