Moving in together: the money checklist for couples
Before the boxes come out, agree on whose name goes on the lease, who covers the deposit, how rent gets divided and what happens if it doesn't work out. Each one is easier to settle before you sign.
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Key takeaways
- Agree on a rent you can both afford and whose names go on the lease before either of you applies.
- Write down who paid how much of the deposit and setup costs, so there's no guessing later.
- Your landlord generally isn't responsible for damage to your belongings, so renters insurance matters, and what happens to the lease after a break-up depends on its terms and your state.
Before you sign a lease together
The easiest time to talk about money is before you've fallen for an apartment. Once you're touring places, it's tempting to stretch the budget for the one with the nicer kitchen and sort out the details later.
Before we look at any more places, can we each say the most we're comfortable paying for rent every month?
Start with the monthly number. Each of you says the most you could put toward rent and bills without cutting into savings, and you add up what rent can be under the split you plan to use. Under an even split, that's twice the smaller of your two answers. Under an income split, it's the total at which neither of you goes over your own number. Then cover these before you apply:
- Whose names go on the lease. If both of you sign, both of you have agreed to its terms. If only one of you signs, ask the landlord what that means for the other person living there and for who owes the rent.
- Whose credit and rental history the landlord will check. Landlords often use tenant screening reports, which can include credit reports and rental history, to decide whether to rent to you and how much to charge for a security deposit, according to the CFPB's page on tenant screening reports (consumerfinance.gov).
- How long the lease runs, and what it says about ending early or one tenant moving out.
- Which bills come with the place and which you'll set up yourselves, such as electricity, gas, internet and trash.
If a landlord turns down your application because of a screening report or credit report, they have to tell you, give you the contact details of the company that made the report, and tell you about your right to dispute it and to request a free copy within 60 days. Those rights are on the same CFPB page (consumerfinance.gov).
The deposit and other move-in costs
Moving in together costs a lot before the first normal month starts. Deposit amounts and the rules for returning them vary by landlord and by state, so read the lease for the exact figure. As an example, take an apartment at $2,000 a month where the landlord asks for a deposit equal to one month's rent:
- First month's rent: $2,000
- Security deposit: $2,000
- Movers or a rental truck: $600
- Household basics you don't already own, such as a shower curtain, cleaning supplies and a second set of keys: $800
That's $2,000 + $2,000 + $600 + $800 = $5,400 before you've unpacked. Split evenly, that's $2,700 each. Split 60/40 by income, it's $3,240 and $2,160 ($5,400 × 0.6 and $5,400 × 0.4).
Write down who paid how much of the deposit, in a note you both can see. The deposit may sit with the landlord for years, and if you move out separately, nobody will remember who put in what. Furniture works the same way. A couch one of you bought alone is easier to sort out later than one you bought together with no record of who paid.
How to split rent with your partner
Once you're in, the regular costs in the example come to $3,000 a month: $2,000 rent, $300 for utilities and internet, and $700 for groceries. Couples usually pick one of three ways to cover it.
50/50
Each of you pays half of rent and shared bills. On $3,000 a month, that's $1,500 each.
Works when: Your take-home pay is similar and both of you have a comfortable amount left after your half.
Watch for: If one of you earns much less, the same dollar amount takes a much bigger bite out of the smaller paycheck.
By income
Each of you pays the same share of your take-home pay. If one of you brings home $6,000 a month and the other $4,000, the split is 60/40, or $1,800 and $1,200.
Works when: Your incomes differ and you want each of you to have a similar share of your pay left over.
Watch for: You'll need to update the numbers when either income changes.
One pays rent, one pays bills
One of you covers the $2,000 rent, and the other covers utilities, internet and groceries, about $1,000.
Works when: It's simple, with fewer transfers between you, and the gap roughly matches a difference in your incomes.
Watch for: Grocery and utility costs move around while rent doesn't, so check every few months that the amounts still feel fair.
For the trade-offs of each method in more depth, see how couples split bills, or put your own numbers into the bill split calculator.
