Aussies missing out on $1.2 billion in potential rental income – new data reveals

Do you have a spare bedroom?

Well, you could be one of the many Australians who could be raking in hundreds of extra dollars each week by renting out their extra room, according to new research by Finder.

According to data from Finder’s Consumer Sentiment Tracker, over a third of Australians (35%) – equivalent to 7.1 million people – are currently earning additional income through a side hustle.

The data highlighted that of those with a side hustle, 9% – equivalent to more than 600,000 people – are renting out a room in their home.

Finder’s data shows the average Aussie who is harvesting a profit from their spare room is making an average of $667 per month ($167 per week).

ABS data shows that 77% of households have at least one bedroom vacant

This leaves a potential $1.2 billion in additional weekly revenue for Aussies who are willing to lease out a room.

Richard Whitten, money expert at Finder, said now is a great time to cash in if you have an extra room to rent.

He further said:

“For many Aussies, living with a roommate is better than the consequences of missed repayments.

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.”

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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.

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.”

Finder's Consumer Sentiment Tracker also shows the two most popular ways Australians earn a second income by selling pre-owned goods and collecting recyclable cans and bottles.

Whitten said there are other ways to make your expenses more manageable:

“Loyalty rarely pays when it comes to financial products. If you haven’t compared utility or insurance providers in the last 6 months, you could probably be getting a better deal.

Refinancing your home loan to a cheaper deal with a new lender can potentially shave hundreds of dollars a month off your mortgage.

You could also ask your current lender for a lower rate.

Lenders often have better deals for new borrowers.

It never hurts to ask."

About Leanne Spring Leanne is a highly experienced Buyers Agent in the Brisbane Real Estate market. Leanne became a passionate lover of property in 2001. Since then, both professionally and personally, she has been involved in all aspects of property including purchasing, negotiating, renovating, and selling.