Spare room rental in your home

Local workers, students, traveling nurses and contractors, and people between homes who want a short or mid-term room.

A set weekly or monthly rent per room, often with utilities included, plus a refundable security deposit.

• Good judgment about people
• Clear house rules and communication
• Keeping shared spaces clean and tidy

• Whether your homeowner's or renter's policy covers lodgers, and if you need an extra policy
• Landlord-tenant rules for rooms differ by state and city, check how a lodger can be given notice
• Fair housing laws apply when you advertise and choose lodgers, check what is allowed
• Some cities limit the number of unrelated people in a home, check zoning
• Rental income is taxable, so check with the IRS guidance or an accountant

Startup costs are typically around $300 to $2,000, depending on how much furnishing and preparation the room needs and what you already own. Setting clear house rules costs little but helps the arrangement run smoothly.

Monthly revenue is typically estimated around $500 to $2,000, depending on your area, the room and how many rooms you rent. Rental income is taxable, so check IRS guidance or ask an accountant.

Check whether your homeowner's or renter's policy covers lodgers, and how notice can be given under your state and city landlord-tenant rules. Also check fair housing laws when advertising, and local zoning limits on unrelated people in a home.