Need extra Income? Safely Rent a Spare Room in your Home, Condo, or Apartment.
Renting out a spare room in your home, condo, or apartment is a great way to earn extra income while enjoying the company of another person living in your space. But getting started can seem overwhelming, so Roommates.com is here to help! For over 20 years,
Roommates.com has been matching roommates through our effective algorithm, and we can help you, too! If you are thinking about renting out your space, here are some basic tips to consider when getting started:
1. Know Your Local Laws:
Research and understand the local laws and regulations related to renting a room. Compliance is crucial for a smooth and legal arrangement. Familiarize yourself with the tax implications of rental income in your area. You may be eligible for certain deductions related to expenses incurred.
2. Set a Competitive Rent:
Research the local rental market and other listings on Roommates.com to determine a fair and competitive rent for your area. Determine how you will handle utilities. Clarify this in the rental agreement, whether included in the rent or paid separately. Consider other factors like location, amenities, and the condition of the room. Understand the value of extras like covered parking, Internet, snow removal/lawn service, use of spa/pool, proximity to bus/public transportation, etc., in setting your rent.
3. Create an Inviting Space and Consider Furnishing Options:
Decide whether to offer the room furnished or unfurnished. Furnishing may attract a broader range of renters but requires an upfront investment. Ensure the spare room is clean, well-decorated, and equipped with modern, functional, essential amenities such as a bed, dresser, closet, and bathroom outfitted with the necessities (towel holders, rugs, mirrors, shower caddy, toiletry drawer, etc.). Check out our article on the Roommates.com blog, Creating a Cozy Retreat for Your Renters.
4. Screen Potential Tenants:
Establish a thorough screening process for potential tenants. This may include background checks, references, and interviews to ensure a good fit. Know what your major dealbreakers are. Check out our article on the Roommates.com blog, [The Art of the Interview](https://www.roommates.com/blog/interview_tips) for more tips on conducting a successful interview.
1. Draft a Clear Lease or Rental Agreement:
Develop a comprehensive rental or lease agreement that outlines terms, responsibilities, expectations, and consequences for breaches. Make sure the other party understands and agrees to the terms. This document helps prevent misunderstandings and provides a legal framework. Here are some tips for Creating a Rental Agreement from the Roommates.com blog.
Finding A Roommate
Ready to find a roommate? We can help you sort things out. At Roommates.com, we offer a smart, safe way to find a new roommate in your city.
Create a free profile to get started. Our secure and proprietary algorithms can match you with potential new roommates that fit your lifestyle preferences while helping you continue to invest money into your home. Set up your free profile today, and then, when you're ready, select a package to meet your needs!