Rent by the room aka co-living

[Thomas Key]

I am currently under contract with a home and plan to rent the other two rooms out. The rooms will be furnish with utilities included. I'm wondering what are the best channels to find renters, I would like to target young professionals in the area. Episode 560 gives great insight but would like to know what you would do in my shoes. Thanks.

[Pierre E.]

What is going to be the length of the lease?  What type of tenants would actually be typical to find in that area? Are you near any office buildings, downtown, or a college town?

I would definitely suggest Furnished Finder as a start, many traveling professionals use that source. We have used it for the MTR approach we are starting. 

Some people use Facebook, Depending on the term length, some use AirBNB and list as 30+day stay but again, comes down to your desired lease terms.   Zeus Living is another one I have heart of. 

Also good episode gonna definitely take a listen "150+ Tenants & Zero Stress w/ Coliving Black Belt Sam Wegert"
I think there was a guy in Seattle, and another guy in ATL that were also doing something like this. 

[Pierre E.]

 $12,500 per Month in 'Pure Cash Flow' With Todd Baldwin | BiggerPockets Podcast 392  
Rent-By-The-Room to Riches with Todd Baldwin

How Renting By The Room Doubled This Investor's Rental Income | Best Deal Ever Show - Frank Furman  (Padsplit)

[Nico Alianiello]

You could post for rent by owner listings on Zillow, Craiglist, Facebook, etc and disclose in the description you are looking for roommates/tenants to share the space with you. Researching and connecting with University of Alabama students or alumni could also be a viable option. Whatever option you choose be sure to carefully screen and vet potential roommates.

[Thomas Key]

I currently have a MTR and have it posted on Furnished Finder. That property is about 5 minutes away from a large hospital complex in downtown Birmingham. The property under contract is about 16-18 minutes away from downtown, hospitals, universities. I’d be open to mid term or long term. I’m avoiding short term in this particular situation. I will definitely be vetting however I come in contact with. I’ll have to listen to those other podcasts episodes. 

[Candice Ravin Woodfin]

Quote from @Thomas Key:

I am currently under contract with a home and plan to rent the other two rooms out. The rooms will be furnish with utilities included. I'm wondering what are the best channels to find renters, I would like to target young professionals in the area. Episode 560 gives great insight but would like to know what you would do in my shoes. Thanks.

 You might want to check rates. I'm pretty sure you could get more. I'm also looking to do the same and I'm in the Pinson area.

[Nicole Masters]

Congrats on the home purchase that's super exciting! If you're furnishing the rooms you have a few options depending on what you're looking for, like someone else mentioned you can use Furnished Finder (mostly used by nurses traveling to hospitals) or Airbnb and make it 30+ day stays only. If you're looking for shorter tenants and to charge a little more those would be good options. If you're looking for more consistent roommates I would try Facebook marketplace, Craigslist, and my personal favorite roomies.com. Roomies.com is a great spot to look for other comps and make sure you're charging enough and you can also look at the roommates that are looking for rooms too! It'll show their budget as well as a little bit about them so you have an idea of what demographic of people are looking in your area! 

[Ryan Thomson]

@Thomas Key I post on Facebook, Craigslist, and Apartments.com. Make sure your listing is great with good pictures and a clear description. Also, adjust the price if you aren't getting any leads.

[Kyle Spearin]

@Thomas Key checkout Padsplit, they're entire business model is around renting by the room. Not positive what markets they're in, but worth looking at them and/or competitors to see if there's an all-encompassing solution for you.

[Miller McSwain]

We are using the rent by room strategy, and we use these sites for listing:
- FB Marketplace
- FB Groups
- Zillow
- Roomies.com
- Roomiapp.com
- Roomster.com

ALSO, we are furnishing the shared spaces but not the bedrooms. I went onto one of these listing sites and found that, on average, unfurnished rooms rented for the same amount as furnished rooms in my area. So we decided to not purchase furnishings and just leave them unfurnished. This has worked for us so far!

[John Morgan]

@Thomas Key

I list mine out on fb marketplace. They get snatched up quick.