When I started renting out rooms, my family and friends frequently asked how it was working out. I told them it was one of the best financial decisions I had ever made. Here is why. The extra income pays my entire mortgage payment, and I’ve met some great people in the process. I’ve also had a few people I eventually had to ask to leave, but that has been rare because of the screening system I’ve developed over the years.
#1 Screen for Compatibility, Not Just Income. Aside from checking income, employment, rental history and other basic qualifications, the key, I have found after seven years of trial and error, is that you have to screen your prospective tenants by asking the right questions. The goal is to determine whether they are compatible with you and any other roommates living in your home.
#2 Make House Rules Part of Your Screening Process. I created a list of rules that all my tenants must follow. I call it my House Etiquette Guidelines. These are not nitpicking items, but a list of common courtesies that are required of all my tenants. You will notice that I didn’t say “expected,” but “required.” As part of my screening process, I go over the list with them during our first interview and ask them if they have any questions or comments regarding my house rules. I have found that most people are glad to see that I am well organized and focused on having a safe, respectful and friendly environment for them to live in.
Those two steps—careful compatibility screening and clear house rules—have prevented many of the problems I experienced when I first began renting rooms. I’ve learned that who you rent to is far more important than how quickly you fill the room.
Want help screening your next roommate? Download my free Roommate Screening Checklist below.
If you want to review what is included in my Room Rental Starter Kit click on REVIEW
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