An extra room in your house can be a massive source of relatively passive income. It can be hard to share your space, but if you need extra money, it’s definitely something to consider. I’ll share 4 different options on how to rent out a room so it fits with what you want.
There are lots of ways to rent out a room. You can choose to have someone long-term or short-term, and you can choose whether to have a regular flatmate, a tourist, or even a student. There are lots of great sites that will help you to do this, too.
There are loads of options available so you can keep full control of how you share your space while enjoying the extra income!
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1. THE TRADITIONAL FLATMATE
Having a full-time flatmate is probably the most consistent way to make money. This is what most people think of when planning how to rent out a room. You will have a person in the room long term who will pay you an agreed amount each week or month.
If you have a spare room and wouldn’t mind sharing your space with another person, you could use a site such as Room Mates to find a flatmate. The cool thing is that you are able to put in some specifications so you can find exactly the kind of flatmate that you want. It’s worth putting in the effort to find someone you can live with easily! Ask questions about work, hobbies, social life, and relationships so you find someone who will be compatible with your own lifestyle.
It’s also OK to set rules- you might specify no smoking inside, for example. Make sure these rules are clear at the outset and agreed to before someone moves in!
Check it out: Roommates.com | Find your perfect match!
- You only have to do the work to find a flatmate once.
- Set the rate you want and enjoy this consistent income on a long-term basis.
- You get extra company and you can choose who you want.
- It can be stressful to have another person in your space.
- You will have to agree the boundaries of living together.
- The income is more consistent, but some other ways of renting out a room can give a higher income.
Flatmates can be awesome company but it can also turn into a nightmare situation very easily. Luckily, it’s not the only option when you are considering how to rent out a room.
2. THE STUDENT FLATMATE
If you don’t want a permanent flatmate, but are in the position to offer something more short-term, you could consider hosting a student.
Homestay is a very popular site that attracts students from all over the world who need a room for a few days, weeks, or months. All of the site users are over 18. Although it’s a top choice with students, professionals and tourists also use the site.
One of the things that often worries people about students is the obligation to cook, but with Homestay, there is no requirement to cater. You can also set your own prices and conditions.
Check it out: Homestay
- You have control over prices and rules.
- Your flatmate situation will be very temporary.
- Only rent out the room when you want to!
- You will have to clean the room between each person staying.
- There is no guarantee that someone will book when you want the money.
- You have less control over who you have than with a long-term flatmate (who you can interview first).
3. THE TEMPORARY FLATMATE
A permanent live-in room-mate isn’t the only way to go. You can still find a great source of extra income in finding flatmates who only need a room temporarily.
One example of this is travel nurses- they often travel to hospitals for placements, internships and training and need somewhere to stay wherever they are. This could work especially well if you live in a major city or close to a big hospital.
Travel Nurse Housing is used by medical companies to place nurses for a short-term stay on a monthly basis. All you need to do is provide a furnished room.
- You can do this on a monthly basis.
- There is an end date in sight.
- Medical companies pay well for hosting.
- You can meet someone from another place.
- You can just host when you feel like it or when you need the extra income.
- You might have less control over who you get (i.e. you might not meet them first and definitely can’t interview them!)
- Unless it’s a disaster, you can’t end the stay before the agreed date without leaving the nurse and the company in the lurch- once you sign up they are depending on you.
4. THE HOLIDAY FLATMATE
You can make a lot of money short-term through renting out a room (or your whole house if you have somewhere else to go) to holiday-makers.
Air BnB has become more and more popular and is now the first choice for a lot of tourists. You can actually make as much money in one night as you can from a week of having a permanent flatmate.
A benefit of Air BnB is that they cover every booking with $1M USD in property damage protection and another $1M USD in insurance against accidents which gives some peace of mind when allowing strangers into your house.
You can also set your own availability, prices, and house rules, and you can choose how you interact with your guests. You can choose to let them sort out their own meals, make them breakfast, or provide them with access to your kitchen.
- You can make great money in a much shorter length of time.
- You can choose when you want to rent out the room for extra income.
- Air BnB provide insurance.
- You can let your guests do their own thing.
- There is extra work in cleaning the room and getting it ready for each new person.
- Although there is some insurance, you are still allowing a stranger into your home.
AND THAT’S IT!
I hope that this has given you lots of ideas for how to rent out a room. Sharing your space can be tough, but you can be clever about how to rent out a room so you can best use this asset for extra income.
Please comment and let me know your experiences from renting out your room in any of these ways.
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