I live in a 2 bed 2 bath condo that I own. My mortgage is $3500 and my Roomate (aka tenant) pays $1500 for rent. I travel half the year and would like to Airbnb my room while I am away to help with mortgage. Currently, I manage 100% of the Airbnb (from check in to check out, managing cleaners, etc). What is a fair percentage to pay my Roomate if any at all considering I do all the work, own 98% of the furniture and everything in the condo in the shared space, pay for 100% of the Home items (toilet paper, cleaning supplies, detergent, etc) and also actually own the property?
Your post is confusing. You are already doing this? How if you are away. How much should you ‘pay’ your room mate? Don’t you mean reduce their rent? $1500 is a LOT of rent to pay but maybe worth it if it’s in a great location, sharing with only one person, it’s luxury standard etc etc but then you want to change the deal and make it so that they are sharing with multiple ransoms who may steal their stuff, invade their space and will definitely ask them questions and increase utilities???
Personally I would move out. If I stayed, I would expect my rent dropped to at least $1000 a month.
Around here, there would be people lined up around the block to get rent that low. They might even offer the landlord a move-in bonus fee. Seriously, we don’t know enough about the location to know if this rent is high or low.
You didn’t provide enough details to be able to understand how your roommate will be interacting with everyone involved
Not sure why the roomie needs to profit off what you do with the room while you are gone. If you are expecting them to help with Airbnb issues that would be a different story.
However someone brought up a great point. You are exposing the roomie to security issues and need to address that. Maybe install a lock to his or her room? The inconvenience of having strangers in should merit a reduction in rent IMHO.
So sorry I worded this question so terribly! What I was trying to say was:
If I currently pay my Roomate 30 percent of the Airbnb profits for renting out her room while she’s away, but now she doesn’t want to rent her room anymore and I decide to rent mine. Should I still be giving her 30 percent of the profits? I do 100 percent of the bookings, management and own 100 of the furniture and shared things in the home as well as pay for 100 percent of the House hold products like soap, toilet paper, tissue, detergent etc
I must say I find this very odd. No way would I be paying $1500 a month for full use of my own private room and then my landlord rents it out while I’m away, I have to pack up all my stuff, worry it will get knicked, touched etc and I only get 30% of the profits when I have already paid for the room! Wow, you must have a very congenital room mate. I’m not surprised she’s kyboshed this idea from continuing, honestly I think you are trying to have your cake and eat it too to cover your high mortgage. Way too messy. Either have a permanent roommate and leave them in peace without Airbnb guests coming and going or ditch the roommate and use the room for Airbnb full time. Imagine the court case if her stuff gets stolen or worse she is assaulted by one of the Airbnb guests you’ve imposed on her with this new set up and you’re not even home. Not worth the head ache and not fair at all on the room mate.
I’m siding with the roommate on this one. You are trying to double dip by renting out her room while she’s away. You’ve already rented the room. TO HER. I’d be giving her at least 50%. Without her cooperation, you make nothing.
As far as renting your room while you’re away, if I were you roommate, I’d be furious. You’re getting the money, she’s getting ALL of the inconvenience. She has to share her space with an endless stream of strangers instead of one consistent person. You say that you are doing all the work, but you can pretty much guarantee that if a guest has a problem, a question, breaks something, loses something, changes their plans, etc. the person who will be inconvenienced is HER. You can bet that a lot of your reviews will be based on her attitude and how she interacts with your guests. Again, I’d say she should get at least 50%.
Finally, she has the right to say no. If she doesn’t want to share her space with AirBnB guests, you should respect that and cancel your plans.
Thanks everyone! This feedback was really helpful!
That is a crazy high mortgage. Do you live oceanfront or beachfront somewhere?
I live in a really hot area in a penthouse unit with amazing views. Yeah housing prices are out of control!
Any way to refi to get that mortgage down?