A joint credit card for household spending is a bigger step than it looks this early. Joint accounts like a joint credit card affect both of your credit scores, according to the CFPB's page on joint credit card accounts (consumerfinance.gov). A shared checking account for rent and bills, or each of you paying your share from your own account, generally keeps your credit separate, though either owner of a joint checking account can usually withdraw the whole balance.
Renters insurance basics
Renters insurance covers your belongings if they're damaged inside a home you rent, depending on what the policy covers, and your landlord generally isn't responsible for damage to your personal property inside the unit, as the CFPB notes in its guide to housing issues after a disaster (consumerfinance.gov). So the landlord's insurance isn't something to count on for your own things.
Check whether your lease requires renters insurance. If you're not married, ask the insurer whether one policy can list both of you or whether each of you needs your own. Make a quick list or video of what each of you owns. It helps with a claim, and it doubles as a record of whose things are whose.
What happens to the lease if you break up
Nobody wants to plan for this while choosing paint colors, and it's still easier to talk about now than in the middle of a break-up. What happens to a lease when one tenant leaves depends on the lease's terms and on your state's laws, and they vary a lot. A local tenant rights office, legal aid group or lawyer can tell you how it works where you live.
Agree on a few things now, while you're on good terms:
- Who would stay, and whether that person could afford the rent alone.
- How the deposit would be divided, based on the note of who paid what.
- Who keeps the furniture you bought together, or how you'd value it.
- How much notice the person leaving would give before they stop paying their share.
Some couples write this down and both sign it. Whether a private agreement like that would hold up depends on your state, so treat it as a record of what you both intended rather than a substitute for the lease.
Moving in together checklist
| When | What to settle | Done when |
|---|---|---|
| Before you look | The most each of you can put toward rent and bills each month | You have one budget number for the search |
| Before you apply | Whose names go on the lease and whose credit will be checked | You both know what the landlord will see |
| Before you sign | Lease length, early-exit terms and what happens if one tenant leaves | You've both read the lease |
| At signing | Who pays how much of the deposit and first month's rent | It's written down where you both can see it |
| Moving week | Utilities, internet and renters insurance in someone's name | Every bill has an owner and a due date |
| First month | How rent and bills are divided, and from which account | The first rent payment went out on time |
| After three months | Whether the split still feels fair to both of you | You've agreed on any changes |
Share what you choose to share
Moving in together doesn't mean every account becomes shared. On the Couple plan, Miyo lets each of you decide what the other sees, one account at a time.
Common questions
How should couples split rent when moving in together?
The three common ways are an even split, a split based on each person's take-home pay, and one person paying rent while the other covers utilities and groceries. An even split works best when your incomes are close. A split by income keeps the share of each paycheck similar when they aren't.
Should both partners be on the lease?
It depends. When both of you sign, both of you have agreed to the lease's terms. How responsibility works when one tenant leaves depends on the lease and on state law, so read the lease carefully and ask a local tenant rights office or lawyer if you're unsure.
Who pays the security deposit when moving in together?
There's no rule. Many couples divide it the same way they divide rent. Whatever you choose, write down how much each of you paid, because the deposit can sit with the landlord for years and may need to be divided if you move out separately.
Do you need renters insurance if the landlord has insurance?
Renters insurance covers your belongings if they're damaged inside a home you rent, depending on what the policy covers, and the CFPB notes your landlord generally isn't responsible for damage to your personal property. Check whether your lease requires it, too.
See your money and the shared bills in one place
The Free plan works on your own, so you can start with just your accounts. The Couple plan adds your partner, and each account is Private, Shared or Balance only.
Budgeting is free, forever · No card to start · Invite your partner when you're ready, on the Couple plan · Founding prices are open
General education, not financial, legal or tax advice. Your situation may differ.
How we write these guides
Every guide is written by Miyo's founder, dated, and checked against government sources such as the FDIC, CFPB and IRS wherever it states a money fact. Product claims describe only what Miyo does today. If something here is out of date, tell us. Contact support.