This summer, a record number of my friends rented out their homes using services like Airbnb or VRBO. It seems we've reached the point in life where we can finally afford spaces that are rental-worthy, but we could still stand to make some extra cash. After an extensive poll and some crazy stories, I've compiled their suggestions into a handy guide to renting out your space. Wanna learn from their mistakes? Read on…
Homestay sites are popping up like crazy and for good reason: for renters, they're a comfortable (and usually cheaper) alternative to a hotel, and for rentees, they're an opportunity to put their temporarily empty spaces to use and make some money. It's a win-win as long as everyone plays by the rules.
Here are seven things to do before renting out your home:
Get Permission - This is not the time to gamble on your landlord's goodwill. If your lease prohibits subletting, you could be evicted. Remember, you have no control over how your guests behave, so trying to secretly sublease could go very very wrong and just isn't worth the risk. Hint: if your landlord needs convincing, share your super-responsible plan of action (this one).
Get it in writing - Before you accept a guest, iron out all the details of the agreement, especially in areas where problems are likely to arise. Will you ask for a deposit to hold reservations in case of no-show guests? What about a security deposit to cover any damage (and what exactly constitutes damage)? Having "before" photos just in case is always smart. Sites like Airbnb usually have some protocol built into their service, but if you go the Craigslist route, it's akin to the wild west of subletting, so cover yourself.
Hire professional cleaners - If you'll be gone for several months, chances are you'll have some guest turnover. For your health and happiness and that of your guests, hire a professional cleaner to give each renter a fresh start. Just work the cost into the rent or add it to the agreement as an extra fee. Added bonus: you get to come home to a clean house!
Have a local contact - You're away but someone needs to mind the store. A friend in the building or neighborhood is ideal, since this is the person who will be in change of the keys, letting in new guests or cleaners, and checking that everything is in order when they leave. Although this job sounds easy, it can quickly turn into a headache, so make sure to find someone you trust and make it worth their while with a little pay or a hefty thank you gift.
Remove/stow valuables - A friend of mine who recently rented her loft found an elegant solution to this problem. She designated one (locked) closet to store everything she didn't want her guests to access. Another closet was filled with everything they might need (and were welcome to use) such as extra linens, pillows and TP. Making things easy to find prevents your guests from rummaging through your things to find the basics.
Provide essentials - Renting your place means strangers will be using your home, so don't hide everything away! They will need to eat off your plates and sleep in your bed. If that creeps you out, renting probably isn't for you. If you choose to rent, be a good host by making sure you're stocked with kitchen essentials, clean linens and anything else a hotel would provide.
Leave a guide - Your routine is second nature to you, but your guests will need a reference to help navigate your space. Make sure to leave a guide listing phone numbers, internet and security passwords, trash pick-up info and any other household quirks they may encounter. Does the bathroom door need to be jiggled in order to close? Write it down! It's also especially helpful to leave a few neighborhood tips: grocery store and restaurant recommendations, bus and subway stations and parks or movie theaters to check out. Your guests will greatly appreciate it!
Also see: 3 Things You Need to Know Before Traveling on Airbnb.
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Best Tip: Hire a vacation rental/ property management company to rent out your house for you. You can set the dates you want to rent and they take care of all the hassles, and deal with the guests if something goes wrong or they break something in the house.
My best tip: don't do this. Our summer sublet was to a university music professor with a child, and we (law students at the time) had everything in writing and the valuables (such as they were) in a locked closet. Came back to find the lock on the closet picked; the sound system (which had been in the closet) covered with the dried remains of a major orange soda spill incident; and various other damage. Best of all? The prof was apparently in the middle of an acrimonious divorce and had left his home state without informing his wife, who had joint custody. She tracked him down across several states and got herself arrested pounding on our front door and screaming bloody murder in the middle of the night, which was a show our neighbors tired of rather quickly. He decamped and we never saw the rest of the rent. And given the prof's other behavior, what do you think the response was when we contacted him about the damage he had left?
Yeah, the introvert in me screams, "THAT'S MY WORST NIGHTMARE!!" Strangers going through my stuff. Aiiee...
Yeah, the introvert in me screams, "THAT'S MY WORST NIGHTMARE!!" Strangers going through my stuff. Aiiee...
Wow, such negativity. We've used AirBnb a few times as renters and have had a really positive experience almost every time. When travelling for several nights or with a baby, as we are now, we much prefer to rent an apartment. You get a real feel for a city as you're staying in a local area and having a kitchen and a place to come home to is a bonus too. Our most memorable stay was a large apartment in Copenhagen that was in a lovely area and was much cheaper than a hotel. I'd rent our place out as we travel a lot but it's against the terms of our lease.
We are respectful, professional people (my husband is an engineer and I'm a teacher,) and AirBnb works on recommendations and referrals...if you're not a good guest, you won't get good feedback. Despite the apprehension of the people who've commented, I can say that for myself I will always search on AirBnb to see what's available before even considering a hotel.
Why would anyone open themselves up to this type of risk? Most people using AirBnb are fine but the ones who aren't create such havoc and leave people feeling so violated that their tales overwhelm the positive experiences.
Please don't leave your valuables in a locked closet. It will not preclude a criminally-minded or insane person who has unlimited and unsupervised access to your apartment.
The Santa Monica squatter experience is completely scary.
After reading about the one horrific experience that one airbnb renting out her space experienced, I can not imagine doing this. Then there is also the woman killed last week by a crazy tenant, the actor that then killed himself...This may not be the same situation but it just shows that you just can't be too careful these days.
I also agree a locked closet is not going to do you any good if your tenant is planning to rob you. As some of the horror stories in these comments illustrate. I would suggest a family or friends house or rent a small storage unit.
We have never had a problem renting our space. Never. We are careful and get copies of passports and id's and as long as everything is in working order as we left it upon return, we destroy the copies. We give our valuables to our neighbors while we are away.
I would be very surprised if any landlord would knowingly agree to this. There might be insurance issues. I'm even wary of leaving my (adult) kids in my own house when we go away.
I'm not at all comfortable with this. I value my privacy and living quarters too much. The only way I would let someone stay at my home long term is if I were there with them. No disrespect ,but no thank you.