- Before you rent out the room, first check with your local community board. Find out about any requirements or restrictions involved. Some communities might allow people to rent out a room as long as you have only a certain number of people living in the house or apartment. Others might only allow you to rent to close family members.
- Make sure the room meets all safety codes. There should be no dangling cords or uncovered electrical outlets. If you have an apartment in a high building, make sure there are bars on windows if you are renting to guests with children.
- Think carefully about how long you would prefer to rent out the room. Allowing shorter stays such as a week or weekend often allows you to charge more. If you live in a place with high- and low-season designations, weekly rentals can allow to maximize your profits. Longer stays can allow for more stability and decrease turnover as well as decrease the amount of paperwork involved in collecting rent.
- If you are renting a room allow the renter access to a kitchen and lounge facilities as well. This will make it easier for you to get into the apartment. You can give people access to the entire space without the bother of chopping up the space with extraneous walls. Make several copies of the key to the apartment in case one is lost.
- Treat the room respectfully. Don't damage property or stain the carpet. Pay all fees on time. Make reservations well in advance if possible. Give advanced notice on cancellations. Be sure you understand all rules about late-night hours and eating in the room. Let the landlord know if there are problems such as excessive noise or uncomfortable bed linens. They can often offer solutions such as a moving you to a different room or replacing the linens. If you are renting out a room long-term, think about purchasing tenant insurance to protect your belongings in case something happens, such as a fire.
