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Old 06-17-2011, 05:01 PM
 
Location: charleston
1,442 posts, read 2,564,992 times
Reputation: 499
Default How much do I charge to rent out this room to a friend?

Hello! I just purchased my 1 bedroom/+loft condo and a friend of mine needs a place to stay for 3-4 months and I have an extra room, actually it is a loft (not a real bedroom, 13'x10') that I am willing to let him stay in for that time just to get back on his feet. I am not sure what to charge him. I live in the washington Dc suburbs. It looks like I could probably charge $400.00 a month for it.. does that sound reasonable? Do I charge utilties too or just a flat monthly fee? Thanks for your help!
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Old 06-17-2011, 05:09 PM
 
40 posts, read 64,626 times
Reputation: 51
Charge what you would consider to be a fair price if you were in his/her situation. Personally, I feel $400 is fair, if the loft is private, and he has to share a bathroom and all common areas. However, I would recommend he purchase a small refrigerator for his stuff and assigning separate cabinets for his food! This is where the extra spending can add up on your part. Recommend addressing this issue right away and he clearly understands your groceries aren't for him or his friends.
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Old 06-17-2011, 05:14 PM
 
Location: The Triad (nc)
17,193 posts, read 21,839,868 times
Reputation: 14271
Whatever the amount... flat fee is best.
If it's really and truly only for 3-4 months (the summer?) as they get back on their feet..

I'd suggest make it a rising amount:
1st month = $200
2nd month = $300
3rd month = $400
4th month = $500
and make it clear up front that you expect them gone before that 4th month is done
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Old 06-17-2011, 05:55 PM
 
Location: St Thomas, US Virgin Islands
21,631 posts, read 25,212,126 times
Reputation: 22316
Quote:
Originally Posted by Teebyrd86 View Post
Hello! I just purchased my 1 bedroom/+loft condo and a friend of mine needs a place to stay for 3-4 months and I have an extra room, actually it is a loft (not a real bedroom, 13'x10') that I am willing to let him stay in for that time just to get back on his feet. I am not sure what to charge him. I live in the washington Dc suburbs. It looks like I could probably charge $400.00 a month for it.. does that sound reasonable? Do I charge utilties too or just a flat monthly fee? Thanks for your help!
Even though he's a friend and even though he only allegedly needs a place to stay for a limited amount of time, work up a simple rental agreement. You should include utilities in the rent. The term of the rental agreement should be a month to month. Think about what's important to you.

Will he be sharing your bathroom, kitchen (stove, refrigerator space, general cooking, etc), general living space? Washer/dryer usage? Overnight guests? Guests period? A key to the condo? Parking? Garbage, clean-up?

This may sound rather anal but so many "friendly" rental arrangements without something in writing end up rather disastrously and it's best to cover all bases. Good luck!
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Old 06-21-2011, 02:17 PM
 
822 posts, read 1,591,984 times
Reputation: 1494
There is one constant piece of advice you hear in all sort of landlord/tenant/rental discussion forums.

Never, ever, rent to friends or family. Ever. Money will just spoil the relationship.

That is all I can add to this discussion.
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Old 06-21-2011, 02:26 PM
 
4,919 posts, read 10,116,526 times
Reputation: 5746
Same as the prior two post. Rent to your "friend" just like you would rent to a stranger. This forum is littered with post seeking help that started with "I rented to a Friend...." and most words after that is about major problems.
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