How to Rent Out a Basement

If you have a basement space that you'd like to rent out, you should be aware of some particular aspects of getting tenants underground. Basement spaces are slightly different rental units, and you'll see from a quick check of online message boards that they tend to be rented a little differently. Try to anticipate the challenges of renting a basement space before you take out your ad.

Instructions

1. Finish your basement space. Besides being a little insulting to prospective tenants, trying to rent out a rough or unfinished basement space will probably be a lot of wasted effort. Put as many comforts and conveniences in the space as possible, and whatever you do, don't misrepresent an unfinished basement as a finished one.

2. Add creative lighting to make up for the lack of natural light. High-wattage lights, ceiling lighting, screen lighting, or skylights can all make a basement space more livable.

3. Install attractive entrances and exits. You'll want access to your basement space to be independent of the rest of the building if possible, and you'll want items like mailboxes and a door number to identify this as a rental unit.

4. Talk up the comforts and amenities you have installed in the basement space. Let possible tenants know you've made the effort to compensate for the fact that the rental unit is below ground.

5. Reduce your bottom line. Trying to rent a basement space out at competitive rates will probably not work out well. Basement spaces are usually discounted for renters as a matter of "free market economics." Don't overlook this as a common-sense fairness issue.

Tips & Warnings

• Always check on any legal issues about renting out basement spaces. In some parts of the country, local ordinances or other laws prohibit renting a basement space. You'll also want to consider health and safety issues, such as radon, before putting your basement space on the market.