With the average everyday items becoming more expensive and prices of living continuing to rise, it’s no wonder that many people are looking for new ways to boost their income. Landlords are some of the people that have found a lucrative position that helps them to earn a little extra each month.
Whilst you may be thinking, I don’t have a spare property to rent so how can i follow suit? There are ways around this. For example, if you have a spare room in your home, you can actually let this out to people to get a little extra cash coming in each month.
If you have any rooms to rent, whether they’re in your home or a separate property, renting them out is a fantastic way to help yourself start earning more.
If you’re just looking to increase your yield for a small amount of time, perhaps if you have something important coming up or you want to gather some savings, then short-term room letting solutions are an ideal choice for you.
You can temporarily advertise rooms to rent and take on some short-term tenants to be able to enjoy a temporary boost in monthly earnings.
Here are some other great benefits you can get from short term letting:
- You can command around 30pc higher rates than long-term rentals – since the letting agreement is only temporary, you can ask for more money a month than a landlord offering long term renting as you don’t need to worry about tenant retention.
- flexibility to extend tenancy contracts weekly or monthly – this a great benefit of short term letting. If you don’t want to enter into anything too permanent, this is a good option for you.
- Greater choice of tenants – by advertising short term rooms to rent, you can attract a wider range of potential tenants. This can be good for you to find a tenant you like, especially if you’re looking at renting out a room in your personal home.
If you advertise short-term rooms to rent, you can also attract tourists coming to your area. If you live in a popular area that often sees tourists coming to visit during peak seasons such as during the summer months, you can provide them with short-term renting opportunities.
If long-term financial gain is something you’re interested in, you can enter into a long term agreement with some tenants and enjoy the continuous extra income. This is a popular option with people who are retired and are looking for some extra support.
If you have a spare room in your home, lodgers are the perfect people you can target. Often, one room is all they are looking for, so your spare room in your home that is currently out of use could become a potentially lucrative aspect of your home.
Don’t be put off by the idea of getting into a long-term renting agreement, especially if you’ve found some fantastic tenants. Here are just some of the advantages of providing long term rooms to rent:
- Don’t have to clean out the property as much – if you’re letting out rooms to rent on a short term basis, it’ll mean you have to clear out the property each time between tenants. With long term renters, this chore is greatly reduced.
- Less time spent advertising report – once you have your tenant, if all goes well, you won’t have to worry about advertising your property for a long time. This can often e a long and stressful process.
- Loyal and retained tenants – when opting for a long term renting option, you can create great relationships with your tenants which means loyal tenants who renew their lease with you as their landlord.
Renting Rooms to Students
Are you a landlord in a well-known university city? Then renting rooms to university students can be a fantastic way to get that extra income. Students are always looking for the best deal for their accommodation, especially students who don’t want to live in halls.
Whilst the idea of renting out rooms to students may sound daunting, there are actually some great benefits associated with it:
- Students aren’t often fussy about state of the art accommodation – so you have a property with rooms to rent. It’s decent but not exactly fancy. Don’t worry – students aren’t particularly fussy when it comes to their accommodation. Afterall, they just need someone convenient and affordable to live!
- Can charge rent per room – often, there are more tenants in a student letting agreement than there would be family members. If you have converted living areas into extra bedrooms, you can expect a high return.
- Students move on – this means you are not tied into anything too long term. If you’re just looking to get started in the world of letting and being a landlord, this can be a great option for you as nothing is completely permanent.
Take Advantage of Affitto Letting Services Today
Are you looking at advertising some rooms to rent and getting involved in the landlord industry? If so, we can help you to get started. Here at Affitto, we offer a variety of useful landlord services to help take off some of the pressure that is associated with being a landlord. We have years of experience in helping landlords or those aspiring to be landlords to get their property seen on the market and managed effectively and professionally.
Whatever option you choose, whether you choose to rent out rooms with long term or short term agreements we can help you to make the most of your renting agreement and therefore allowing you to enjoy your extra income without having to put in all the extra work.
Contact us today to see how we can help you to increase your yield. Our helpful and friendly representatives are available for you to call 9am – 7pm, 6 days a week. We also have agents based in Birmingham, Leicester, Milton Keynes, Nottingham Walsall, Wolverhampton & Central Scotland as well as offering a national service and property portfolio management.