Need extra cash? Rent out a room for the night!

rent a room

rent a roomAre you looking to boost your monthly income? If so, the solution could be right under your nose - or roof.

In a bid to pull in some extra cash, to help with mortgage repayments or other living costs, a growing number of homeowners are renting out spare bedrooms on a nightly basis.

Perhaps you live in the middle of town and could offer a crash pad to theatre-goers? Or maybe you own a cute country cottage which ramblers would love?

And if you yourself fancy a cheap getaway, renting a room for the night could save you big bucks. A double-bedroom in Shaftesbury Avenue, the heart of London's West End, will cost you just £65 a night!

The trend is expected to boom during the 2012 Olympics, when many of the thousands descending on the capital will want to avoid paying through-the-roof hotel rates.

The findings came to light in data from global homestay website Stephen Rapoport, its founder and chief executive, said: "The revenue which our bookings generate in January could be up by around 100% on bookings for November.

"Some hosts accept visitors for as much as 25 nights per month, but most do not really want people staying all the time, or even for most nights of a week. Our best-earning hosts take well over £1,000 per month from nightly lettings. Others settle for £100 to £150 from guests staying a long weekend.

"This demand which we have tapped into - from hosts and guests alike - is probably one of the few good news stories to come out of recession and global financial meltdown." says it lists 7,000 host properties in 103 countries. About half that total is in Britain, with the most in-demand properties in London.

If all this talk of making a bit of extra cash is getting you hot under the collar, take a look at this guide which helps to explain how your house can make you money.