Real Estate

Planning to Rent out 2nd bedroom in condo

  • Last Updated:
  • Oct 10th, 2017 10:28 am
Jr. Member
Dec 25, 2006
117 posts
20 upvotes

Planning to Rent out 2nd bedroom in condo

My wife and I are currently living in a 2 bedroom and 2 washroom condo and are thinking of renting out the 2nd bedroom and washroom on a 6 month lease to see if we can all live together harmoniously. After the 6 month lease contract is up,

1) if we all get along, the rent can be on a month to month basis for the tenant
2) if we don't get along, can we kick the tenant out on the grounds that we don't "jive" well and put the 2nd bedroom back up for rent to get another tenant?


Will there be any negative consequences as a result of going with choice #2?
14 replies
Deal Guru
User avatar
Sep 8, 2007
10978 posts
14470 upvotes
Way Out of GTA
I'd say in general it's a terrible idea. And while you have more flexibility with the shared bath/kitchen provision you still have the headaches of dealing with a tenant and there are still rules to follow. I'd find another way of making additional income and I would definitely not sign any sort of 6 month lease. You want to live with this person for 6 months if things start going wrong right away?

how-can-i-evict-tenant-997089/2/
Member
Jun 15, 2017
298 posts
129 upvotes
Vacate this 2BR and you and and your friend rent a one BR unit and have peace of mind.
Deal Addict
Jul 27, 2017
2180 posts
950 upvotes
OP, as a suggestion - look at AirBnb first, then move on from that.

As others have mentioned long term in increments of 3, 6 months having a roomer may not be such a good idea.

What if you could get a roomer that was out of town or out of the country a lot, someone that travelled that needed B&B for their short stay in town? I'm thinking AirBnb, but more closely aligned to someone in the airline industry or possibly an executive or someone that travels a lot who don't want the cold unappealing hotel/apartment hotel event which could cost more than your 'guest house' room by the day or week, but not any longer?
Deal Expert
Feb 22, 2011
16505 posts
21844 upvotes
Toronto
You should consider Airbnb. You will likely get more per month. Someone will be there less often. Not just less days but most guests are travelling so not home often. You also get paid up front. You can take a security deposit, which is illegal for tenants. There is no long term obligation, you can stop when you want. I know someone doing this with their second bedroom in a condo and they said they haven't paid any rent since starting 2 years ago.
Deal Fanatic
User avatar
Nov 2, 2013
5697 posts
1522 upvotes
Edmonton, AB
Most people don't do leases with room rentals... they're usually month-to-month for this reason. I've done room rentals for about a couple years, lived as the renter for a few. They're a hit and miss.

AirBnB is the cash cow but there's more work in it. If I didn't work up to 16 hours a day and away from home sometimes, I'd be doing it as well.

Furnished rentals are a nice in between.
Accountant (Public Practice)
Penalty Box
Aug 26, 2017
494 posts
115 upvotes
OP if you share a kitchen then this lease won't fall under the RTA. In that case whatever you put in the contract goes. I would put month to month from beginning that way you can kick the out after a month and not have to wait 6 months.
Jr. Member
Dec 25, 2006
117 posts
20 upvotes
porticoman wrote: OP, as a suggestion - look at AirBnb first, then move on from that.

As others have mentioned long term in increments of 3, 6 months having a roomer may not be such a good idea.

What if you could get a roomer that was out of town or out of the country a lot, someone that travelled that needed B&B for their short stay in town? I'm thinking AirBnb, but more closely aligned to someone in the airline industry or possibly an executive or someone that travels a lot who don't want the cold unappealing hotel/apartment hotel event which could cost more than your 'guest house' room by the day or week, but not any longer?
We contemplated airbnb but the thought of the dynamics constantly changing with different people of all walks of life coming and going in and out of our unit doesn't sit comfortably with us at the moment. Not to mention the cleaning and prepping of the room/unit after each rental. Since we own this unit and will be living in it ourselves, we just want to be in routine with a person who is responsible, friendly and can live peacefully with us (is that asking too much???)

Since the roommate will not be covered under the RTA as other have mentioned, perhaps changing the 6 month lease down to a month to month basis be a better situation for all parties involved? Have the roommate sign the rental agreement and agree to certain conditions.

A) if we all get along, great! we collect money and roommate has a place to stay
B)If roommate becomes disruptive, non compliant to the rules or we just don't get along in general, we kick them out without hesitation since it's a month to month
C) If the roommate finds a cheaper location and decides to move out, that's fine too, we just put the room back up for rent and cycle starts over.

Anything wrong with that plan except the dealing with the roommate aspect may be annoying/irritating if things were to go sour and they are not co operative. But that's where cops can come to the rescue right? lol
Banned
Dec 28, 2015
614 posts
239 upvotes
Westmount, QC
You are in a condo, ask yourself how would the living room, kitchen work?fridge, laundry? Guests? Do you expect them to be in their room most of the time?

Even relative and close friends would be hard to have sharing a small place like a condo
Last edited by MrWhiteCoffee on Oct 8th, 2017 6:42 pm, edited 1 time in total.
Deal Addict
Jul 27, 2017
2180 posts
950 upvotes
superred95 @ post #9

Wife & I were slumlords, we had a 3 storey 5 room rental income property that had shared facilities. We lived in our own separate quarters on the ground floor, renting out rooms by the week on the 2nd & 3rd floors ...yes, by the week, not monthly.

Renting out your space to a stranger is a business & not a buddy buddy relationship.

A few points for you to consider because you are not dealing with a family member but a total stranger in the same space that you occupy & no it's not your college room mate either. The mere mention of law enforcement is an indicator that you aren't up to this.

1. security & safety for a short/medium term roomy, their criminal record, habits, no smokers or pets or overnight BF/GF stays

2. if you were doing it you need to know their schedule & have house rules

3. how selective are you going to be, are you going to do credit & reference checks?

4. are you OK with them coming & going when you are not on premises?

5. would you feel comfortable finding this person wandering around your place 24/7, maybe shifting through your person stuff, in your kitchen, bathroom, or things that go missing or wherever else?

6. next thing you know the so called great room mate has a microwave & fridge in their room, food droppings, ants & bugs infestation, strange noises & smells, loud music to banging around, closing doors & cabinets, things that go bump in the night .....what did we get ourselves into

I could keep going, but stop at that
Last edited by Guest37273939 on Oct 8th, 2017 7:09 pm, edited 1 time in total.
Deal Fanatic
User avatar
Dec 27, 2009
7941 posts
5483 upvotes
Victoria, BC
Do yourself a favour and forget all about this whole idea. It has disaster written all over it. Why bother? If you are in a place you can't afford without a tenant then get out of there.
Deal Fanatic
Oct 7, 2007
9404 posts
5374 upvotes
Something else to consider is that entering into such a situation could put a lot of stress on your marriage. If you get someone you don't like and the odds are that sooner or later you will discover that the person you have live with you will bother you because they are intimately living in your space, you and your spouse may find yourselves fighting about things more and not getting along.

I agree with many of the posts on here. Don't bother. It's not worth it. Be happy, enjoy your privacy and retain control of your environment.

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)