Startups Helping People Rent Their Rooms

There are many reasons why people would want to consider renting out a room in their home – the additional stream of income and utilisation of space can help relieve the pressure of financial strain or worries of lonely living.

Listing a room for rent also helps individuals who may be looking for accommodation on a tight budget or who find themselves on the road and prioritise travel.

Luckily, there are many startups helping individuals in the UK rent out their rooms. Here, we explore them.

What Are The Benefits Of Renting Out A Room?

Renting out a spare room comes with several benefits. It allows homeowners to generate additional monthly income, which can help cover mortgage payments, utility costs, and property taxes.

If the mortgage is paid off, the rental income can contribute to savings, providing a financial cushion for unexpected expenses like roof repairs or plumbing issues.

Certain states may also offer tax deductions for renting out a portion of the home, further increasing the financial rewards. However, it’s essential to accurately report rental income and expenses to avoid potential penalties.

Despite high inflation and interest rates, the demand for rental properties remains strong, making it an opportune time to find qualified tenants.

Renting out a room not only generates income but also allows homeowners to maintain their living space while providing tenants with an affordable housing option and their own private area within the shared property.

Preparing A Room For Rent

When getting a room ready for rent, it’s important to have a clear written agreement outlining the rights and responsibilities of both parties. This includes access to shared amenities and any specific terms agreed upon.

Before the tenant moves in, assess the condition of the room and exclusive areas, ensuring that everything is in good repair and functioning properly.

Furnish the room with essential items and label all furniture and fabrics as fire-resistant. Consider creating an inventory upon the tenant’s arrival to avoid disputes over damages.

Also, note that under the UK government’s Rent a Room scheme, you can earn up to £7,500 per year tax-free from renting out a furnished room in your home, if you meet certain conditions. Visit the government’s website for more information about this scheme and its requirements.
 

Startups Helping People Rent Their Rooms

The process of renting out a room and finding a suitable tenant may seem daunting to most people.

Luckily, there are innovative startups streamlining this process so that homeowners can fill their empty spaces with minimal hassle. Here, we look at a few of these startups helping people rent out their rooms.

Roomies

Roomies is a free platform that simplifies renting out spare rooms. Users create detailed listings with photos to attract suitable roommates.

Roomies allows proactive searching of “room wanted” ads and secure communication without revealing personal details upfront. It provides tips on vetting potential roommates, facilitating viewings, and formalising agreements.

Roomgo

Roomgo is a leading online flatshare community that connects people looking for rooms with those renting out spare rooms across the UK.

Users can create detailed listings with photos, filter searches, view potential flatmate profiles, and securely communicate through the platform. Roomgo vets all listings to ensure quality and safety.
 

RoomToRent

RoomToRent is an online marketplace where landlords, homeowners, and student housing providers can advertise spare rooms for rent. Renters can search listings based on filters like location, price, and amenities.

The site helps people connect with landlords, understanding rental agreements, finding compatible housemates, and securing affordable rental options.

IdealFlatmate

IdealFlatmate uses intelligent matching technology to compatibly pair prospective flatmates based on personalities and preferences. Renters can search available rooms, while landlords can list vacancies and find long-term, harmonious tenants.

The platform offers guidance on renting, moving advice, flatmate tips, and explores co-living trends across the UK.

Coliving

Coliving is an innovative platform that lists over 32,000 rooms across 1,450 co-living spaces worldwide for professionals, remote workers, and students.

It simplifies finding and booking flexible, community-focused accommodations in over 300 destinations globally. The site enables searching, direct booking, secure payments, reviews, and an integrated social experience.

SpareRoom

SpareRoom is a leading UK flatshare website helping renters find rooms to let and advertise vacant rooms. Users can post free ads with photos or pay for visibility upgrades.

The site facilitates secure communication, provides tips and advice, and lets landlords proactively contact registered “room wanted” ads for faster lettings.