4 kids in college townhouse -- who signs lease agreement?

[John M.]

I just got a townhouse in a college town where it usually rents to 4 kids at once. They all share the same electric, etc. It's just a normal townhouse with 4 bedrooms.

How should I do the lease? Should I have 1 lease that one person agrees to pay the full amount, or should I have 4 separate leases?

My fear with 4 separate leases is if/when one person leaves, the others have no incentive to replace him and I couldn't really force them to live with a random stranger that I pick out.

Any thoughts?

[Phil C.]

They all sign the same lease. I would have the parents co-sign as well if possible. They are all jointly responsible for the rent. If one leaves the remaining still have to pay the full amount. It is their job to find a sub-leaser in the event of a mid lease move out, and your job to screen and accept the new tenant. Either way they are all responsible for the full amount (and so are their parents).