Individual Liability or Per Bed: Also referred to as an individual Liability Lease. This type of agreement is very common in college towns like Denton where there are apartment communities that cater specifically to students looking to live off campus. These communities are referred to as Off-Campus Student Living Communities. Several individuals will occupy an apartment unit or floor plan and each individual will have a separate bedroom and bathroom or shared bathroom for an agreed upon price. The individual is only responsible for their agreed lease rate and not responsible for others within their apartment unit. The individual has no contractual ties to the other roommates occupying the apartment unit. Most Individual or Per Bed leases will vary between 9-12 months.
Conventional/Joint or Per Unit: This type of lease agreement is traditionally the most common in the multifamily or apartment industry. Essentially the lease agreement is signed by all parties that will be living in the apartment unit / floor plan. This legally binding agreement defines the individuals occupying the space and contractually ties each individual to the total amount due each month. The landlord will be expecting the total amount paid at the monthly due date. As a student, it is best to have a collection of co-signers or guarantors when entering this type of conventional lease agreement to form a financial commitment for all involved. Most conventional or Per Unit leases will vary from 3-18 months with an “up-charge” for a shorter lease option.