PROPERTYSPARK ARTICLE

How to Maximize Your Spare Room Income

Renting out your spare room is a fantastic way to boost your income, whether you’re looking to pay off your mortgage faster, save for a big purchase, or simply have some extra cash for daily expenses. To get the most out of renting out your spare room, here are some tips and strategies that will help you maximize your income.

Present Your Room in the Best Light

First impressions matter, especially when it comes to renting out your space. Make sure your spare room is clean, tidy, and well-decorated. A few simple updates can make a huge difference:

• Fresh paint – A new coat of paint in a neutral color can make the room feel fresh and welcoming.
• High-quality furniture – Invest in basic yet stylish furniture. A comfortable bed, a desk, and good storage can make your room more appealing to potential roommates.
• Good lighting – Natural light is a huge plus, but also consider adding lamps to create a cozy atmosphere.
• Declutter – Remove personal items or clutter to help potential roommates visualize themselves in the space.

Price It Right

Setting the right rental price is crucial. You want to be competitive yet fair. Too high a price might scare off potential roommates, but a price that’s too low might hinder your own goals. Here are some steps to help you determine the best rate:

• Research the market – Look at similar listings in your area to see what other landlords are charging. Consider the size of the room, amenities, and location.
• Consider costs – Factor in your expenses, such as utilities, maintenance, and any additional services you provide. It’s important to make sure your rental price covers these costs while still providing a profit.
• Be flexible – If you’re struggling to find tenants, consider lowering the price slightly or offering incentives such as a reduced rent for the first month.

Highlight Unique Selling Points

What makes your spare room special? Highlight these features in your listing to attract potential tenants.

• Location – Is your home in a prime location? Mention nearby amenities, public transport, and popular attractions.
• Amenities – Do you offer any extras, such as a private bathroom, access to a garden, or even a home gym?
• Lifestyle benefits – If you live in a quiet, safe neighborhood or a bustling city, make sure to mention it. People often choose a place based on the lifestyle it offers.

Use High-Quality Photos

Photos are one of the most important aspects of your listing. High-quality images can significantly increase interest in your room.

• Use a good camera – If possible, use a professional camera or hire a photographer. Smartphone cameras can work, too, but make sure the photos are clear and well-lit. Grainy or blurry photos will put potential roommates off.
• Showcase the space – Take photos from different angles to give a complete view of the room. Include shots of any shared spaces, like the kitchen and living room.
• Stage the room – Make the bed, add some decorative pillows, and place fresh flowers or a small plant to make the room look inviting.

Write an Engaging Listing

Your listing description should be detailed, honest, and engaging. Here’s how to write a listing that will make people want to move in.

• Be descriptive – Describe the room, the amenities, and the surrounding area. Mention the size of the room, the furniture included, and any unique features.
• Be honest – Don’t exaggerate or hide any potential drawbacks. Transparency builds trust with potential roommates.
• Use positive language – Highlight the benefits of living in your home and the surrounding area.

Use a Roommate Finder

SpareRoom can help you find the perfect roommate. With SpareRoom, you can post an ad with a comprehensive listing. Include important information such as availability, furnishings, whether you allow couples or pets, and more to find the perfect roommate for you. SpareRoom lets you post from all over the US, so whether you have a room to rent in LA, Boston, Austin, or somewhere else, you can use SpareRoom to maximize your income.

Get started with SpareRoom today.


Screen Your Tenants Carefully

Finding the right tenant is so important for creating a harmonious living situation and making sure your property is well cared for:

• Conduct interviews – Meet potential tenants in person or via video call to get a sense of their personality and lifestyle.
• Check references – Always ask for and check references from previous landlords or employers.
• Run background checks – Consider running background and credit checks to ensure your new roommate has a good rental history and financial stability.

Set Clear Expectations

To avoid misunderstandings and ensure a smooth tenancy, set clear expectations from the beginning.

• Create a rental agreement – Outline all the terms and conditions, including rent amount, payment schedule, rules regarding guests, and responsibilities for cleaning and maintenance.
• Discuss house rules – Talk about noise levels, shared responsibilities, and the use of common areas.
• Regular communication – Maintain communication to address any issues quickly and build a good relationship with your roommate.

Provide Great Service

Happy roommates are more likely to stay longer and recommend your room to others. Here’s how to keep your new roommate satisfied.

• Be responsive – Address any maintenance issues or concerns as soon as they come up.
• Be respectful – Respect your roommate’s privacy and personal space.
• Be fair – Treat your roommate with fairness and respect, and be open to reasonable requests.

Continuously Improve

To maximize your spare room income, always look for ways to improve your offering and stay competitive. Here are a few tips.

• Accept and implement feedback – Ask your roommates for feedback on their experience and suggestions for improvements.
• Stay updated – Keep up with market trends and adjust your pricing accordingly.
• Upgrade when necessary – Invest in updates or improvements to maintain the appeal of your spare room.

By following these tips and using platforms like SpareRoom, you can maximize your income while providing a great living experience for your roommates.