Rent entire 3B vs rent by room
Hi Experts,
I am a newbie in Boston area. I had purchased a place at Coolidge Corner, Brookline area. It is generally an area with working professionals and some students. It is close to public transportation, many restaurants and bars. It is also between Boston University and Boston College.
I rented it out for a year and am trying to rent it out again for September. But it looks like the rental market this year is sort of difficult here. I had a bunch of showing but no real leads. The unit does have some issues such as no parking spot, garden level with a long dim hallway. But the unit itself did have new kitchen and renovation.
I did have someone asked about rent by room. So I am wondering if it is a good idea to start rent unit by room (3B) instead of entire unit for $3000 which is a fair price for unit in this area. I do understand it does require more work.
BTW, I am remotely managing it right now. I have a good person to take care of it when something goes wrong.
1. Does rent by room make sense under this case?
2. Should I charge more? The unit has total new kitchen. I do hear that rent to students or multiple persons tend to wreck the place fast. When things are broke, how could I charge them anyway?
3. Once rent out by room, how could you convert it back?
4. Should you sign one lease for all of them? What if you cannot find 3 person to rent at once?
Thank you for your response in advance!