Niche Specifc House Hack!!

[Rafael Perez]

I'm under contract on my first single family primary residence that I will be renting by the room! The market is at around $550/room per month for the area, but was thinking of charging a premium closer to $700/room. I want to advertise this house specifically to young aspiring entrepreneurs, aspiring investors, business students, start up founders, etc. This house will be a cowork space where we will be working together, sharing ideas, setting goals, holding eachother accountable, and occasionally have successful guests from our area come over.

I believe providing a place to live while also building a community of people who are passionate about the same things they are will be worth paying a bit over market value. With that being said, I have to keep in check that this won't just be a party house, but also have structured practices in place like work time, accountability meetings, etc.

What do you guys think of this? Is it justifiable? Also, any ideas on things I can do/provide to charge more rent?

I am currently a student in college so I have opportunities to advertise this idea. The house is a 3bed/2bath with an unfinished basement.

Any feedback is greatly appreciated!

[Jeff Schemmel]

@Rafael Perez I think it's a great idea.  There's extra value there to help bring those types of people together with common interests.  There's a similar trend with "gaming houses".  What I wonder, though, is how might this change your attitude or estimates around vacancy?  Entrepreneurs love to chase shiney things, and none of them have stable lives and that includes moving wherever the need is.  I could see that causing you a little more turnover than normal, but perhaps not more than college students.  What's your thought on what the house itself may need to properly support this type of environment?  Do you need rooms that act as a "think tank" or "mastermind" area, or do you need rooms that promote relaxation or some recreation that a family home might not otherwise have?  What resources are you going to provide?

My mind went a little deep in this and I typed about half of my thoughts here before I thought I could have a slightly different vision than you.  I think it's a cool idea and you should do it.