How much you can earn will depend on where you live and how attractive the property is to tenants. But the chances are you can make thousands and thousands from renting out a spare room.
Lodger landlords can earn on average £8,000+ a year in London and £6,000+ across the UK, according to research from room rental site Spare Room.
EasyRoomMate reckons the national UK average for a double room to rent is around £478 per month – with prices rising to close to £700 in London.
Wimdu reckons its hosts earn around £750 on average per month.
And if you are in the right place at the right time there is plenty of room to earn much more cash!
For example, the average AirBnB rent for a private room in Central London can top £400 a week – or, in other words, an annual earnings potential of £20,000+ per year if you can become an AirBnB ‘host with the most’.
And the good news is that the first £7500 you make from renting a room in the UK is tax-free.
Want to unlock the money-making potential of your home?