There is a boy who discovers a monster living under his bed, he is frightened but the monster reassures him he is only renting the space under his bed and he will not harm him.

Soon, kids at a nearby park begin to go missing and the boy realizes it’s the monster causing this. The boy uses this to his advantage by luring bullies to the park and having the monster dispose of them.

Towards the end, the boy is walking home and sees the monster on a swing at the park. When the boy approaches the monster tells him “I’ve relocated” and begins to grin.

I watched this on television in the mid 90s, not sure if it was a movie or a tv episode.

Any help is appreciated, thank you!