Saving with 6abc: Renting a room in your home

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April 22, 2014 2:20:44 PM PDT
We've reported on before - the website that lets you rent out your home while you're away to make some extra cash. But does it really work?

One local family says yes.

They call it the "Pink House" - Gaston and Alexa de los Reyes rent an in-law suite and studio apartment in their Philadelphia home most nights of the year.

Alexa de los Reyes says, "Income we get from renting out the units pays our mortgage. It's a very reliable and significant source of income for us."

And they are just one of thousands of families renting out space. Good Morning America's Amy Robach first met the Norries of Montclair, New Jersey last year. They decided to rent out a room in their house on last year because they were having trouble paying the mortgage.

Using a few tips from designer Cathy Hobbs, like a fresh coat of paint, a queen bed or larger, plus professional photos snapped by airbnb, it was ready to rent for up to $85 a night.

They've netted around $6,000 in just over year, giving them a little financial cushion.

Mia Norrie explains, "We bought at the top of the market, our mortgage is higher than we'd like it to be."

And their neighbors are getting in on the action too - using sites like airbnb and 9flats.

One key piece of advice from veteran hosts: lots of communication

"We have a contract. They know what to expect, they know what's expected of them, and there's not going to be any surprises," Alexa de los Reyes said.

As for the Norries, they have been able to hold onto the home they love.

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