Australians could be sitting on more than $1.4 billion in untapped real estate, according to research by comparison website finder.com.au.
Their analysis reveals that there are seven million spare bedrooms across the country that could be rented out, with the majority of these being in owner occupied houses, with 85% of homeowners having a spare room.
Renters also have a lot of spare space, with 60% having an extra room.
Finder.com.au’s research also found that the average cost to rent a room in 2015 was $202.06, so for many a spare room can prove to be a nice little earner.
Renting a spare room isn’t for everyone, but it could be a clever move for those looking for some extra income.
You don’t need to rent the room permanently, with accommodation sharing sites being a popular alternative to a permanent boarder. These types of sites can allow you to rent out your room for specific periods, making it available if you need to use the room at certain times.
Keep in mind however that there is still a lot to consider before renting out a spare room, including whether it’s covered by household insurance and whether or not it’s allowed on your tenancy agreement.
You should always seek your landlord’s permission before subletting but depending on the state the request cannot be reasonably refused.
If you do you research though, and are comfortable with the pros and cons, then an extra housemate could be a great way to make the most of your spare bedroom.