I rent a two/ three bedroom house. What is the difference between having a roommate and renting a room out?

Shane Getler: Typically a roommate has use of the whole house, where renting a room really only gives them the room, but many call them one in the same. The standard if you have a child living with you is to come up with a flat rate per month...say $600 or whatever is fair where you live. They pay you that on the first, and then you use that toward rent and utilities. Your electric, water, and gas may go up with having a roommate, but if you need help, then getting $600 on the first would help take the burden off of the rent payment. Hope this helps!...Show more

Mark Hovanes: A roommate has use of the entire house. A room renter has only use of the room he/she rents, the bathroom, and whatever else you ALLOW. Make sure you get the boundaries and legalities in writing and signed by whomever you get. Check the local listings to see what comparable rooms rent for and go by that. The rent would depend on how much lattitude you give the renter as to access to the res! t of the house. The more of the house the renter uses the higher the rent. If the person is a roommate I would think half of all household expenses is more than fair. However I would check around for comparable prices in your area....Show more