Rent a Room in Your House: Follow These 5 Steps for Maximum Protection

The population of the United States continues to grow every year as more individuals flock to the U.S. The demand for rental housing increases with this growth.

When you rent out a room, you will be sharing space with this person. Conversely, you do not live with your tenant when you have a rental property.

If you own a home and want to make some extra money every month, here is a guide on how to rent a room in your house.

Step 1: Price Your Room Competitively

Make sure to look at different room listing sites to understand your rental market. Sites like Spareroom.com, Facebook Marketplace, and Craigslist all offer the ability to search within a specific zip code.

The easiest way to have your notifications light up after posting your ad is by being vague. A roommate ad should support your desire to find the perfect roommate and spell out the specific characteristics.

Step 2: Be Specific in Your Room Advertisement

Once the ad is active, people will begin calling you. Prepare several questions to ask them to get a sense of who they are and if they would be a good fit for you.

Step 3: Ask the Right Screening Questions

New room rental landlords get into trouble when they rent to a mutual friend without a written agreement. This new roommate takes advantage of the friend-lord, and it ends up damaging relationships in the end.

Step 4: Have a Solid Rental Agreement

Step 5: Treat This As a Business Venture

Treat the agreements you have in place with respect. When the roommate pays late, charge the late fee. This communicates that you do not play games, and your roommate(s) will respect you more for it.

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