Most of you, regardless of where you live, are seeing home and apartment rental rates going up at alarming rates. The cost of building (apartment building and homes) has been rising in double digits in most metropolitan areas due to the high cost of construction loans, materials, and labor. Higher mortgage rates and record setting hikes in utility costs are making it more and more difficult for renters to find affordable housing.
I have retired friends of mine that are concerned that they may have to sell their homes because they can no longer afford the increasing costs of homeowner’s insurance, utilities, maintenance and property taxes.
These conditions create a strong opportunity for people with extra space — whether they own a home, condo, or townhouse, or rent a place where subletting or adding a housemate is allowed.
I own a three bedroom/two bath rental home that my tenant has been renting for years. He was living with his brother and family friend. Unfortunately, his brother got married and moved out. A few months later his family friend relocated for a better job. Without their help he could barely afford the rent on his own. I told him about my housemate situation and how well it was working for me and that convinced him to give it a try. With my help, we had both extra rooms rented out within a month. The good news is his new housemates are paying more than his brother and friend were.
Before I retired, I realized that my Social Security check was not going to provide me with a comfortable retirement and the ability to travel. Having been self-employed most of my life I had put most of the money I made back into my business and there was nothing left over for any type of retirement fund. To my credit, I had purchased the home I currently live in.
My home had more space than I needed, but I did not want to sell, downsize, or give up my low mortgage rate. So I started looking for a way to make the house I already owned help support my retirement.
At first, I tried renting rooms through Airbnb. The extra income was helpful, but the constant turnover, cleaning, scheduling, fees, and local lodging requirements made it feel more like running a small hotel than enjoying retirement.
Eventually, I shifted to renting furnished rooms to longer-term housemates. That changed everything.
Over the past seven years, room rental income has become one of the best financial decisions I have made. It has helped me increase my income, keep my home, travel more, and enjoy a more comfortable retirement — all while continuing to live in the house I love.
But, a successful room rental does not happen by accident.
You need to know how to screen people carefully, set clear written house rules, use a proper rental agreement, price the room correctly, and create a home environment where everyone understands the expectations from the beginning.
I have learned these lessons through real experience — including a few mistakes along the way. With the right system, I have been able to keep vacancies low, avoid major problems, and create a home where housemates are respectful, responsible, and often feel more like extended family than strangers.
This site is where I share what I have learned as a live-in landlord, including how to get started, what to watch out for, how to protect your peace and privacy, and how to turn unused space in your home into dependable monthly income.
If you are a homeowner or renter with extra space and you are wondering whether renting out a room could help improve your financial life, you are in the right place.
This site is mainly based on my 7+ years of experience as a homeowner and live-in landlord, but the same principles apply for renters who are legally allowed to share or sublet their space.
For Additional Information:
How Renting Rooms In My Home Changed My Retirement
The Unexpected Social Benefits of Renting Rooms In Your Home