There are key moments in life when changes can be favorable for starting this type of activity to get an extra income. While it is important to do market research to check if your location has potential for renting, here are some thoughts on the right times in your life to grab the opportunity to start to rent a private room in your home.
When some space becomes available in your house
A child leaves the family home to go to university or to settle down alone
If you find that your home has become empty and lifeless, renting the newly vacated room can save you money and bring you company. Renting a room will allow you to meet new people with the benefit of bringing you a new rental income, which is not negligible if you pay for your child’s student accommodation yourself. If he comes home regularly, it is not a problem because you can manage your calendar to block dates as you wish.
If one of your retired relatives lives in a house or a flat that is too big for him and that he still has the energy to maintain his interior, renting a room will be a very good extra income to his retirement. Especially in the coming times where we will have to work longer and longer before we can retire at full rate. The advantage will be that the work required is small compared to the financial benefits of renting a private room.
A roommate is leaving your shared apartment
In this case, you must quickly rent the empty room so you don’t have to split the missing rent brought by this previous roommate. Short term rental is an easy and quick option to compensate that loss. Create a profile that you can activate and desactivate on demand so, in the future, you can block the calendar for the entire period when the room will be occupied again by a roommate, and reopen it when he leaves. You can also keep the profile of the room but in hidden status.
Or you can choose to have only short-term tenants in the future. Renting the room short term will often make you earn more than the rent of a basic roommate. You can estimate the monthly income that this room could generate on the Airbnb rental income simulator.
You just broke up with your partner you lived with, and you cannot pay the rent alone
This situation is unfortunately frequent and is very stressful. It is very difficult to manage a break up and the logistics it involves. Renting a room will bring extra money to help you cope for the time you need to get the strenght to dedicate your mind to rebuilding your life on healthier foundations. It is much easier to do one step at a time than if you had to quickly seek new housing.
When you decide to transform a room that is no longer used
This situation will often correspond to housing occupied by senior citizens who sometimes live alone. Young retirees can sometimes still live in the accommodation where they raised their children and where there is a lot of available space . Retirement can create a void for them. Renting a room will create an activity, a purpose, it will make it an opportunity to meet new people and will be a reliable source of income to fund their new life.
An office, a dining room or your children’s playroom
If you realize that this specific room is no longer used and it is slowly turned into a storage room, it is time to take action. Lifestyles are changing and an office, a study-room or a computer-room no longer have the function they used to have in previous generations. Before tablets and smartphones, we had big computers, bulky printers and scanners! We used to pile up papers in files, and books in libraries. Now you can hold it all in your hand. This space, that you once needed, is a waist of your space today, and it could be a cash machine for you.
Redesign your living space
Many old apartments have large livingrooms. Do you really use this large space all the time? Think about the spaces in your home that are lost space. Each square meter can become a potential source of income.
By placing a folding screen or shelves to block the view, you can separate a living space that is too large for you, and create a sleeping space. If there is no real partition between the sleeping area and the living room, describe it clearly in the description of your listing on the short term rental platform. Its price per night will not be the highest in your city but still it is a good way to earn extra cash every night.
When you are looking to move into new accommodation
As a tenant you have the right to sublet part of your accommodation with the written consent of your landlord. If the 2 bedroom apartments in your city are rented at a similar price compared to the 1 bedroom apartments, take the opportunity to consider financing your rent with the income from the rental of the second bedroom.
If you are the owner do the same! If you can afford to pay for 10 sqm more, or if you can find older apartments in your budget with smaller bedrooms, you can take advantage of this opportunity. When negotiating for the loan, it will certainly be difficult to get the banker to accept that the income from the room can be taken into account in the financing of the apartment. If you explain that the room will be the main residence of a roommate and that he will have a lease, it will be easier than if you describe the virtues of Airbnb, because renting on Airbnb can be stopped overnight.
Changes in your life can bring a lot of opportunities. One of them can be to earn extra money with the short rental industry. With a private room to rent to travelers you have a notable advantage in comparison with the rental of entire homes on Airbnb. In many cities the legislation is very strong against this type of business in entire homes, and private rooms are usually free from these constraints. You have to check that with your local authorities.