SANTA CLARA, Calif.,
Sept. 23, 2021 /PRNewswire/
-- In today's sharing economy, recent homebuyers are
overwhelmingly open to using their home as a way to generate income
and offset expenses. Realtor.com®'s latest survey found
that while many owners are using traditional methods such as taking
on a roommate, some are also employing more creative tactics when
it comes to generating income from their home, such as renting out
their outdoor space or parking spot.
"As the next generation of home buyers has embraced ridesharing
and short-term rentals, it's a natural next step that they begin to
think of their biggest asset -- their home -- as a potential income
stream," said George Ratiu, manager
of economic research, Realtor.com®. "For people looking
to take advantage of the sharing economy, in addition to
traditional approaches it may be worthwhile to explore creative
solutions, such as listing your home as a vacation rental when you
leave town, or renting your outdoor space or pool. Even a small
amount of income each month can multiply over a year or more and
can turn into bigger returns.
The survey of 3,026 consumers, which was conducted online by
HarrisX in July 2021, found that:
- Sixty-nine percent of recent homebuyers would rent out part of
their home if it had a separate entrance, kitchen and
bathroom.
- Thirty-two percent of consumers have already rented out a room,
space or outdoor feature of their property, most commonly taking on
a long-term roommate (10%) or renting a room on a short-term basis
such as on Airbnb (8%).
Creative rental solutions that consumers have employed
include:
- Renting outdoor spaces such as a parking spot (7%), or a
yard/pool (6%).
- Six percent of those surveyed have rented their whole home
while they were away and 7% have lived in a smaller unit on their
property while renting out the main house.
Consumers said that the biggest reason to rent out part or all
of their home was:
- Extra income to save (53%), extra spending money (37%), to
lessen the burden of general monthly expenses (35%), to offset
major home expenses such as the mortgage (29%), and to cover a
family vacation (16%).
Rental preferences among homeowners include:
- Fifty-two percent of consumers would feel comfortable renting a
part of their home that has its own entrance, kitchen and bathroom
to someone they already knew, 30% would be comfortable as long as
they could vet the renter and 29% would be comfortable with a
renter that was vetted by a third-party, such as an app.
- A surprising 16% of people would rent a space to anyone if they
really needed the money.
- Recent buyers were less picky about vetting, with 32% saying
they would rent to someone they know and 23% being open to
anyone.
- Among all respondents, long-term renters (24%) were preferred
to medium-term (21%) or short-term renters (18%).
"It is important to keep in mind that while today's sharing
economy may make it sound easy to make rental income off of your
home, there are many factors to consider before taking the leap.
You should familiarize yourself with tenant rights in your state
and locality, and understand any community restrictions. Along with
those, making sure that renters have been properly vetted and that
home insurance will cover any potential damage, are additional
things to look into before inviting renters into your home," said
Ratiu.
Methodology: Realtor.com® commissioned HarrisX
to conduct a national survey of consumers. The total sample size
was 3,026 adults. The survey was carried out online from
July 21-23, 2021. The sampling margin
of error of this poll is ±1.8 percentage points. The figures
represent a national view of U.S. adults. Results were weighted for
age, gender, region, race/ethnicity, and income where necessary to
align them with their actual proportions in the population.
About Realtor.com®
Realtor.com®
makes buying, selling, renting and living in homes easier and more
rewarding for everyone. Realtor.com® pioneered the world
of digital real estate more than 20 years ago, and today through
its website and mobile apps is a trusted source for the
information, tools and professional expertise that help people move
confidently through every step of their home journey. Using
proprietary data science and machine learning technology,
Realtor.com® pairs buyers and sellers with local agents
in their market, helping take the guesswork out of buying and
selling a home. For professionals, Realtor.com® is a
trusted provider of consumer connections and branding solutions
that help them succeed in today's on-demand world.
Realtor.com® is operated by News Corp [Nasdaq: NWS,
NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual
license from the National Association of REALTORS®. For more
information, visit Realtor.com®.
Media Contact
nicole.murphy@move.com
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SOURCE Realtor.com