Press release
Recent Home Buyers Are Overwhelmingly Open to Renting Out Their Home, According to Realtor.com® Survey
In the age of the sharing economy, younger homeowners see their home as a potential income stream and are open to having renters SANTA CLARA, Calif., Sept.
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[{"type":"text","content":"In the age of the sharing economy, younger homeowners see their home as a potential income stream and are open to having renters\n\n\nSANTA CLARA, Calif., Sept. 23, 2021 /PRNewswire/ -- In today's sharing economy, recent homebuyers are overwhelmingly open to using their home as a way to generate income and offset expenses. Realtor.com®'s latest survey found that while many owners are using traditional methods such as taking on a roommate, some are also employing more creative tactics when it comes to generating income from their home, such as renting out their outdoor space or parking spot. \n\"As the next generation of home buyers has embraced ridesharing and short-term rentals, it's a natural next step that they begin to think of their biggest asset -- their home -- as a potential income stream,\" said George Ratiu, manager of economic research, Realtor.com®. \"For people looking to take advantage of the sharing economy, in addition to traditional approaches it may be worthwhile to explore creative solutions, such as listing your home as a vacation rental when you leave town, or renting your outdoor space or pool. Even a small amount of income each month can multiply over a year or more and can turn into bigger returns.\nThe survey of 3,026 consumers, which was conducted online by HarrisX in July 2021, found that:\nSixty-nine percent of recent homebuyers would rent out part of their home if it had a separate entrance, kitchen and bathroom. Thirty-two percent of consumers have already rented out a room, space or outdoor feature of their property, most commonly taking on a long-term roommate (10%) or renting a room on a short-term basis such as on Airbnb (8%).Creative rental solutions that consumers have employed include:\nRenting outdoor spaces such as a parking spot (7%), or a yard/pool (6%). Six percent of those surveyed have rented their whole home while they were away and 7% have lived in a smaller unit on their property while renting out the main house. Consumers said that the biggest reason to rent out part or all of their home was: \nExtra income to save (53%), extra spending money (37%), to lessen the burden of general monthly expenses (35%), to offset major home expenses such as the mortgage (29%), and to cover a family vacation (16%). Rental preferences among homeowners include:\nFifty-two percent of consumers would f...