Any good advice for me renting out a room in my home?

I own the home that my 19yr old son and i currently live in. He and his friend, also 19yr attend college together. He would like me to rent him a room, and it definitely would help me out financially. I want to be fair about what to charge, However I really dont know how to go about this.Any good advice for me renting out a room in my home?
Look on Craigslist at other rooms for rent in your area, to get a good idea of the going rate. It all depends on your area and if the room has a bath, how big the room is, and if you are going to include utilities or not. Around here, (southern CA) a 10 X10 room with utilities included go for $600-$650. This is for a average room in a average house or apt. If your home is in a expensive area, includes garage parking etc, you could charge more. It all depends on your area that is why I suggest looking on Craiglist as a guide for you to decide what to charge.Any good advice for me renting out a room in my home?
rental room rates;


a; find out what rentals are going for in your area.


b; determine the livable sq footage of your home


c; literally measure the available room for rent


d; divide the whole house by the room and get the % of the house


that you are renting out.





if a 2000 sq ft home rents for 1,000, and your home is


2000 sq ft too,


and your available room is 300 sq ft, that is 15% of the house, thus, 15% of $1,000 is $150.00


you might charge from 150 to 200 a mo.
I have been renting out a room in my house for about a year now and had 2 different people in there. The first was my best friend. Do NOT rent a room out to someone you know. It only causes problems! They WILL try to take advantage of the situation. Paying a little late, not cleaning up after themselves, etc. IIt will be hard for you to say no if they ask for more time on rent since you don't want to ruin the relationship. If you want to rent out a room, look on craigslist or in your local newspaper. A college student is your best bet. Make sure you check references and collect a damage deposit. Make guidelines of their responsibilities in the house and what areas they are not allowed in. Make them sign a lease, you can google rental agreement and tweak it to your liking. Also, do not allow pets, that is always a bad idea! It's not hard to figure out why. As for the price, that depends on the size of the room, where you live, privacy, bathroom share or not, and amenities. For Example, we live in Knoxville, Tn in a middle class neighborhood. The room we rent out is an average size, but he also has his own floor of the house, bathroom, and living room. He also has a private entrance and off the street parking. We have wireless internet %26amp; HD cable. Our house is also newly renovated. He also has his own cabinets and space in the fridge and freezer. We charge 450 per month plus there was a 150 security deposit. Hope that helps.
To be honest the only good advice is to advice you not to do such a thing.
put up flyers in public places, anywhere that has a free bulletin board, put up a 'room for rent' sign in your yard, etc.