Hey everyone! I’m excited to share this article by Mike, who I met at FinCon. He’s a great guy with some valuable insights.
Michelle regularly updates us about her side income, and one of her strategies is renting out her spare room to her sister. It’s a smart way to make some extra cash, and it definitely helps her bottom line at the end of the month.
Many people, like Michelle, prefer to rent out rooms to friends or family because they know and trust them. It seems easier than dealing with the unknowns of renting to strangers. But is that really true?
I’ve been renting out my spare rooms for the past seven years and have had 13 different roommates, all strangers I found online. Based on my experience, I want to debunk some common myths about renting out rooms to people you don’t know.
**Myth #1: Your roommates will throw wild parties and invite all their friends over.**
**Truth:** Your roommates will likely mirror your lifestyle. Most of mine were grateful for the opportunity and respected my home. They were often from out of town, looking for flexible, short-term housing. I’ve even left for vacations without any issues. If you set the right expectations, your roommates will usually respect them.
**Myth #2: You’ll be constantly chasing your roommate for rent.**
**Truth:** People often worry about late payments, but in my experience, this isn’t common. In 44 months, I’ve only had to chase rent once. Most roommates understand that paying rent is essential and treat it seriously.
**Myth #3: Your roommate will ruin your personal belongings.**
**Truth:** I don’t keep many personal items in common areas, but the ones I do have, like my TV and grill, have been well taken care of by my roommates. It’s possible to share without being overly protective.
**Myth #4: Your roommate will want to be your best friend.**
**Truth:** While some roommates may want to be friends, most have their own lives. We might occasionally hang out or celebrate holidays together, but they generally use the room as a place to live and do their own thing.
**Myth #5: Your roommates will be loud and inconsiderate.**
**Truth:** My roommates, whether they worked 9 to 5 jobs or night shifts, have been respectful. They’ve never been excessively noisy or disruptive. Sure, there’s some wear and tear on the house, but nothing major.
**Final Thoughts:**
There might be rare cases where these myths hold true, but they’re not the norm. Despite starting as strangers, I’ve often developed good relationships with my roommates. The hardest part is taking that first step to rent out a room to someone you don’t know.
For those who rent out spare rooms to family or friends, what concerns do you have about renting to a stranger?
**About the Author:**
Mike is a part-time “live-in landlord” who started renting out his spare room to pay for graduate school. He now shares his experiences on his blog, rentingoutrooms.com, to help others improve their financial situations.