Why Don’t People Rent Their Spare Room?

A old lady was talking to me about making additional income. Her situation was that she had little retirement funds, and her son was in college and she didn’t want to stress him about her financial situation.

Things were not looking well, as she will be empty by next month, and her property tax is coming up next month.

She lives in a 4 bedroom house, all by herself, with one room saved for her son.

I thought to myself, why not just rent it? She didn’t even have this idea come across her mind, Could’ve totally avoided this whole debacle. Now she’s doing paperwork, and is on craigslist looking for tenants.

In case if anyone is struggling with money, and has extra room, they can rent it out.

Is Your Space Suitable for Renting?

Before diving in, assess whether your spare room is ready for tenants or guests. Consider the following:

Comfort and Privacy: To be honest, you don’t have to worry too much about this, it just needs to be reasonably empty. I’ve seen renters, rent out the living room to college kids.

Amenities: Basic stuff like internet, and living room chill area, be sure to implement rules, so tenants can’t abuse your amenities. Definitely don’t use free utilities, you will regret it.

Legal Requirements: Legal requirements are different everywhere even in the same states, cities has their own rules with housing. Make sure you don’t have mold or rodents, and etc. Having tenants living in a place that has violations can be costly. I’ve heard of home owners that had to fix mold on a wall, and they have to pay for hotel stays, for all the tenants until the construction was done.

Deciding Between Long-Term and Short-Term Rentals

• Long-Term Rentals: This option involves leasing the room to a tenant for an extended period, typically several months to a year. It provides a stable, predictable income and reduces the effort needed for marketing and guest turnover. This is best, if you find a family that is willing to stay, sucks if you get students, but beggars can’t be choosers.

• Short-Term Rentals: Platforms like Airbnb or Vrbo make it easy to rent out your room to travelers for days or weeks. While this can yield higher income during peak seasons, it requires more frequent cleaning, communication with guests, and management.

Preparing Your Room for Renters

Once you’ve decided to rent your spare room, focus on making it appealing and comfortable.

Clean and Declutter: A clean space is essential. Remove personal items and ensure the room is spotless.

Furnish Appropriately: Invest in comfortable, durable furniture. At a minimum, provide a bed with fresh linens, a nightstand, and storage options like a dresser or closet. You can choose to not do this, depending on demand, like if you’re living in a big city, people don’t care, they just want a living space.

Enhance Security: Install a secure lock on the door and ensure that shared spaces in your home feel safe and welcoming.

Setting the Right Price

Determining the right price for your spare room involves a mix of research and strategy.

• Market Research: Check local rental listings and platforms like Airbnb or Zillow to see what similar rooms are charging in your area.

• Seasonal Adjustments: If offering short-term rentals, consider increasing rates during peak travel seasons or local events.

Marketing Your Spare Room

Effective marketing ensures you attract the right tenants or guests.

1. High-Quality Photos: Invest in good photography to showcase your room. Bright, well-lit photos that highlight key features are essential. This is important, I never look at rentals with bad photos, because I get the idea that it may be a scam of some sort, which it usually is. Bad photos for a rental, usually indicate scam, remember that.

2. Write a Compelling Description: Use clear, engaging language to describe the room, your home, and nearby attractions. Mention unique selling points, such as a great view or proximity to public transport.

3. Choose the Right Platform: For short-term rentals, platforms like Airbnb or Booking.com are popular. For long-term tenants, consider Craigslist, Facebook Marketplace, or specialized rental websites.

Screening Tenants or Guests

Finding the right person to rent your space is critical for a positive experience.

• For Long-Term Tenants: Conduct background checks, request references, and meet potential tenants in person to ensure compatibility.

• For Short-Term Guests: Platforms like Airbnb often include guest reviews and ratings, making it easier to assess their reliability.

Creating a Rental Agreement

A rental agreement protects both you and your tenant or guest. For long-term rentals, include details such as:

• Rent amount and due date

• Security deposit

• Rules for shared spaces

• Duration of the lease

• No pets, if you want pets, charge extra per pet, and specify what kind of pet.

• Make sure the guy has consistent income

• Good credit

• Criminal history, you won’t regret it

For short-term rentals, clearly communicate house rules and expectations on the platform.

Managing Your Side Hustle

Running your spare room as a side hustle requires ongoing management.

Regular Cleaning: Maintain cleanliness in shared spaces. For short-term rentals, clean the room thoroughly between guests. This way you can see the condition of your rental, to make sure there are no holes in the wall etc.

Effective Communication: Respond promptly to inquiries and address issues professionally.

Stay Organized: Use tools like calendars or property management software to track bookings, payments, and maintenance schedules.

Handling Challenges

While renting out a spare room can be rewarding, challenges may arise.

• Conflicts Over Shared Spaces: Set clear boundaries and communicate expectations to avoid misunderstandings. I’ve seen tenants that hammer their garbage ornaments all over the shared spaces. One case I saw, a tenant leaves his garbage all over the living room, and a female tenant complained. He yelled in her face, being a male vs a woman, it’s intimidating, but because no rules was established, the females were bullied out.

• Late Payments: For long-term tenants, include late fees in your rental agreement and enforce them consistently. Don’t do under the table crap, have it on contract, and pay your taxes. I’m anti tax dodging for this case specifically. Your tenant will bully you, if you take money under the table, just don’t

• Negative Guest Experiences: Handle complaints calmly and strive to resolve issues quickly to maintain good reviews on short-term platforms.

Conclusion

Renting out a spare room is nice, you just have to do the background check. I know people personally that got criminals that used the rental to make illegal substances.

Which is why background check and references should be required. That and having strict rules and agreements on contract as well.

Now if you have a spare room, and I just helped you make $800 a month, please share this with your peers, as I want to keep helping the poor souls that are trapped in financial ruins. Invite them to Mythtolegend.com please, thanks, lots of love.

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