Share Your Space: How Millennials are Renting Out Their Property for Extra Income

There are two sides to every coin. Yes, as millennials, we are enterprising in previously unconsidered areas, however like most evolutionary developments; we may need to do so out of necessity as opposed to pure entrepreneurship.

Numbers show that millennials are the first generation that is worse off than their parents. Global News collated figures from the last 25 years which showed that in comparison to 1992 when homes cost on average $80,626, last year the average price was $277,493. Furthermore, student debt has almost quadrupled in the same period. According to financial consultants, this means that today, one quarter of millennials’ income goes towards their homes as opposed to only 15 percent in 1992.

Yes millennials, we do have it harder financially and the lack of affordable housing and job market buoyancy compound this issue. As a result, many are revealing their resourcefulness through actually renting out their own properties to not only supplement their own income and spread risk through diversifying their income streams, but also to meet the demand from other millennials who cannot afford a property of their own.

Inventiveness and the appetite for problem solving tend to take on hardship with tenacity and ambition, therefore let’s take a look at how many millennials are already maximizing returns of their existing assets and how you could join in.

Looking for a Roommate?

So, you have a property and you love living in it – however there is extra space to be found within it that you yourself can’t really make use of. Perhaps you are also struggling with mortgage repayments and you are sacrificing too much in other areas of your life to maintain the burden alone.

Your friends are often talking about their room-sharing disasters with quasi slum landlords, extortionate rents, or difficult, misanthropic roommates; therefore doesn’t it surely make sense to rent out a space in your home to someone within your network? You could not only earn some extra cash, but you could also solve a very common housing issue within your peer group.

Yes, this does mean sharing the kitchen, bathroom and common areas, but this could also be a positive thing. If you are living in a city, or anywhere that is remotely unfamiliar, creating a sense of community in your home with a roommate could prove to be of invaluable benefit. Furthermore, an extra pair of hands to cook, clean and keep an eye on your property can only really be a positive in the long run.

Tips for a Roommate-Friendly Home

You’ve done your research, asked around and you’ve decided it could be a viable prospect for you to rent out a space in your property! Of course, you’d rather not join the infamous hall of bad landlords so you’re keen for your rentable space to be above standard, comfortable and safe for your new housemate.

If you think it’s worth the investment, you could even remodel certain parts of your home to serve as a better rental property. One way to do this could be to convert your basement or garage (if you have either) into an extra bedroom. To reiterate, health and safety considerations and general ethics should be driving any refurbishments you make to your home.

Yes, there are some dollars to be made, but comfortability and general roommate satisfaction will mean a more harmonious home for both of you as well as reliable rent! Making the necessary adjustments to these rooms does not need to break the bank. Pay special attention to whether the floors or walls need adjusting. You should also make sure there is proper insulation if the space originally was not intended to be a bedroom.

Life in 2017 is harder than it was for our parents in general, however with some careful investment and well considered choices, you can maximize what you have in order to protect your future and protect your on standard of living.

Renting out a room or space in your property can go a long way to covering any mortgage repayments you may have or general costs of maintaining your property, and furthermore you’re giving a space up to a friend or connection who could also help make your house a home through companionship. Make sure you reward this through quality refurbishment where needed and ensuring your home is fit for two!