Fair rate for subletting 1x a week?

[white rabbit]

For those if you who sublet your spaces or rent in a sublet situation, what do you think is a "fair" rate to charge someone for using your space 1x a week? I know this depends on a lot of factors, so here is a quick rundown of my space:

I pay about $350 a month for a nice (but small) room: about 100-125 sq. feet, large window, central air and heat, epoxied concrete floors, high ceilings, recessed can lights on a dimmer, beautifully decorated. Free off street parking.

Downsides:

-NO storage. Anyone who would sublet would basically have to bring their things to and from the space for each use (linens, lotions, etc.).

-It can sometimes be a bit loud as there are dance classes in the building. (They should be moving out in the next few months though).

-I am a neat freak in my professional space, and would have an issue with someone who didn't leave the space the way they found it.

The room is in a wellness center in a busy, sought after part of town. The center itself was recently renovated and and has a spa quality feel to it. The other tenants are mostly healing arts people. There is a beautiful, custom built shower as well. You can see a photo slideshow of some of the common areas here:

http://www.anewfitnessandspa.com/

Thoughts? When I sublet from someone a year or so ago I was paying $100 a month for use of the space 1x a week. It was not as nice of a sitaution as the one I am currently in though.



If I decide to share my space I want to be fair to both myself and the renter in what I ask. Thanks.

 

[magidge]

Why not look around on craigslist to see what others are charging for similar arrangements in your area?

 

[Arm the Homeless]

Most of the craigslist posts advertising space for rent in my area are not sublet situations.

 

[antonio d]

In the building I'm in they are subletting a room 1 day a week - about the same size (maybe a tiny bit bigger), a large closet for storage, decorated very nicely in a fairly centrally located area of town known for it's hip eclectic shops and holistic healing centers - and the rent is $125/month. If the person rents the room by the month at 7 days/week the rent of the room is $585. I'm in Nashville, TN with a population of 660,000 which will give you a feel for the size of the town. Hope that helps!

 

[Rusty Steele]

Your rent prorated is $50/day.

Pete, recheck your math sweetie. $350/month divided by 30 days comes out to $11.67 per day.

That is assuming the room is used everyday.

Angie

 

[Ella_Fitzzy]

Your rent prorated is $50/day.

Pete, recheck your math sweetie. $350/month divided by 30 days comes out to $11.67 per day.

That is assuming the room is used everyday.

Angie

Nothing wrong with my math. She's talking about renting out all the Mondays for instance. 7 days/week = $350/7=$50 per day of week. Sorry if my wording was confusing.

Pete, I read it the same way that Angie did.

I pay about $350 a month for a nice (but small) room

That means Gessika is paying $350 per month / 30 days; which is $11.66 per day. If she were to charge just what she pays, and rent her room out one day per week, that would be 4 days per month (though a few months have 5 weeks) x $11.66 = $46.64 per month.

Though of course she should be charging more than what she is paying because she is the one carrying the primary contract and has the greater responsibility.

Gessika, in the town where I live, $25 per day is about the going rate for those who are splitting rent between therapists who rent the same room only on different days of the week. There is another therapist in town who rents out his rooms for $10 per massage, and requires a minimum of $50 per month. However, scheduling is more difficult for the therapists. I'd think the "per day" charge is more preferable.

 

[oneclickwonder]

I read it the way Pete meant it, due to having done this before.

Gessika, IME, charging by the session doesn't work. The therapist gets total access on those days, you can't sublet to someone else, they aren't necessarily motivated to fill the schedule because all risk is being assumed by you. When I've done it this way, sometimes I made $120 in a month, but mostly I made $0 due to the therapist saying things like "well, I know this client, so I'll just see her at home."

Average 120sq.ft. massage room with decent amenities around here goes for $400/month. Sublet prices average as follows:

1 day/week = $100/month
2 day/week= $175
3 day/week= $250
4 day/week= $325
5 days hits full rent.

If you're renting a room in a small suite, you should come out on the "I pay less than my lessee" end of the deal. F/I, your suite has two treatment rooms, the rent is $800/month, you should probably rent the second room out for about $450, provided it is a decent space.

Same with renting your personal treatment room, you assume all of the risk, provide a great deal of the equipment. Set it up so that 4 days rented out individually would cover your entire space rent + a touch. 5 days rented out to the same person should = a full month rental rate.

And get a contract. And don't take the first person who comes along because you want/need the extra money. Make sure it is someone who has a little business sense. (I made that mistake too. gah.) Collect first and last, or get a deposit. If the person wants to pay you "next week" instead of when the first monies are due, break the deal. Write it into the contract.

My first few months in business, I was pulling my hair out (and not getting any good marketing done,) because I spent all my time and mental energy dealing with a problem sub-lessee. He was a friend, but in an unstable time in his life. I finally had to make the agonizing decision to say "I'm sorry things are rough, but this is my business, and I have to treat it as such. I expect you to be out by X day."

:?

Now, I have two officemates who share the second room, they are EXCELLENT roomies, and I've very glad to have them. Clean, reliable, nice... I also occasionally "loan" out my treatment room for a small fee.

 

[Panda Bear!]

Thanks everyone for your input. I am definitely not interested in doing a "rent per session" deal. That gets too sticky. It would be full access for each day the leasee rented, and I would expect to be paid even if they didn't have clients. I still have to pay my rent no matter what!


I only have the one room, (my treatment room) to rent. I don't have a "suite" that includes a private waiting area and bathroom, but those areas are provided in the building itself (large reception area and four bathrooms plus a shower are in the wellness center and available to all tenants).