Renting a room in a house is a great way to save money and make friends. Although it is different than renting an apartment or buying a house, it provides economic benefits and allows you to find something quickly that is affordable. Since many people live in the property or unit, renters reduce their expenses substantially. For example, if a three-bedroom house would normally rent for $2,400 a month, by renting a room alongside two other people or renters, the rental price might go down to $800 a month. We’ll walk you through a few other pros and cons of renting a room in a house so you can weigh your options before you make a decision.
Why should you rent a room in a house instead of getting an apartment?
What’s great about the new price is that you receive your individual room, but you also have more space to live in. Rather than getting a studio or one-bedroom where you might have cramped quarters and less square footage, you instead will often have a big living room, kitchen, and maybe even a yard or balcony.
What is it like renting a room in a house?
When renting by the room, it gives you your private space as well as access to the rest of the living space. Additionally, if the landlord charges utilities, the bills tend to be split among the renters for things like water, electricity, gas, trash, internet, or cable. This reduces overall expenses and allows you to save money for future purchases or vacations. Instead of coming home to a quiet apartment, you may come home to friends, people chatting and laughing, and meals with the community that is your home.
What are some things to consider when renting a room in a house with other roommates?
You may have shared resources, but sometimes this can deplete them more quickly. Roommates might have different personalities and, of course, come along with possible liabilities. It’s important to check into the roommates to learn about their interests and check to see if you have shared values. Although friends might seem like the best way to go, sometimes friendships can be negatively affected by living together and the challenges that ensue. Take the time to discuss with potential roommates their expectations regarding shared responsibilities like cleaning, food, and rent payments and create a chore chart, if needed. Oftentimes, one person in the house will put all utilities, such as Wi-Fi, electricity, or water, in their name and you will pay them through a bill splitting app or cash. Make sure expectations are set when splitting bills with roommates, like when payments are due every month, to avoid any miscommunications.
Who might want to rent a room in a house?
Many people might consider renting a room in a house, but it is a great idea for first-time renters as they can save money and learn how to practice their financial independence. College students often enjoy having roommates as they can host gatherings like study sessions or get-togethers. Other people who might consider renting a room in a house are those who are in a new place and getting settled. This allows a newcomer to learn the surrounding areas and take the time to get acquainted with the area without incurring large rent costs.
Do you pave a property manager when renting a room in a house?
Some houses might work through a property manager or property management company. In these scenarios, it is possible that the property manager might lay out the ground rules for what everyone needs to do regarding shared responsibilities. This helps smooth things over if it is all decided upon beforehand.
How can you find people to be roommates to rent a room in a house?
Begin by asking around with friends and family — sometimes people will hear of things where others are looking for a similar situation. There are also websites you can use to find roommates, like Craigslist and Zumper. After selecting a few folks, sit down at a coffee shop or restaurant and chat about expectations before signing any leases. Make sure you ask all the questions you want to know about your potential roommate and
How do people approach things like shared responsibilities and leases?
Signing a lease is always a shared responsibility when having roommates and renting a room in a house. You’ll also have to pool together resources for the first month’s rent and security deposit. Although this might seem like a scary thing to do with others, if you pick the right people, you’ll have a great experience. The keyword in this situation is respect. You usually will all co-sign the lease agreement and separate the cost of the security deposit and application fee if there is one. However, this can be a great thing for your wallet.
What’s an example of how renting a room in a house is a good idea?
Consider the expense of a studio — let’s say it runs $1,000 a month in Denver, Colorado. If you go it alone, you’ll need $1,000 for the first month’s rent, another $1,000 for the security deposit, and, let’s say, $50 for the application fee. This means you’ll need $2,500 before you even add in moving expenses. However, when renting a house with two or three people, you slash those initial costs by nearly a third, while getting more space in the process.
In the end, renting a room as part of a house with other renters comes with pros and cons but is a great consideration for those looking to save money or make friends. Ask a lot of questions of the landlord and potential roommates beforehand and let everyone come to agreed-upon responsibilities so that no problems ensue.
Ready to find a room in an apartment or home? Search thousands of places to rent on Zumper and make sure it’s a good fit before signing a lease.
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