Rent Out The Spare Room! 17/05/12

We always hear how much people would appreciate a little help paying down their mortgage. Well the option of renting out the “spare” room is proving to be very popular in recent times. A study shows that one in three home owners have thought about renting out a vacant room in their property to ease the pressure of paying down the mortgage.

The results of the survey also show that 14% of the respondents are already renting out a space in their property with a further 11% of people admitting that they would if they had the extra space.

It is no doubt that the more difficult the economic climate is, the more people resort to different ways of making a few extra dollars. A similar survey was conducted back in 2009 when the effects of the global recession had just begun and the results where considerably lower.

The ability to find a suitable candidate to rent your spare space has now become very easy with a suite of  websites available to post ads for housemates. Many property owners have found that they can have a number of applications only minutes after posting an add online. That being said, if you are happy to live with another person and have the spare space, renting out the spare room may be a great option to help ease the pressure of paying down the mortgage.

Sam Rapke

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7 Responses to this article

Jordan Livanidis May 17, 2012 Reply

With the cost of living on the rise and family’s finding it difficult to survive renting out a spare room sounds like a great idea! Would make paying the monthly mortgage repayments a lot easier.

Arch May 17, 2012 Reply


Sarah Smith May 17, 2012 Reply

Wow, so true. Something i have always thought about but been much to scared to seriously consider. Thanks Sam, you’ve given me the push to go that extra step and start thinking earnestly about finding people to rent out not 1 but 2 of the spare rooms.

Shanju Balakumar May 17, 2012 Reply

Great article Sam. If people are able to choose who they share their home with, it can be a positive outcome for both the home owner paying that never ending mortgage and renter who just can’t afford to pay for their own place. Especially with sole income households where the pressures of paying a mortgage along with other utilities are borderline or pushing their actual capacity to pay, renting out that extra space can relieve some of that financial stress. I’d like to see this take off and hopefully become the perfect way to rent just the space you need!!

Giselle May 17, 2012 Reply

Great article Sam. That is a very helpful option for people that are wanting to pay down their mortgage.

Aaron May 17, 2012 Reply

Great advice! Can do with the extra money to pay the morgage of sooner.

Daniel February 20, 2013 Reply

Great article Sam!

Shared living provides an economic benefit for the homeowner, also increases the supply of affordable living, and often results in some great life experiences!

I’m part of an Australian startup called We’re dedicated to making a shared living experience easy, safe and accessible to everyone. It’s just been launched in Sydney (try a search for “Sydney”), and will soon be coming to Melbourne also.

All feedback welcome!

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