rent by the room

[Luke Okane]

I've seen the astounding results rent by the room can have and was wondering if anybody here had any experience in this as I had a few questions regarding it. Does this strategy seem too intense for a first shot in the rental world? Also what type of markets have seemed to support this model best? How do you decide on the number of tenants able to fit in one property as I know its more complex than purely bedrooms, not speaking about legality's though. Lastly how do you decide on the rent per tenant as this model is so unique?

[Miller McSwain]

Rent by room has been amazing for us! Our 5 bedroom home would likley rent for ~$2k as a traditional long term rental, but we get $3750/month by renting by the room!

In our case, we are in a market with lots of young professionals and military (engineers, accountants, service members). They have mostly been young guys (in their 20's) looking to save money.

To determine what to list at, we checked the listing sites we used and looked for similar offerings (Roomies.com, Facebook Marketplace, Roomster.com, etc). We ended up setting our first room a bit higher than we expected, then just lowered the rent every week until we started getting a lot of bites. Now we know the right rate ($750/month in our city)!