I’m asked this question all the time. It’s the reason for most of the phone calls to yours2share. People who are considering renting out a room from Monday to Friday are often first time landlords and have no idea what the value of the room is. And of course I have no idea either because I’m not a letting agent, don’t know the locality, and haven’t seen the room.
But I do know how they can find out.
First of all, find out the cost of letting a similar room permanently, preferably in the same road. Local lettings agents, local newspapers, notices in the newsagents window and asking around, should provide this information.
Then find out the cost of local bed and breakfast providers, again of a similar standard room, and if there aren’t any, find out the cost of a local hotel room.
Last of all, and most difficult, try to gauge the availability of the rooms, rented, B&B or hotel.
In general, weekday lodgings will cost a bit less than an identical permanent furnished room, maybe 80%, so if the room would cost £500/month permanently, £400/month Monday to Fridays would be a reasonable starting point. If there are few of these available, then look at the single room at a hotel/B&B as this is the other alternative for someone working away from home. Finally the fewer rooms of any sort that there are locally, then the higher the price can go.
Armed with all this information, landlords should be able to arrive at a sensible price. Be aware that many tenants will also try to negotiate the price down a little.
Here are the current listings of Monday to Friday rooms wanted and available on yours2share.