How much rent to charge my friend?

[princesspeach21]

I’ve just finished doing my loft conversion (😁) which I’m using as a bedroom meaning my old room is free. I’m quite keen to get a lodger as I’ve got a fair bit of spare space in my house now.

A good friend of mine is looking for somewhere to live as her current housemate is moving back home to her parents’. She asked me if it would be possible for her to start living with me. My only problem is, I’m not sure how much to rent to ask for. My house is in a very desirable location and is nicely decorated, I could get quite a lot on the open market even for the one room. On the other hand I feel like I am being a bit grabby charging that from a friend.

What would you do?

As far as cleaning goes, we have a cleaner so there's never a dispute about who's turn it is to clean the bathroom! If you don't have one I'd use the rent towards getting one so that you both just have to make sure the kitchen is tidied after dinner each night, and the bathroom presentable for the next person. Saves resentment.

+1 for getting a cleaner. Basically mandatory to avoid stresses with lodgers or housemates.

Read this for a better understanding of your rights and responsibilities as a live in landlord. Make sure you have a written agreement signed!

m.spareroom.co.uk/content/info-landlords/whats-the-difference-between-a-tenant-and-a-lodger/

I pay £500 for my room, bills included

The problem you will have when A friend rents in your home is:
You will treat the place nicer than she does because you own it
You will feel she doesn’t treat it well enough because she rents
She will feel she has a right to treat it how she does because she pays rent.

Here comes the home owner snobbery brigade!

I rented a room off a friend and her partner - it never occurred to me to pay her anything less than market rate. It was their first home and I was happy to be giving them the money rather than someone I did not know from Adam.

I've rented to distant friends. I charged market rate minus about 15% allowing for not having to pay management fees plus a nod to being friends. Be aware that having any lodger/renter means you have to be on top of fixing any issues. You might be ok boiling a kettle to wash your hair if the boiler breaks, but you can't expect that from anyone else. If your conversion has depleted your cash reserves factor in monthly maintenance contract or insurance costs to the room rental.
I've also rented from a close friend. Again, I paid slightly under market rate. Honestly, although it didn't spoil our friendship I always felt like a guest despite her best efforts. I enjoyed hanging out but also felt slightly guilty to go out with other people without inviting my friend. It's easy to end up in each others pockets. For a temporary stop gap I think it's fine, but longer term I think an acquaintance makes for a better housemate than a friend.

I think the other thing to consider, going by other posts on here, is how much access she has to areas other than her room. Is she going to be more of a lodger with less access to communal areas or a flat mate with an equal share over the kitchen/remote control etc? If you need her to move out, will you give her notice?

When it comes to the rent, i’d give a little bit of a discount - if it’s not what she wants to pay, she doesn’t have to take it.