Many smart investors are taking advantage of their additional space, by renting out rooms in their properties, to generate extra rental income.
Rooms with their own bathroom can generate even more rent and adding extra security, like locks on each door, can be a great selling point.
Each room will be regarded as a separate tenancy and will require a lease agreement.
Singular rooms that are being leased as separate tenancies can be entered into the RealRenta platform, as individual addresses, simply by identifying the room number in the address field.
RealRenta will track the rent for each tenancy and automatically populate each ledger, as well as generating invoices and receipts for each tenant.
Remember to use RealRenta’s Bad Tenant Check facility to screen all potential tenants.
Note: You cannot charge for water, electricity etc , unless it is individually metered.
These costs will have to come out of gross rent.
Each State in Australia has additional fire safety regulations for boarding types of accommodation, so be sure to check with your local authority.
RealRenta Advertising is only available for renting out the full property (currently rooms can not be advertised separately).
Start your free trial here:https://app.realrenta.com/Signup.aspx
Sunday, 28 July 2019