Before you post a “room to lease” notice to make some extra money, here are some important tips to keep in mind:
Share to twitterRenting out rooms isn't for everyone. If you want to rent a spare space in your home, know the prosChoosing to rent out a spare room in your home to make ends meet is not a decision to take lightly. For those who are inclined to open their doors to strangers, friends or relatives, a common reason to take the plunge is extra income. of 950 homeowners to explore what spaces they are renting out, how much money they are making and their biggest regrets.
Short-term rentals might mean less guaranteed funds each month as tenants move in and out. Longer-term contracts, however, could provide a steady income stream, possibly resulting in higher average monthly earnings. Although Airbnb and other short-term rental apps are popular, the majority of respondents found their renters through a friend’s connection.
The survey indicated that making home improvements before renting out a spare space was prevalent among 63% of homeowners. On average, survey respondents spent about $616 on paint, which was the most common update completed for renters. The flooring was also updated more than half of the time, but new floors ran an average tab of nearly twice the amount of the paint.
The survey also found that many homeowners felt the pinch of not raising their rental prices higher. On average, the $9,400 in hidden costs of renting out a spare room, including maintenance, improvements, utilities, insurance or vacancies, can exceed the rental income, so the rent initially needed might not be enough.
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