Homeowners could be raking in an additional $667 every month if they rent out their spare room according to a new survey.
According to Finder, 9 per cent of Australian households, or 600,000 people, are renting out a room in their home and earning $167 each week.
ABS data shows that 77 per cent of households have at least one bedroom vacant, leaving a potential $1.2 billion in additional weekly revenue for Aussies who are willing to lease out a room.
Money expert at Finder, Richard Whitten, said now is a great time to cash in if you have an extra room to rent.
“For many Aussies, living with a roommate is better than the consequences of missed repayments,” Mr Whitten said.
“It’s also a good opportunity to create an extra revenue stream.
“You could be missing out on thousands of dollars by not making use of your extra room.”
Mr Whitten said it was important to do your due diligence before taking the plunge.
“Having a roommate isn’t for everyone, and the onus is on you to ensure it’s the right decision for your personal situation,” he said.
“If you do decide to go ahead with it, you’ll need landlord insurance to be covered.
“Home insurance doesn’t typically cover damage caused by tenants.”
According to Finder, more than one-third of Australians (35 per cent) – equivalent to 7.1 million people – are currently earning additional income through a side hustle.
The two most popular ways Australians are earning a second income is by selling pre-owned goods and collecting recyclable cans and bottles.
Australians are earning $897 on average selling pre-owned goods, while food delivery ($368) and tutoring ($367) are also profitable extra income streams.
Followed by modelling ($326), freelancing ($300) and rideshare ($253).