Dec 12, 2008 9:32 pm US/Central
Stretch Your Dollar: Taking In Tenants
CHICAGO (CBS) ―
Looking for a way to make some extra money? More people are turning to a trend from the past and taking in a tenant. It could be a way to stretch your dollar, CBS 2's Rob Johnson reports.
When Sarah Andrus needed some extra money, she decided to rent out a room in her house.
"I was like, well we could just give it a shot and see how it goes and you know, people are opening their homes with the help of classifieds and specialized websites," she said.
Over six months in 2008, Bill Schneider of Lifetopia said there was a 27 percent increase in the number of landlords posting online. He said over the last 30 days, there has been an additional 20 percent increase.
If you decide to take in a tenant, get a credit report, a complete background check and a contract that makes stipulations clear about your smoking policy and whether the tenant would have use of the yard or amenities.
Andrus used Craigslist to find her renter. She gets $550 dollars a month for her room.
"Overall, our experience has been really good," she said. "We're definitely going to continue to do this."
Renting out a room is most successful in cities. College students are likely tenants.
To learn more about getting renters, check out these websites:
--
Lifetopia
--
Roomyou
--
Metroroommates
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
Jewish Celebrities
Click to enlarge
Stumble It!
Reporting
