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.

Renting a Room vs. Renting Out a House

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.

How To Rent a Room

Step 1: Price Your Room Competitively

Before you decide to take in a roommate, you should research how much money you can charge for rent. Make sure to look at different room listing sites to understand your rental market.

Step 2: Be Specific in Your Room Advertisement

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 and attractive traits you want in a roommate.

Step 3: Ask the Right Screening Questions

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 4: Have a Solid Rental Agreement

Make sure you have everything in writing. The other party will not attempt foul play with everything in writing. Written agreements are real and tangible.

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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