To make homesharing as easy, secure, and accessible as possible, Silvernest provides identity verification, roommate compatibility matching, secure in-app messaging and all the tools you need to create a lease and/or homesharing agreement, collect rent and protect yourself and your belongings.

To cover the cost of these and other services, there are two types of fees you will encounter as you use Silvernest:

Optional Background Screen Fee

Many Silvernest users proactively complete a background screen to make their profile stand out and demonstrate their interest in homesharing. Many others complete a background screen at the request of a potential housemate.

In either case, users who complete a background screen pay a one-time fee of $29.99. Screen results are good for 90 days and can be shared with as many users as desired (not just the person who requested the screen).

Silvernest partners with best-in-class background screen company, Checkr, to enable background screens on our platform.

5% Monthly Service and Insurance Fee

Once you have found someone to rent your spare room, we highly recommend you build a lease and set up automatic rent payments through Silvernest. Doing so will allow you and your housemate to enjoy important security and rent management capabilities without impacting your existing homeowner’s insurance premium.

When you use Silvernest to manage your homesharing relationship, you get:

  • Secure, automatic direct deposit of rent into your account every month

  • Liability coverage for the housemate, which protects your home against up to $100,000 in accidental damage the housemate might cause

  • $10,000 in coverage for your housemate’s belongings

  • Seamless policy enrollment with no deductible

To cover the cost of these services, Silvernest charges a fee equivalent to 5% of your monthly rent amount. For example, if you’re renting out space in your home for $500/month, the Silvernest fee would be $25/month, deducted automatically as part of the rent payment transaction.

Folding the Service Fee into Monthly Rent

Many Silvernest users have an amount in mind that they would like to earn in rent every month. If you want to take home a certain amount of rent income, you may want to consider adding the Silvernest fee amount to the monthly rent you charge.

For example, if you want to take home $500/month in rent income, you’d want to charge your housemate that amount plus 5% ($500 + $25 = $525). This way, when the 5% Silvernest fee is deducted during the rent payment transaction, you will end up with your desired amount of take-home money.

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