5 Ways to Make Money Renting Out your Space
Need some extra cash to manage your expenses such as mortgage payments or emergencies or vacation funds or property maintenance? Well, you don’t have to worry about such expenses if you have a spare room in your home or an extra space in your garage. You can make good amounts of money renting out your space. Yes, you can start earning a steady passive income without having to put much effort.
However, you need to do some research about how to rent, what you can rent, and how to get paid smoothly and avoid any unnecessary hassles. Once you have decided what you can rent to make money out of it, you can explore different ways to list and promote your space to draw renters.
Okay, if you are still not clear about what to rent out, here are a few things you can consider. Any spare room, extra bedroom, storage space, parking space, some area in your garage, and your garden to organize events can bring you money if you plan properly. You can host tourists for a couple of days or rent out some part of your shed to a car or boat owner who needs it. Thus there are a few legit ways to make money without any effort.
So, let’s look at what are those ways and how to make the fullest of your unused or rarely used space.
Airbnb is an online rental marketplace where people can host their homes to renters and make money. There are nearly 2.9 million hosts and 14000 new hosts joining every month. It’s easy to make money with Airbnb as all you need to do is simply list the available space and upload pictures of it on the platform.
It is highly profitable to host if you have a rental property nearer to tourist attractions, universities, or in the center of the city. The best part here is that you can set your own rates however, it should be below 60%-80% that of official rental properties such as hotels.
Additionally, Airbnb offers $1 million in protection for property damage and liability insurance for free. So, if you are looking out for some quick cash and have a spare room, rent it out. You can make lucrative money during tourist seasons.
Want to make cash but don’t have a spare room? Don’t worry, rent out some part of your garage through Neighbor.com. You can rent out the space left after parking your car. Or you can even rent that garage for self-storage, boat, RV storage, parking space, warehouse storage, etc.,
You can list your storage space for free on Neighbor.com. It asks you to pay 4.9% of reservation amount and a flat $0.30 for each payout as a processing fee, though. Isn’t it the best way to make money using your unused space?
Peerspace is one of the best ways to make decent income sharing your space. You can rent out your space for photo studio, kitchen, loft, classroom, birthday party, office meetings. If your space has a vintage look you can share your studio for video shoots, promotional photoshoot, or reception. Thus you can make a pretty penny renting out your space this way.
Store At My Home
Store At My Home is a peer-to-peer rent storage platform where you can connect with peers who need storage space. So, register and list your space for free on the platform. The company also offers $1M in liability protection.
You can opt to use their automated billing software and pay a 15% fee. There is no doubt Store At My House has been serving as “Airbnb” of self-storage for over 10 years as it claims.
Want to declutter your home to make it more spacious? Consider selling your used books, also make money. You can rent out space as a storage for books for renters and make money.
If you feel your space suits to organize events, parties, art exhibitions, or as a parking space, then ShareMySpace is the right platform to list your space. It’s an easy way to list and promote your space or venue for both people who have residential space and non-residential space. Yes, you can share your office space with a virtual office team and cover your property taxes. Though you will have to pay a fee to list your space, the profit you get covers that.
Now that you have made it to end, so here is the bonus tip for you to make money renting out your space without having to pay a penny.
Promote your listing on all your social media channels. All you need to do is click nice pictures of your house and post it as available on your feed with relevant keywords and descriptions. Social media channels such as Facebook offers you space on buy and sell marketplace to promote your listing. Also, can also post the availability on your Instagram. However, you need a relevant following to attract renters from social media.
The other powerful way is Word of Mouth. Let your neighbors know that you rent your space for reasonable prices, so that you may get leads from them.
Tips to Make Most Out Of Renting your Space
- Ensure you read the policies of companies before you register and list your space in them.
- Proceed only if you are guaranteed about payment, your privacy details provided when registering, and complete details about renters to avoid any unwanted things such as robbery, damage, payment due, etc.
- Keep your space updated with WiFi, especially when you are renting for an office and beautiful when sharing for a video shoot. The more your place pleases the more it makes.
- If you want to make renting out your space as a long-run side hustle, then consider taking quality photos of your place before you list.
- Don’t worry if you don’t own a space, you can share your space with someone else if your landlord agrees for it.
Making money without even lifting a finger is possible, but you need to have some extra space in your home. In fact, this is definitely a great option to earn some cash to contribute to your future plans as you can make a handsome income without disturbing your full-time job or business. So, consider renting out your space when you have a spare room or when you travel for a vacation, let your home make money when you are not around.