Corporate Housing 101 Financial, Legal and Tax

Renting out part of our home as a corporate rental. What you need to know

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Published Date: 2009-11-06

Many homeowners these days are looking to make a little extra cash and the first place they often look is their home. Renting out part of your home can be an effective way to make a little extra money, but you need to go into the process with a little education first.

There are two ways individuals are renting out parts of their home.

The first way involves someone renting out a room in their home. Room rentals are not considered corporate rentals and should not be marketed as such. However, a great website, Sublet.com, connects individuals renting out a room in their home with potential rentees. I recommend keeping your rental asking price reasonable as to attract more tenants and have a greater pool to choose from - after all, this person will be sharing your living space as a roommate would. The second way is to rent out a basement, attic, or floor of your house. For it to be considered a corporate rental, it must have a private, keyed entrance and all the amenities required in a furnished home, including a kitchen with standard appliances, a bathroom with a toilet, sink and shower, and a living/sleeping space. Obviously renting out a part of your home will come with some downsides (noise, etc.), so it's important to set ground rules before doing this. If you are renting out your walk out basement, for example, you will want to make sure you clarify rules on sharing parking and laundry, as well as rules about parties and loud noises. The upside is that you not only make some income from your home, but also you are on-site to oversee how the property is used and to maintain the property, which makes the process much easier for a do-it-yourself-landlord. You can market your rental basement or attic on CorporateHousingbyOwner.com, just be specific in your listing as to the nature of your rental property. Good luck!