INDUSTRY NEWSNationalReal Estate News

Aussies could be making an extra $667 per month renting their spare room

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. 

โ€œFor many Aussies, living with a roommate is better than the consequences of missed repayments,โ€ Mr Whitten said.

โ€œItโ€™s also a good opportunity to create an extra revenue stream. 

โ€œYou could be missing out on thousands of dollars by not making use of your extra room.โ€

Mr Whitten said it was important to do your due diligence before taking the plunge. 

โ€œHaving a roommate isnโ€™t for everyone, and the onus is on you to ensure itโ€™s the right decision for your personal situation,โ€ he said.

โ€œIf you do decide to go ahead with it, youโ€™ll need landlord insurance to be covered.

“Home insurance doesnโ€™t typically cover damage caused by tenants.โ€ 

According to Finder, more than one-third of Australians (35 per cent) โ€“ equivalent to 7.1 million people โ€“ 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).

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Rowan Crosby

Rowan Crosby is a senior journalist at Elite Agent specialising in finance and real estate.