January 2024 - Data from the number 1 roommate finder, SpareRoom, reveals that there has been a huge rise in homeowners taking in roommates. Comparing January 2024 with January 2021 there has been a 167% increase in new people taking in roommates*.
January is always a busy month for people taking in roommates as it's a great way to make an extra income and recover from the expensive holiday season. However, this recent spike is no doubt down to the increased cost of living we’re currently experiencing, including mortgage rates which surged to a 20 year high in 2023**. Now more than ever people are looking at ways to make extra money and afford to stay in their homes, renting out a spare room is a great way of doing this.
Please see below the average roommate rent for the top US metro areas to get an idea of what you could earn from your spare room***:
| Metro area | Average monthly roommate rent |
Average yearly roommate rent |
|---|---|---|
| Atlanta, GA | $859 | $10,308 |
| Austin,TX | $937 | $11,244 |
| Baltimore, MD | $890 | $10,680 |
| Boston, MA | $1,413 | $16,956 |
| Charlotte, NC | $882 | $10,584 |
| Chicago, IL | $1,011 | $12,132 |
| Dallas, TX | $908 | $10,896 |
| Denver, CO | $1,094 | $13,128 |
| Detroit, MI | $786 | $9,432 |
| Houston, TX | $835 | $10,020 |
| Indianapolis, IN | $682 | $8,184 |
| Jacksonville, FL | $779 | $9,348 |
| Kansas City, MO | $562 | $6,744 |
| Las Vegas, NV | $893 | $10,716 |
| Los Angeles, CA | $1,344 | $16,128 |
| Miami, FL | $1,260 | $15,120 |
| Minneapolis, MN | $950 | $11,400 |
| New York, NY | $1,571 | $18,852 |
| Orlando, FL | $925 | $11,100 |
| Philadelphia, PA | $901 | $10,812 |
| Phoenix, AZ | $939 | $11,268 |
| Portland, OR | $920 | $11,040 |
| Raleigh, NC | $796 | $9,552 |
| Riverside, CA | $1,024 | $12,288 |
| Sacramento, CA | $969 | $11,628 |
| San Antonio, TX | $734 | $8,808 |
| San Diego, CA | $1,314 | $15,768 |
| San Francisco Bay Area, CA | $1,292 | $15,504 |
| Seattle, WA | $1,072 | $12,864 |
| Tampa, FL | $985 | $11,820 |
| Virginia Beach, VA | $895 | $10,740 |
| Washington D.C. | $1,200 | $14,400 |
***
Matt Hutchinson, SpareRoom spokesperson comments: “Living costs have soared recently and the start of the year is always a tough time, as people face the financial hangover from the holidays, alongside increased heating and utility bills. So it’s no surprise the number of homeowners looking for a roommate has spiked in the first week of 2024. Particularly when you look at how much you can earn by renting out your spare room. You’d have to work a lot of hours in a second job to come close to the income you can earn from a roommate.”
SpareRoom has lots of helpful information and advice for people looking to make money from their spare room by taking in a roommate. This includes the best questions to ask potential roommates, tips for sharing your space with a roommate and advice for talking to roommates about money. For more information head to: https://www.spareroom.com/content/infolandlords/advice-landlords
Notes to editors
*Data looks at new people renting out their spare room, comparing numbers in the first week of January 2024 with the first week of January 2021
**https://www.bbc.co.uk/news/business-67152845
***Average monthly roommate rent for Q4 2023