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Renting Out a Room in Your House in Toronto| CIRCL

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renting out a room in your house

Renting Out a Room in Your House

How can you rent out a room, while still making sure your family’s safety stays intact? Here are Four steps to ensure a comfortable boarder situation where everybody wins.

look at your space
Look at Your Space

Before you do anything, identify the house, or rooms, you have available to rent out. House with access to a private bathroom, or “basement room,” will get you more in rent than smaller bedrooms.

check local rents
Check Local Rents

Do you know how much other rooms and house are going for in your area?

Use a site like to see how much you can reasonably charge for rent based on your zip code, and local rates.

personally interview tenants
Personally Interview Tenants

Once you start getting calls about the rent, it’s up to you to personally interview each tenant. During the interview, you can request to see proof of employment or student status, and ask them about their living habits.

It’s also important to call the references they give you. Check with their past landlords to see if they paid rent on time, and if they left their apartment in good condition.

do a credit and background check
 Do a Credit and Background Check

Once you’ve found a tenant you think might be a good fit, do a credit and criminal background check on them. Although it may seem like an irrelevant step, doing a credit and background check is money well spent, especially if you find out your potential housemate has a rap sheet.

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