Why You Should Rent Your Spare Room in 2024

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2023-03-06

Are you considering renting out your spare room? If so, you're not alone. With housing costs on the rise and a shortage of affordable options in many cities, more and more people are turning to shared living arrangements as a solution. But renting out a spare room isn't just a practical solution to the National Housing Crisis, it also comes with a range of benefits. From splitting household duties and costs, to making a new friend and earning extra cash each month, there are plenty of reasons to consider this option.

In this article, we'll explore these benefits in more detail and provide guidance on how to make the most of renting out a spare room.

Jump to Section#

Split Household Duties#

One of the biggest advantages of having a roommate is being able to share household duties. With two people in the house, there's no reason for one person to bear the brunt of all the chores. Splitting household duties can help save time, energy, and money. Some of the tasks that can be shared include taking out the bins, mowing the lawn, cleaning common areas, and grocery shopping. By sharing these tasks, you'll have more time to focus on work, hobbies, or other important activities. Additionally, having a roommate can make these tasks more enjoyable since you'll have someone to share the workload with. So if you're tired of doing everything on your own, renting out your spare room could be a great way to lighten the load.

Split Costs#

Another benefit of having a roommate is being able to split costs. Many items in a household can be expensive, such as pots, vacuums, furniture, and appliances. When you have a roommate, you can share the cost of these items and save money in the long run. Additionally, you can also split the cost of utilities like electricity, gas, and internet which can add up quickly. By splitting these costs, you'll have more money left over each month to put towards savings, travel, or other expenses. It's important to have an open and honest conversation with your roommate about how costs will be split to avoid any potential conflicts down the line. But with the right communication and planning, sharing costs with a roommate can be a great way to save money.

Make a Friend#

One of the less tangible but equally important benefits of having a roommate is the opportunity to make a new friend. Living with someone else can help you build a stronger sense of community and create lasting memories. Whether it's cooking dinner together, watching a movie, or going out for a drink, having a roommate provides opportunities to socialise and connect with someone. Additionally, having a roommate can provide a built-in support system if you're feeling down or need someone to talk to. While it's not a guarantee that you and your roommate will become best friends, sharing a living space can certainly help foster a meaningful connection.

Lend A Hand In Our National Housing Crisis#

Renting out a spare room is not just a practical solution to a housing crisis, it's also a way to contribute to the community. Across many cities, there is a shortage of affordable housing options, with many people struggling to find a place to live. Renting out a spare room can help alleviate this issue by making better use of existing space. By doing so, you're helping provide a safe and affordable living situation to someone who may have otherwise struggled to find one. It's a small but meaningful way to lend a hand in a nationwide issue that affects many people.

Earn Extra Cash#

Another great benefit of renting out your spare room is the opportunity to earn extra cash each month. With rising costs of living in many cities, having an additional source of income can be a huge help. By renting out your spare room, you can earn money to put towards savings, travel, or other expenses. Additionally, the income earned from renting out a spare room can help offset the cost of living in general, making it more manageable. While it's important to set clear boundaries and expectations with your roommate to ensure a positive experience, renting out your spare room can provide a valuable source of income.

FAQs#

Here are some frequently asked questions about renting out a spare room:

What should I look for in a potential roommate?#

When choosing a roommate, it's important to consider factors like their lifestyle, habits, and personality. You'll want to find someone who shares similar values and interests to ensure a positive living situation. Additionally, it's important to ask for references and conduct a background check to ensure that the potential roommate is reliable and trustworthy. To ensure it's a good fit be sure to ask questions and have an open conversation with the potential roommate.

What should be included in a roommate agreement?#

A roommate agreement should outline the terms and conditions of the living situation, including rent, utilities, chores, and guest policies. It should also include any specific rules or guidelines that the roommates agree to follow, such as quiet hours or cleaning schedules. The agreement should be signed by all parties and kept on file for reference. For more information read our blog post on roommate agreements.

How do I handle conflicts with a roommate?#

Conflict is inevitable in any living situation, but it's important to handle it in a mature and respectful way. When conflicts arise, it's important to have an open and honest conversation with your roommate to address the issue. Try to identify the root cause of the conflict and work together to find a solution that works for both parties.

How do I handle guests and visitors in a shared space?#

When it comes to guests and visitors, it's important to set clear guidelines with your roommate. Discuss how often guests are to be expected, how long they can stay, and whether any areas of the house are off-limits. Additionally, it's important to be respectful of your roommate's space and privacy when guests are present.

What if my roommate wants to bring a pet?#

If your roommate wants to bring a pet, it's important to discuss this beforehand and come to an agreement. Consider factors like allergies, space limitations, and pet care responsibilities. If both parties agree to a pet, make sure to set clear rules and guidelines for pet ownership.

Conclusion#

Renting out a spare room can be a practical and rewarding experience. It provides an opportunity to split household duties and costs, make new friends, contribute to the community, and earn extra cash.

By following some simple guidelines like setting clear expectations and guidelines, you can create a positive living situation that works for everyone involved.

If you're considering renting out your spare room, we encourage you to explore this option further and see if it's the right fit for you. Get started on Sharehouse by creating a room listing today!

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