Do you have extra space in your home, attic, garage, storage unit, or anywhere else that you are not using? Have you ever considered renting out some of this unused space to make a few extra bucks?
There are many possibilities when it comes to renting out your extra space, take a look at these options and decide which one is best for you!
What Kind of Space Can You Rent Out?
1. Rent Out a Storage Space
These days, storage units can be hard to come by. With many college-aged students and young adults moving back home (hopefully temporarily) during the pandemic, parents are often looking for a place to store their kids’ apartment essentials that won’t fit in the house.
Don’t get rid of your storage space if you are not using it, but consider either sharing it with someone and splitting the costs, or renting it out entirely and making a few extra dollars a month.
Be sure to set up a contract, and make sure that the person you are renting to has insured their property in case of any fire, flood, or theft, and you should be good to go!
2. Rent Out a Parking Space
For those living in urban areas with limited parking options, if you have any extra parking, think about renting it out on a weekly or monthly basis on platforms like Neighbor. You can usually make up to $300 per month by renting out your empty parking space here.
Like every rental opportunity, your location is the most important factor. Outdoor parking can rent for $200-$600 per month while indoor parking can run from $100-$300 per month. Decide on a fair price and consider offering a first-month discount. Have other storage space? Rent out other extra space to earn more passive income through this link.
Doing so is easy, safe and free and most renters can sign up in less than 5 minutes. After all, if you have the extra room that you are not using in your driveway, then you may be sitting on some potential money. Just rememember to be sure you get proper permits if this is an issue in your neighborhood!
Ready for an easy side hustle? With Neighbor, you can earn passive income by renting unused space in your home, garage, or property.
- Earn up to $600 per month renting a garage
- 48 hours to screen potential renters
- Get 1 payment at the end of each month
- $1 million free coverage for hosts
Related: 8 Ways to Get Paid to Drive Your Own Car
3. Rent Out Artistic Amenities and Space
Are you a photographer or artist with a home studio? If you are not using it all day, every day, then consider renting out your photo studio, darkroom, green room, whatever you might have! Your fellow artists will love the opportunity to have a great setup, and you can be very competitive with your pricing since studio time is difficult to find.
Not only will you make some extra cash, but think about the great networking options with other artists in your community! Be sure to check out references if you are thinking about sharing space with a new acquaintance, especially if you have your own expensive equipment.
4. Rent Out Your Home as a Film Set
This option is very fun and can be very financially rewarding. Find out what television shows or movies will be filming in your area, and apply to have your home used as the set. You never know exactly what producers and executives are looking for, some want a particular exterior, some want specific interior conditions.
Your house may be perfect! And, when the show or movie airs, you can delight in telling all your friends about rubbing elbows with the celebrities (after you get back from the great vacation that this option just provided for you!).
5. Create an ADU
Tiny homes are all the rage! Do you have space on your property to build an Accessory Dwelling Unit (ADU)? Whether you choose to erect a tiny home, convert a shed, add an apartment over your garage, or create a “mother-in’law” suite, you may have the option to bring in a substantial monthly income by renting this space. It will require an investment, but you will recoup the costs and begin to see a profit within a few years.
6. Rent Out Your Entire Home While Not Using It
Certainly, you have heard of vacation rentals? Well, have you ever considered renting out your home while you are not using it? This can certainly offset the costs of your own vacation, and there are many ways to get your home listed on a vacation rental site quickly.
7. Rent Your Space for Special Events
Do you have a lovely garden or a large yard? Consider renting out your space for special events. People are always looking for unique settings for weddings and parties, and you may have just what they are looking for!
8. Host a Foreign Exchange Student
Offering a hosting opportunity for a foreign exchange student can earn you plenty of money per month. This type of “space rental” is a bit different than the others listed, since you will have to be involved with this person on a daily basis, but it can be a very rewarding way to earn extra money for your family. Choose short-term or long-term options, and earn several thousand dollars a year!
8 Places You Can Make Money Renting Your Space
Are you ready to rent your extra space? Wondering how to get started? Here are some terrific options to explore!
