Renting out Space in your Home

By SpaceiShare

Sharing Is Sweet

May 6, 2023

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Renting out space in your home can be a great way to earn some extra income, but it's important to approach it carefully and responsibly. Here are some things to consider if you're thinking about renting out space in your home:

1. Determine what you're renting out: Before you post space, you need to decide exactly what you're renting out. Will it be a room in your home, or a separate living space like a basement apartment or guest house? Will it be space used for storage or parking perhaps? Make sure you're clear on what you're offering so potential renters know what to expect.

2. Check your local regulations: Depending on where you live, there may be regulations or zoning laws that govern renting out space in your home. Check with your local government or homeowner's association to make sure you're in compliance. Luckily renting out storage space will be far easier than renting out space to a tenant. 

3. Set a fair price: Research similar rental properties in your area to get an idea of what a fair price would be. You don't want to overcharge and scare away potential renters, but you also don't want to sell yourself short.

4. Screen potential renters: It's important to screen potential renters carefully to make sure they'll be a good fit for your home. Consider conducting background checks and asking for references from previous landlords. Using a marketplace like SpaceiShare ensures a safer, more trusted environment to rent space, and paying the extra fee allows you to have a mediator should there be issues. 

5. Set clear rules and expectations: Before your renters move in, make sure you're both on the same page about rules and expectations. This includes things like rent due dates, cleaning responsibilities, and quiet hours. Put everything in writing so there's no confusion later. SpaceiShare provides storage, parking, office, sublets and event space agreements for no additional charge.

6. Be available for communication: Make sure your renters know how to get in touch with you if they have any questions or concerns. Being available and responsive can go a long way in building a positive relationship with your renters.

7. Have a plan for emergencies: In case of a power outage, plumbing problem, or other emergency, make sure you and your renters know what to do and who to contact. Have emergency contact information easily accessible in case of a problem.

Renting out space in your home can be a great way to make some extra money, but it's important to do it responsibly and with care. Follow these tips and you'll be well on your way to a successful rental arrangement.