Demand for Monday to Friday room lets is growing. Weekday rentals can offer real advantages over full time rentals, but there are important differences. With careful planning, you could soon get a rental income from your spare room whilst still enjoying your privacy over weekends and holidays!
Demand for Monday to Friday Room Lets
Recruitment specialists tell us that more and more people are now working away from home during the week. Weekly commuters typically leave home on Monday mornings and return on Thursday or Friday evenings.
Why do they do it? In times of economic uncertainty, people have less choice about where they work and may be more nervous about relocating. It rarely makes sense for short-term contractors to move home just to be closer to work. Recruits taking up jobs in distant parts of the country or in the big cities may find housing too expensive or small for their needs. People may be unwilling to uproot their family and social ties. Daily commuters often find that long working hours, high journey costs and travel times become too much, and they opt instead to stay closer to work during the week.
Monday to Friday Lodgers – the Best of Both Worlds
For homeowners, the most obvious benefit is a rental income whilst keeping the place to yourself over weekends and holidays.
A less obvious advantage for the landlord is that Monday to Friday lodgers are likely to be more independent than full-time lodgers. They will be busy and won’t be around in the day time. Many may be older and will already have their own family and friends elsewhere. They will just need somewhere to eat, sleep and relax in the evenings. From their point of view, staying in someone’s home is probably the most friendly, comfortable and cost-effective choice. What are the alternatives? Hotel life can be lonely and expensive. Traditional flatshares have a different dynamic that may not work well for Monday to Friday lodgers.
Tips for Successful Weekday Lettings
Firstly, think about the type of person you want and what you expect of them. What age, profession, working hours and interests might they have? You should not expect them to be your new best friend, they will be here for work.
Secondly, think about the things you need to offer apart from a comfortable bed and the bathroom. Consider the kitchen, the living room, parking, wifi, and maybe a desk and chair in case they need to work in the evenings.
Thirdly, think about rental terms. Expect the rent to be about one third less than for a full time lodger, and set a minimum rental period that makes sense (typically one month). Be clear about which nights the lodger will be staying. Also agree whether the lodger should pay rent during their holidays. As with any rental, take up employer references, and make a written agreement. You can get tips on setting up a rental agreement from the National Landlords Association
Finally, know your duties as a landlord. Electrical and gas fittings must be checked by qualified persons for safety. Furniture must be fire resistant. You must have working smoke alarms on each floor. You may also need to inform your household insurer and your mortgage lender.
Frequently Asked Questions
Start by placing your Monday-Friday room ad on Roomlets.Rentals. You can set Monday-Friday search filters which will help speed up results. With a 28-day Roomlet Premium plan you can relist your ad free of charge for up to a year after the plan finishes. Ideal for Monday-Friday and short-term lets!
Expect the rent to be about one third less than for a full time lodger.
From a tax perspective, the rental income should easily fall within the Government’s Rent A Room Scheme (limit £7,500 since April 2016), so in most cases there should be nothing to tell the tax man! See our guide: Rent a Room Scheme
If you currently get a single-person council tax discount, this should be unaffected by taking a Monday-Friday lodger, so long as the lodger has a permanent home elsewhere in the UK and is paying council tax on it, or is in full-time education, or on certain benefits. To be certain, check with your local authority.
The Right to Rent Act should not be a concern for Monday to Friday rentals where people are working away from their usual UK home.
Start By Advertising Your Room
We get new users searching our site every day. Start by placing your own listing to make sure you appear in their search results. With Monday-Friday search filters and ad-matching features, you’ll soon be on your way to finding the ideal weekday lodger.