Summary: Renting your spare room to a student is a great idea as it will start an additional income. Also, it will be a recurring profit, if you continue to rent your room.
If you have a spare room that is lying unused, you can turn it into an asset by choosing to rent the vacant and unused space to someone who needs it more than you do. The tenant will use the space and pay a good amount for it. How much you can get for your room depends on factors like location, size, and facilities available.
See who’s looking for your small space in your city
Students need little space to stay put because their maximum time is spent attending classes in schools, colleges, and tuition centers. Also, they spend time in libraries reading newspapers, magazines, and books. They need rooms where they can keep their belongings and recharge their laptops and mobiles. A spacious accommodation with minimum facilities is a good investment for students. And they are ready to pay a good amount for rooms that have good connectivity and high-end facilities like a Wi-Fi network.
Professionals, especially healthcare workers with transferable jobs look for rooms to rent. They could be doctors visiting your city for a conference, nurses deputed to your city hospitals for emergency services, trainees coming to your city for training in various clinics, and medical representatives looking for suitable places to stay for short periods. The advantage of these professionals is that they give recurring business. If a doctor likes your room and hospitality, the professional is likely to rent your room again whenever the doctor visits your city.
People coming to your city in search of jobs prefer staying with homeowners. Renting a room in a residential area is much cheaper than booking a hotel. Since they don’t have jobs, they try to save as much money as possible. And they can adjust their needs in little space available at an affordable price. If you have a small room that you don’t use, you can consider it renting to a jobseeker and earn a good amount every month from that little unused room.
Lonely travelers are happy to find rooms where they can rest and relax. They only need a bed and minim facilities to get fresh because their days are spent outside visiting attractions, meeting people, enjoying street food, and shopping. You can get rental income from a spare room and use this income to maintain your home. It is possible to get enough rent to bear the expenditure of your home depending on the location, size, and facilities available to the tenant.
5. Business Travelers
People keep traveling for business and most of them prefer staying in rooms with homeowners. It is an advantage for you as you can rent out your room to a business traveler who needs the space for a short time like two weeks or more. Also, you will get recurring income as your tenants contact you for rental space whenever they visit your city. If you have space where you can accommodate a tenant, you should consider earning some rental income.
A spare room in your home can add a few pounds to your income every month. You only need to get it ready for a tenant and many tenants are looking for rental space in your city. Also, you can negotiate the best price for your room.