Renting Out a Spare Room to Speed Up Your Savings

Saving for a deposit in Sydney can feel overwhelming. With property prices high, many first home buyers and investors are looking for smart ways to grow their savings faster. One effective strategy is renting out a spare room. This can turn unused space into extra income that directly supports your property goals.

Why Renting Out a Spare Room Works

Sydney has strong rental demand, especially in areas close to the CBD, universities, and public transport. If you have a spare bedroom, you can tap into this demand and earn steady weekly income. This money can be directed straight into your savings account or used to cover living costs, freeing up more of your own income for your deposit.

How Much Can You Earn?

The amount depends on location, property type, and amenities. On average:

• Inner-city spare rooms can bring in $350 to $450 per week
• Suburban rooms may bring in $200 to $300 per week
• Fully furnished rooms often rent for more

Even at the lower end, this extra income could add thousands to your savings each year.

Preparing Your Space

Before renting, make your spare room appealing to potential tenants:

• Clean and declutter the space
• Provide basic furniture such as a bed, desk, and wardrobe
• Ensure access to Wi-Fi and laundry
• Add small touches like fresh bedding and good lighting

A comfortable and well-presented room can attract better tenants and higher rent.

Choosing the Right Platform

There are several ways to find tenants:

• Long-term leases through real estate agents
• Short-term rentals on platforms like Airbnb
• Flatmate websites and community boards

Think about what suits your lifestyle. Long-term tenants provide stability, while short-term renters may deliver higher rates but require more management.

Legal and Financial Considerations

Before you rent out a room, check:

• Local council rules
• Your lease or mortgage terms
• Tax implications for rental income
• Whether you need to update your home insurance

Understanding these factors protects you from unexpected issues later.

How Coposit Fits In

If you are saving for an off-the-plan apartment, renting out a spare room can align perfectly with Coposit. With Coposit, you secure a property with just $10,000 upfront and pay the rest of the deposit in weekly instalments. The rental income from your spare room can cover part or all of these instalments. This way, your current home helps you fund your future home.

Staying Motivated

Renting out a spare room may feel like a lifestyle adjustment, but the payoff is worth it. To stay motivated:

• Track how much rent adds to your deposit savings
• Calculate how many weeks of instalments it covers with Coposit
• Set milestones and celebrate progress

Each rent payment brings you closer to your property goal.

Spare Room Income for Property Savings in Sydney

Renting out a spare room is a simple yet powerful strategy for saving faster. It provides steady income, reduces financial pressure, and works hand in hand with Coposit’s instalment model for buying off-the-plan apartments. For Sydney buyers, turning unused space into extra cash can be the key to securing that first home or investment property sooner.