Expert says renting a room out is a simple way to make money

Those with buy to let house insurance could face increased competition for tenants from homeowners looking to raise some extra money, as renting a room out is a simple way for them to do so.
Matt Hutchinson, director of SpareRoom, said that this is becoming increasingly popular with consumers who are facing significant financial pressures.
"It is a simple way of making an extra sum of money out of an unused asset. The biggest untapped asset that people have got is their home," he stated.
One of the main drivers behind the trend is that many consumers purchased properties on high salary multiples and are struggling to meet their mortgage repayments as a result.
A recent report from Santander Mortgages found that one in ten homeowners are renting rooms to lodgers in a bid to generate extra cash, accumulating £182 per month on average, which works out to £3.9 billion a year collectively in rental payments.
Posted by Royston Hunter