The True Cost of Renting Out Your Home’s Space Separately

THE TRUE COST OF RENTING OUT YOUR HOME’S SPACE SEPARATELY

Rent is far from the only factor to consider when you’re thinking about renting out multiple rooms in your home to different tenants.

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A homeowner recently called me wanting to know, “How can I rent all five rooms out separately in my home?” This wasn’t the first time this question has been posed to me, so I decided it’d be a good topic to cover today.

Whenever I’m asked this question, I’m quick to point out one of the biggest problems that could arise: Oftentimes, roommates simply don’t get along and aren’t cooperative.

“The fact is when you bring five strangers with diverse personalities into one setting as tenants, it’s very tough to manage and keep the peace.”

Further, the more tenants you have in your space, the greater the chances that this will occur, and I can promise you that all of them will be operating on a different schedule. Having five tenants share the expenses for water, electricity, cable, internet, garbage, and mail, and so on is a definite recipe for conflict.

People in Hawaii have a tendency to cite the supposed success that their family members have experienced in doing this in their home. The fact is when you bring five strangers with diverse personalities into one setting as tenants, it’s very tough to manage and keep the peace.

If you want my opinion, renting out your space in this fashion is a bad idea. Verbal conflict is one thing, but it can sometimes lead to physical conflict, at which point the police will have to get involved. This is something that’s actually happened at one of our own units. I don’t like dealing with these types of situations, and I don’t think you want to either.

If you have any questions or you’d like some advice on some alternative solutions to renting out space in your property, please reach out by calling us at 808-445-9223, emailing us at Info@HIPacific.com, or by visiting us online at HIPacific.com. We’ll talk to you soon!

Posted by: Hipacific on July 18, 2019

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