Yes, you can make a lot of money with weekly room rentals in your home. In fact, it is what allowed me to pay off my first mortgage after only a few years. Of course, you have to think about two things before you get started. First, you have to decide if you want thousands of dollars of extra cash each year. Perhaps that's an easy one to answer.
The next issue is whether or not you want to live with other people in your home. Most of the time they will be strangers, although you could try to rent out the rooms only to people you know (I mostly rented to coworkers from the casino where I was employed at the time). If you think you can tolerate the company, read on.
WEEKLY
Why weekly room rentals, rather than monthly? There are a couple good reasons to charge by the week rather than by the month. The first has to do with the people you will typically rent to and why they are renting a room rather than getting their own apartment. You see, most of the time people rent rooms because they do not manage money all that well.
It isn't just about saving money versus an apartment, although that's a motivator as well. It is often because the tenant cannot handle saving up from each check to have the rent money ready at the start of each month. If it was just the total rent that was the problem, after all, he or she could share rent with a friend or two. So by charging the way most people get paid - weekly or bi-weekly - you help solve this problem, and you make it more likely that you will be paid on time. This is also why you should include all utilities in the rent, by the way. Room renters don't like surprises. It is better to just raise the rent if you notice your electrical bill getting too high.
There is another reason why it is best to rent by the week. It has to do with the relationship between you and your tenants. Weekly rentals appear to have more in common with a hotel room than an apartment or house rental. Thus, regardless of whether or not they are treated like the one or the other according to local laws and regulations, it makes it easier to evict a renter who is a problem or who doesn't pay the rent. This is also why I never had my room renters sign any rental agreements. With weekly cash rent and no formal document, they never felt like they had a right to be in my home if I no longer wanted them there.
In many areas you can get up to 0 or more per week for a room if you include all utilities. If you have two rooms to rent - or can create them out of space in an attic or basement - you can have an extra ,000 per year coming in. Just keep it simple, find good tenants, and make them weekly room rentals for the reasons given.
Make Money With Weekly Room Rentals WEEKLY
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