Double Purple Female: Renting Out a Room

Has anyone out there considered renting out an extra room in your home to help with the housing expenses? I’ve been surprised at all the folks we know who have made the decision to do so. The rationale behind renting out a room is often that the space is wasted otherwise and also, they’re helping out a friend who can’t afford a place of their own in this economy. All this in addition to the fact that it certainly helps with the monthly housing expenses.

The rules are much different renting out a room in your own¬†residence versus renting out an investment property. Renting out an investment property comes with many rules and laws governing tenant’s rights. There are also numerous fair housing laws one must adhere to which can be avoided if renting out space in your own residence.

Homeowners looking to rent out space in their home may not fall under the same, strict guidelines of California Landlord Tenant Law and HUD guidelines. This is YOUR residence and YOUR space, after all. For more information, visit the California Department of Consumer Affairs website at: http://www.dca.ca.gov/publications/landlordbook/discrimination.shtml

We have three extra rooms in the house that are mostly unused, except for storing items that Greg still has not unpacked since he moved in a couple years ago. For us, renting out a room is a matter of privacy — we’d like to wear whatever we want (or not) and throw parties whenever we want without worrying about who else is in the house. Admittedly, however, it would be nice to have some extra dough coming in each month…

Laws vary from state to state too, so check your local rules to make sure you’re on the safe side of renting out your space…