Some landlords rent out rooms with individual leases in either houses of multiple occupancy or for those renting out extra space in their own home.
If this sounds like you we have outlined some useful information on how to manage this in Landlord Studio.
Step 1: Firstly, you must add a new property making sure that Multiunit/HMO is selected. This is your "Main Building".
Step 2: Next you will need to add the individual rooms as units to the building.
Tap on the "Add Unit" box and name it. For example, "Room 1", "Room 2", "Room 3" etc.
You can do this as many times as you want depending on how many units/ rooms you are renting out in this particular building.
Step 3: To each room you will then need to create a lease.
Step 4: As a final step to set up you need to add a tenant to each room.
Each tenant will be associated with a different lease which may have a different amount of rent than another room.
So, by organizing your property as above you can track which tenants owes how much rent - who has paid and who is yet to pay.
To learn more about tracking rent head over to our help article here.
Each unit/room can have its own expenses added to it. For example, you might purchase a new bed for "Room 2". Which would be an expense against that room.
Alternatively, you might make repairs to a communal area appliance eg. the oven which would be an expense not associated with any one tenant in particular and so you can track it against the main building.
For the purposes of filing taxes for US users we have a specific report (our Schedule E Report) which collapses those expenses to make it as easy as possible to fill out your tax return.
For more details about renting out a room in your house including dealing with deposits, privacy rights, and managing your tax return with Landlord Studio visit our blog: Renting out a Room in your House: A Landlords Guide