Is it a good idea to rent a room to a student? If you have a spare room in your house or flat, you may be thinking about renting it out. One option if you live near to a university or college is to rent the room out to students, but is this wise? Read on to find out more.

If I rent my room to students, am I going to be subject to lots of noise, late-night parties, and delayed rental payments? This is what goes through most people’s minds when debating whether to rent a room to a student. The truth is, the risk of renting to a student is no greater or lesser than renting to anyone else. It is up to you to establish some ground rules and to conduct your search carefully. If you do this, you shouldn’t experience any issues, students or not. There are actually some great benefits associated with renting to students. Firstly, there is a high demand for rooms across the country. If you do not rent to students, you are limiting yourself to a very small audience. 

Also, you may find that a lot of students pay in advance, especially when their parents are covering the cost of accommodation. Plus, you will be able to put down their parents as a guarantor, which gives extra security. Student renters are also less fussy, meaning you can get away with minimal décor. Of course, you still need to keep everything in running order, whether this is fixing the compression fittings in your system or ensuring good WiFi. You can also make more money by renting out a room in a student area, and it can be quite rewarding knowing you are helping someone during their studies.

What About Renting Out A Car Parking Space?

Rent my car park space adverts are becoming more and more prominent online. People have released how much money there is to be made from renting out their car parking space in busy areas, as well as those near to transport links, such as train stations and airports. 

We have some top tips to help those who want to post this type of rent my space advert. Firstly, if you are going to rent to tenants on a long-term basis, you should meet up with them. Of course, they aren’t going to be coming into your home, but it is still important so that you can establish what they need. You should also put a written agreement together, so that you are both on the same page, and consider asking for a deposit upfront. 

In addition to this, you also need to get the price right. To do this, you should do a bit of research so that you can see what other car parking spaces in the area are being priced at. It is also worth bearing in mind that you will need to fill in a tax return for the income you are earning. You can earn a certain amount tax-free though, which is great news. If you do share your driveway with a neighbor, it is important to make them aware of your intentions. As it stands, you do not need any planning permission to rent out your car parking space, so long as you are not a nuisance to your neighbors, so keep them in mind.