How to rent out a flat by the room?

Renting out flats is a simple and effective way to supplement the household budget. One form of it is renting by the room, that is, letting the flat to several tenants who live together. What characterises this way of renting? What are its disadvantages and advantages, and how should it be done so that it pays off? That is what today's article is about.

Renting a flat by the room is an attractive option that is popular above all in big cities. This is because big cities have the most students and young working people, who are the target group for this kind of arrangement.

If skilfully planned, renting by the room can considerably increase the owner's rental income compared with the traditional letting of the property to a single tenant. But for the profits to grow, it has to be done in a well-thought-out way. Here are some valuable tips.

Choose a suitable flat

If you plan to use a flat for renting by the room, it is worth choosing properties with as many rooms as possible, or rather as many windows, because the potential number of rooms depends on the number of windows. The space can also be divided further. The optimal number of rooms in one flat is 3-4. Each of them, depending on its size, can be let for between 700 and as much as 1,000 PLN.

The second aspect is the location of the property. The closer to the centre, the higher the rent you can ask. A location near universities is also a good choice. It is also necessary for the flat to have access to fast Internet. Nowadays this is practically basic equipment in a rental property.

Complete furnishing

A flat for renting by the room should be fully furnished. Students and young working people rarely have their own furniture or other household equipment, so it is important for the owner to provide such items. What should be in every room? Certainly a bed, a wardrobe and a desk. Other furniture depends on the size of each room. For shared use a fridge, a washing machine and a cooker will be essential. It is also important to provide the tenants with cleaning supplies and additional equipment such as a vacuum cleaner, an iron and an ironing board. Also make sure that every room has a door that locks with a key.

Looking for tenants

Renting by the room is aimed primarily at students and young working people. Finding them will certainly not be difficult. There are now many websites where you can post an advertisement for a room to rent. If your property is attractive, your phone will certainly start ringing quickly. To speed up the whole process, and also to save your time and energy, you can commission an estate agency to look for tenants. An agent's support will make choosing tenants safer for us. The agent will vet them in advance and reject people who could be a source of problems in the future, for example by not paying the rent.

Drawing up the agreement

A room rental agreement should be quite detailed and clearly set out all the house rules. It is worth analysing all potentially problematic situations that might occur and addressing them in the document. It is also important to specify the length of the tenancy, the notice period and, of course, the amount of the charges. It is best to draft the agreement so that it protects our interests as fully as possible. In this way we reduce the risk of renting a room to a person who might not keep to what was agreed.