Hey all. I own a 2 family in Jersey City. I live in one of the units. The other unit is a 3 bedroom that I will rent out. Any idea on if it makes more financial sense to rent out individual rooms or to rent to a person with a standard lease. Im trying to think bigger than the standard, but not sure if this area justifies that thinking.
Investor · Jersey City · Member since 2023 · 9 posts · 3 votes
11mo
Hey Michael, I think it varies case by case -- with pros and cons for both. I own a 2 family in Jersey City as well and rent the other unit out in full, not room by room.
While I don't know the specs of the unit you are in, I think an interesting way you could think about it would be to live in the 3 bed and rent out the other rooms. This would give you the flexibility of renting the other 2 bedrooms out to people you know/have already vetted -- while also some control over the unit as well. If the unit you are in is a 1 bed, that would be easy to rent out in full (clearly).
While this might not be helpful, your main focus should be getting good tenants in your property. Let me know if you have any questions!