Another roomer applicant and this one makes 81K. This one is a nurse who needs a room for 3-6 months in my area. I'm thinking that he'd be the sort of person who'd normally go through Furnished Finder but he's looking to keep it on the cheap. I even suggested one of my studios, but that was going to be double the price, so that was a show stopper. Guy wanted the room. Money needed to get into the room is $ 485 which is the move-in fee plus the first week's rent. That weekly rent works out to be $ 800 a month for a room with a shared bath and kitchen. He's in a hotel now that's killing him and won't have the money to move in until Thursday. I'm out of town then, but I have things set up where I can remotely set the code lock for access.

This has me thinking though. Maybe I need to dial the place up a bit (paint, vinyl flooring, upgrade furniture and etc), raise rents and advertise the rooms on Furnished Finder. I routinely see rooms on FF for rent for $ 1000 a month with shared baths. Going that route doesn't cede renting to the folks I normally rent to, but opens another market. The more I think about this, the more I think I should try this as the risk is minimal.

There is a hospital about 8 or 9 blocks from the rooming house. It was a failing hospital that recently got taken over by a larger area hospital. The applicant is not assigned to that one but one in an adjoining town about 15 minutes away that's much larger. I never considered going after them previously as my place has strictly C class accommodations (clean and functional) in a C class neighborhood. I just never thought it would attract them and I never tried marketing to them. I could develop an update plan by leaving a room vacate to upgrade it and upgrade common kitchens and bathrooms. I'd like to get some hotel type furniture as well. Rather than go whole hog, I'd just do it room by room and then market to see how it goes.

The only potential problem is the tenants would be more transient rather than long term. I have very little turnover now as several roomers have been there over a year. I just had to evict a roomer who had been with me on and off for about 7 years. Those long tenancies mean a gradual upgrade in rooms once they become vacant. Can't do it with the roomer in place.

I'd do a back of the napkin calculation.

I used to work with a guy at a paper mill. Wages were much higher than average for the area. But this guy...single and unattached...chose to live in a tent in the woods for the first year of his employment.

He used the company showers and cafe.

Bought a house with a very substantial downpayment after a couple of years.

Ken, I agree. I'd say the main factor is simply a change in the demographic of folks looking for rooms. The sharp rise in rents has created a different type of roomer in my area general along with transient lifestyles and employment. The nurse is an outlier from the norm though and I need to look at what I can do now to attract them. Upgrading the place may help with that.