I might rent out a room in my house to a roommate. How do I determine how much to charge in rent?

The roommate is going to use electricity and water.

And more water if that person washes and dries clothes there.

And a hair dryer.

And cooking.

The water and electricity should be added to the rent.

Checking the rental ads under rooms for rent will tell you what other rooms are renting for.

Your location also depends on the price. If you are in a good part of town, the rent should be more.

If a room rents real cheap, that means it is in a rough part of town and maybe no AC.

As a guide i would look at the cost of renting a similar sized room in the same area where you live.

As its a mate you may decide to set a lower than average rent for the area , but in compensation state they must be good tenants , clean the house etc and make an effort to fit in with your livestyle.

You may find that by keeping the rent low helps your friendship but remember do state that if excessive bills become the norm then you reserve the right to increse their rent to cover electric etc.

with an additional person in the house, your expenses will go up. So your best bet is to base your rent on half the mortgage payment, plus half the most expensive utilities in the past 24 months.

Remember to get a contract signed and cleaning deposit, etc. Take pictures of the room before.

set it as to whether this person is to be a housemate or a roommate...... a house mate has the run of the house, uses the kitchen, laundry, phone, tv, shower, etc.... and they pay half of everything..... figured ahead by you..... a room mate basically rents a sleeping room from you and doesn't have house privleges....they pay room rent, do their own laundry at the laundramat, stay out of your fridge and don't hang out in your living room unless YOU invite them, that day...... if you're in a good part of town, handy to everything, a hundred a week for a room rental is fair.....see what it would be at a motel that rents by the week for a good idea, too....

also remember this is another person in your house and they should have access to common areas. If you don't mind the intrusion just research the heck out of it before you jump.