As the economy putters along, plenty of people find themselves saddled with exepensive apartments they can no longer afford. Some people will have to find cheaper places or negotiate down their rents. Other’s however, will find a roommate.

Craigslist says that roommate postings on the site are up 63% over the last 12 months. BloggingStocks reports that increasing numbers of renters are looking for roommates as concerns about the economy cause many to rethink their living situations in the name of frugality. This means that there is no shortage of potential candidates. But what you really need to know is how to find a good roommate. Here are a few tips for those of you who haven’t had to do this for a while… or ever:

1. The Search. Finding a good roommate requires a degree of diligence and effort. Community boards often provide names and numbers of those looking for roommates, so you can start your search there. Additionally, there are online matching services like Roommates.com that provide help in locating potential boarders. You can also ask friends and relatives whether they know someone looking for a roommate.

2. Don’t Settle. When you are the one asking someone to move in, whether you rent a room out of your home or ask for another person to move into an apartment, it’s okay to be picky. After all, it’s your place. You don’t want it trashed. If you are moving in with someone else, you want to make sure it’s going to work out before you commit to anything.

3. Make it Formal. Ensure everyone’s legal protection by preparing and signing a formal lease. If you have a landlord, make sure that your roommate signs a lease as well. That way, your roommate is partially responsible for the rental property. You don’t want to be stuck with no recourse if your roommate suddenly decides to leave. If you are renting out a room in your home, it becomes especially important that you provide a lease for your tenant to sign. There are a number of sites online that can provide you with sample lease agreements that you can tailor to your needs. Make sure landlord and tenant responsibilities are clearly spelled out.