Posting rooms in your house on rent is the single most beneficial thing you can do for yourself right now. With the Coronavirus having a firm foothold on our world, any extra income for you will not go to waste, to say the least. The additional rooms that you might have in your home can be rented out to an appreciative renter in need. It’s a two way street with you and your tenant reaping the benefits.
Living in shared households is something that’s on the upward trend. So many homeowners find themselves left with an extra room or two that they never use. More often than not, having multiple rooms for rent can often be more profitable than just renting out the whole house under one lease. Before you can list your room on rent on any rental portal, there is a comprehensive process you need to follow.
If you are unfamiliar with this process, you’ve come to the right place! Here are 6 crucial things to know before renting out rooms online,
1. First things first, educate yourself regarding the legalities.
Many laws protect tenants’ and landlords’ interests, hoping to make the renting process as unproblematic as possible. It would be best if you research beforehand, depending on what state you live in. Every state in America has different laws and regulations. In case you don’t want to deal with the legal jargon, consult a lawyer who can guide you through the small print seamlessly. Pay special attention to clauses regarding the security deposit, subletting laws, and eviction laws for any circumstances that may arise in the future.
Having legal clarity is the first step for listing rooms for rent. This will determine the rental lease details and any further documentation required.
2. Ready your room for rent
Before you list your room for rent on any portal, make sure that it is in excellent shape. If you haven’t used the room for a while, it may have become dull and dirty. Re-decorating the place can fetch you a better price and also attract more number of applications. You first need to decide which rooms you are putting up for rent. It will be more profitable to rent out the room that has an attached bathroom. If you have any rooms available which provide an additional element of privacy for your renter, you can think of putting it up for rent as it is more desired among younger tenants.
Apply a fresh coat of vibrant paint to the walls, furnish it as necessary (if you intend on giving a fully or semi-furnished room to the tenant), service it with the help of pest control and deep cleaning company, and VOILA! You are ready to put your place up for rent!
3. Make a foolproof lease
Taking notes from all the research you’ve done regarding the laws pertaining to the state you live in, prepare a lease keeping all the loopholes in mind. It is preferable to take professional help in this regard since paying a little money now to create a foolproof lease will save you a lot of time and big bucks in the future if any situation arises.
Having a written agreement is far safer than word of mouth, no matter how trustworthy your tenant is.
4. Value your property appropriately.
Choose the cost of rent wisely. If you list your room for rent at a rent much higher price than the market value, it may come across as unjustified. You can look at rental properties like yours on online portals to get an idea of the approximate rent. Find the optimal price that maximizes your profits while seeming like a good deal for prospective tenants.
Having multiple tenants is also a viable option. You can always find suitable people on an online roommate finder and divide the rent between them.
5. List your room on selected media.
The next step is to decide what online portals you want to list your room for rent on. Gone are the times when you would have to post expensive physical ads in newspapers! Online portals are a new trend, and we must adapt to the changing times.
Choose a trustworthy rental portal with good reviews as you want to get reliable and sincere tenants who pay the rent on time while taking good care of your beloved home. There are many rooms for rent portals out there. The right portal will increase your outreach to maximum potential tenants, giving you a wider variety of choices.
6. Prospect for trust-worthy tenants
Prospect for honorable and dependable tenants. Be specific while placing your ad on the online portal regarding what kind of tenant you are looking for. Never be discriminatory towards a particular group of people and approach the process with an open mind and heart. After all, you might find the kindest individuals in the most unlikely body. Who knows, your new tenant could become the best company ever!
Now that you are equipped with all the insider tips and tricks to list your room for rent online and rent out rooms in your house, you can proceed further and move a step closer towards your desired goal. Good luck!