Renting by the bedroom allows for greater overall occupancy and more rental income through the duration of the multi-year lease
When you list your property on Alcove, we enable it to be fit for co-living. We do this by breaking the home into more "consumable" units and leasing by the bedroom.
There is a much larger market for room rentals than there is for entire single family homes. By splitting your home into multiple, unique products, we can generate more rental income for you (5-20% more rent on average). Once bedroom leases are signed, we guarantee the bedroom rent in case of tenant default.
On the tenant side, these more "consumable" units are highly sought after for a multitude of reasons:
Flexibility - The ability to rent for a length of time that works for them, rather than needing to find roommates who fit their exact time length criteria. In return, landlords get a diversified set of leases with improved downside protection. If a particular housemate does not to renew, we market that bedroom up to 6 months before it is available, ensuring continued, full occupancy. Our homes remain filled for an extended period of time (typically 2-5 years and until owners want to sell).
Price - Private rooms in shared homes are less expensive than studio apartments, offer access to better amenities, and offer more square footage per dollar to the renter. In addition, tenants take less risk by renting a room instead of finding an entire place and then dealing with the burden of finding good roommates, furnishing the place, and setting up home utilities
Services - Alcove provides co-living services baked into rent like matchmaking of roommates, utility setup, digital payments, common space furnishings, and more.
These are just a few reasons why renting your home by the room is best for both homeowners and tenants. It makes shared living easier!