Rentin’ Rooms in your House

Why U No Use Rent Calculator?
Most Splitwise Man In The World

If you are going to rent out a room in your house, especially to a friend, you need to pick a fair price that also reflects the market. One reader asks:

Dear Splitwise,

How would you charge if you rent out a room with a private bathroom in the home that is your primary residence, which you own?

Sincerely,
Landlord in Training

Hi Landlord in Training,

Great question. As it happens, I just had to help my parents do this. Here’s what you need to know: Continue reading Rentin’ Rooms in your House

Does it really work? Feedback on the Rent Calculator

Thanks to interest from readers and responders like you, I have had a lot more opportunity to check my original work and the calculator is holding up quite well under public scrutiny. Thanks to everyone who gave feedback or wrote notes of congratulations – it’s made this whole project really, really fun!

Right after launch, I started collecting voluntary feedback from people using the calculator. Originally, I simply asked people to rate the calculator on a 1-5 scale. Here are the results from the first 1,338 respondents (before I switched the feedback system to the present one, which is still collecting data).

Continue reading Does it really work? Feedback on the Rent Calculator

Survey results – Split the Rent accurate to within 10%

Fairness is a funny thing. One person’s fair is another person’s rip-off. So it is important for a rent-splitting calculator to jive with a broadly intuitive sense of fairness. It can’t just be what I think is fair – or what any one person thinks – or it won’t be useful.

In order to validate and calibrate the formula I used for the rent-share calculator on this blog, I did a rather in-depth survey on “apartment sharing fairness” with my friends. Here are the results – enjoy!

Continue reading Survey results – Split the Rent accurate to within 10%