Spare Room Rentals Reap Reward Homeowners are potentially sitting on huge extra income they could receive by offering their spare room for rent. A new survey by Finder reveals 77% of respondents have at least one spare room, although only 3% are renting the room out. The survey found housing costs are among the top three most stressful expenses for 41% for respondents.
Richard Whitten, of Finder, says homeowners could be missing out on thousands of dollars by not making use of their extra room. Whitten says the rent could help Australians who are struggling to pay their mortgages due to rising interest rates. He says the average respondents were charging for their spare room was $147 per week. “Putting the money from renting out a spare room into your mortgage each month could significantly reduce the term of the loan,” he says. He says paying an extra $147 per week on the average loan could reduce the term of the loan by nine months.
