How to Handle Signing and Renewing Leases with Cotenants

Cotenants are two or more tenants who rent the same apartment under the same lease. Sometimes cotenants sign at the same time or a cotenant may be added later to an existing lease. In New York City, due to the short supply and high demand for apartments, there’s a good chance that a primary tenant will approach you seeking to add a roommate to the lease. After splitting rent for a while, the roommate might want to seek the stability of knowing that he or she could stay in the apartment if the other primary tenant leaves.