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Rent-a-room scheme - finding suitable lodgers

Wildsound
Posts: 365 Forumite

Hi everyone,
Background:
My mother, as a single occupier, owns a good sized, penthouse-like 3-bedroom flat mortgage free. She doesn't like living on her own ever since both myself and my brother moved permanently moved out 15 and 10 years ago respectively.
When we were small children, my parents created a bed and breakfast for several years with the house, so she is accustomed to what it is like to have strangers live in the home.
For the last 5 years, she has been casually renting out the other 2 spare rooms in the flat and has been making use of the annual rent-a-room annual allowance to provide a boost to her income.
She has been lucky in that a large local theatre she previously worked with provide her with temporary high quality lodgers (usually cast or background staff working for a drama production) that need accommodation for usually around 3 months at a time (given the nature of their work).
Her occupancy rate for the last few years has averaged around 60%.
She works part time at around 20 hours a week on a zero hours contract, but she moves around a lot as she likes the flexibility and so this is perfectly suitable for her at the moment.
Going forward:
She is looking to reduce down her hours in "stable work" (so to speak) and take on self-employed ventures which will of course be more unsecured potential earnings.
I have told her that she should potentially look to try and get her occupancy rate up for the rooms to as near 100% as she can, as that would require the least time and effort to get going. At the moment, the theatre is the only source of reliable lodgers, bar the odd referral from old lodgers.
The type of lodgers she wants are high quality working professionals only. She does not want students or holiday goers.
We are aware of airbnb / booking.com but not sure whether these channels will give her the lodgers she wants.
Can anyone suggest any good websites or agency services which are able to help her get the lodgers she wants to bring her occupancy rates up?
edit: lodgers not tenants
Background:
My mother, as a single occupier, owns a good sized, penthouse-like 3-bedroom flat mortgage free. She doesn't like living on her own ever since both myself and my brother moved permanently moved out 15 and 10 years ago respectively.
When we were small children, my parents created a bed and breakfast for several years with the house, so she is accustomed to what it is like to have strangers live in the home.
For the last 5 years, she has been casually renting out the other 2 spare rooms in the flat and has been making use of the annual rent-a-room annual allowance to provide a boost to her income.
She has been lucky in that a large local theatre she previously worked with provide her with temporary high quality lodgers (usually cast or background staff working for a drama production) that need accommodation for usually around 3 months at a time (given the nature of their work).
Her occupancy rate for the last few years has averaged around 60%.
She works part time at around 20 hours a week on a zero hours contract, but she moves around a lot as she likes the flexibility and so this is perfectly suitable for her at the moment.
Going forward:
She is looking to reduce down her hours in "stable work" (so to speak) and take on self-employed ventures which will of course be more unsecured potential earnings.
I have told her that she should potentially look to try and get her occupancy rate up for the rooms to as near 100% as she can, as that would require the least time and effort to get going. At the moment, the theatre is the only source of reliable lodgers, bar the odd referral from old lodgers.
The type of lodgers she wants are high quality working professionals only. She does not want students or holiday goers.
We are aware of airbnb / booking.com but not sure whether these channels will give her the lodgers she wants.
Can anyone suggest any good websites or agency services which are able to help her get the lodgers she wants to bring her occupancy rates up?
edit: lodgers not tenants
0
Comments
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If there is a local university she could see if they have a way of advertising to visiting lecturers, contract researchers etc.But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0 -
The type of tenants she wants are high quality working professionals only. She does not want students or holiday goers.
We are aware of airbnb / booking.com but not sure whether these channels will give her the tenants she wants.
this is the largest and best:
https://www.spareroom.co.uk
I am sure you can google others yourself. Don't forget local ads in newsagents windows and newspapers (obviously at a cost)
Probably best not to do Gumtree as too full of cons0 -
You should probably stop referring to them as 'tenants' - they're not, they're lodgers - there's a big difference!0
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Look to see if any local venues regularly run short courses. Many attendees prefer to stay locally, rather than paying higher prices to stay on site. e.g. the sorts of things the WI do here: https://www.denman.org.uk/0
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Cheeky_Monkey wrote: »You should probably stop referring to them as 'tenants' - they're not, they're lodgers - there's a big difference!
You're right, I couldn't think of the word when I was writing the post.0 -
Location and property make a big difference to what will work.
The issue with going for longer term is 100% may produce less income than the current 60%.
If company is a prime mover the loss of income may not be an issue.
What dominates the local marker?0 -
getmore4less wrote: »Location and property make a big difference to what will work.
The issue with going for longer term is 100% may produce less income than the current 60%.
If company is a prime mover the loss of income may not be an issue.
What dominates the local marker?
I dont think a 60% occupancy rate is that bad, for lodgers.
I have used spareroom.com and I think if you look for older people they may stay longer and you may increase that 60% rate.0 -
If there are local language schools, then taking in home stay students is another option. I know you said 'no students', but they're a different proposition to British university students! You do have to cook for them, eat with them etc but the return can be good, and it sounds like she wants company as well as income.0
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If there are local language schools, then taking in home stay students is another option. I know you said 'no students', but they're a different proposition to British university students! You do have to cook for them, eat with them etc but the return can be good, and it sounds like she wants company as well as income.
Yes, I'm thinking more undergraduates being a no no.
Sounds like an interesting idea. I know a great aunt who does something similar with foreign exchange type students from Japan. However she's not looking for someone to cook for/entertain etc... so would be purely on a self-catering, please yourself basis.0 -
sevenhills wrote: »I dont think a 60% occupancy rate is that bad, for lodgers.
I have used spareroom.com and I think if you look for older people they may stay longer and you may increase that 60% rate.
I agree quality short term good payers at 60% is very good.
Longer term want lower rates.
If it is money they want and location permit short term quality is the way to go.
Focus on filling the 40% not replacing the 60% with 100%.0
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