midterm rental house. rent per room. private entrance and bath?

[Chris Morris]

Has anyone tried renting out a house by the room as a mid-term rental (31 days or more)? Specifically, I am considering getting a house where each bedroom has a private entrance and private bathroom. How much of a market is there for this in West Los Angeles? How much more desirable is it if I add a kitchenette (sink, food prep area, two burner stove) and on-site laundry?

[Chris Morris]

Quote from @Raven Starr:

Aloha Chris

I rent out rooms as mid-term rentals and hope I can help. 

A private entrance and bathroom is definitely ideal and you can charge more for it. 

I'm sorry I am not familiar with the West LA area but there is always a need for housing. 

Since it is a longer stay, the more live-able you make it the better. I recommend knowing who you will be renting to (your ideal guest) and catering to their needs. What are others providing in the area and what can you provide that adds more value? EX: remote workers need a desk and comfortable chair. Understanding who you are targeting as a guest is key. 

Also, if you have shared spaces such a kitchen, you will need to have rules and decide how you are going to manage the cleaning etc. 

On-site laundry adds value and extra income. I recommend coin/credit card operated machines. From experience, if laundry included in the rent you will have people doing a full load for with just one T-shirt in the wash, leaving their laundry in the wash machine for hours and your water and electricity bill will most likely go through the roof (I learn't that the hard way). 

Feel free to message me anytime if a question pops in your mind or you need a help in anyway! Bets of luck with your investment and new adventure in mid-term rentals :) 

@Raven Thanks for the useful advice, Raven, especially about the pay-per-use laundry and knowing my market.