Neighbor.com
This site serves as a marketplace for people specifically looking for storage options. It isn’t limited to solely storage space, you can also offer spaces for a car, boat, or RV parking, attic space, closet space, outdoor sheds, bedrooms and bicycle parking. Sign up for an account and register your space for rental opportunities! Neighbor.com offers a guarantee to both renters and hosts, ensuring that there is a safe relationship on both ends.
Ready for an easy side hustle? With Neighbor, you can earn passive income by renting unused space in your home, garage, or property.
- Earn up to $600 per month renting a garage
- 48 hours to screen potential renters
- Get 1 payment at the end of each month
- $1 million free coverage for hosts
Airbnb
Becoming an Airbnb host is fairly easy, and a great way to make money on your home, an unoccupied rental property, or any other livable space that you have and are not using. Using a respected service like Airbnb assures your renters that, as a host, you have adhered to specific guidelines and provide certain amenities. You also get to know a little bit about your renters ahead of time, as they are usually rated if they have stayed at other Airbnb locations. If you have spare rooms or living space available, then you can list it and start earning with your space.
ShareMySpace is a great way to register your extra space that can be rented by others for meetings and events. This service allows for simple scheduling and provides great opportunities for marketing, so that you can really leverage your space for some extra money.
StoreAtMyHouse
Like Airbnb, StoreAtMyHouse helps you rent any space you are not using. While Airbnb is used for having people stay, StoreAtMyHouse is intended for storage of “stuff.” Rent your space to people looking for somewhere to store their property. Since most people looking for storage for their property are storing things they don’t really need, they will not be around much and this will require little interaction, though provide a nice supplemental income.
PeerSpace
Do you have a space that is perfect for artists, workshops, meetings, or parties? Try PeerSpace and sign up to have your space rented by someone needing an affordable yet perfect location for their event or their needs.
Stashii
Another great peer-to-peer storage option, Stashii is a way for people who need space to connect with people who have space to rent. Space of any shape or kind is welcomed!
Word of Mouth
You don’t have to go through any specific site to make your extra space available. Tell your friends, colleagues, and neighbors that you have extra space to rent, and they may either have things that they need space for or know someone who does. Good old word of mouth goes a long way, even in today’s high-tech online world!
Facebook or Craigslist
Both Facebook and Craigslist offer you free ways to advertise your extra space for rental. Keep in mind that you are saving some money in commissions by not using a specific service, but you will have to check out your renters on your own and be aware of possible scams.
How Much Money Can You Make for Your Space?
Renting extra space is a great way to make some extra passive income, if you have space you are not using. Depending on how much space you have, and for what purposes it can be used, you can make anywhere from a few bucks a month to a substantial amount of money.
For example, if you have space in your garage that you rent out, you may make a couple of hundred dollars a month. If you have space that can be used for an Airbnb, then this amount can be much higher, as people may be paying nightly or weekly fees that rival those of a nice hotel.
Be sure to do your research to find out what the market rates are, this is where using a site where you register your space can come in handy, because they will do this part for you!
Risks of Storing Other People’s Stuff
Of course renting out your space sounds very simple, but be aware that there are certain risks involved. First, you may be responsible for insuring their property from fire, flood, or theft. You must make sure to take all safety precautions seriously, as you are now taking care of another person’s belongings. There are also risks to your own property, if someone is storing illegal or dangerous items.
You are also opening up your home or your property to strangers, which comes with its own set of risks. If you are having people rent out your home, there is a risk to your belongings, as well. The bottom line is to know who you are renting to, and have a very clear agreement or contract before renting out any space.
FAQs
To rent out office space, you first have to know all of the details, including square footage, access, whether or not it will be furnished, is it ready for rent (e.g., does it need painting or repairs?), how many tenants the space can accommodate, etc. Also, know the local market rates for renting a similar space. If you are not able to manage any tenant concerns, then find a property manager who can. Also, consult with your attorney to create a binding lease for you as a landlord as well as your tenants.
To rent out office space, you first have to know all of the details, including square footage, access, whether or not it will be furnished, is it ready for rent (e.g., does it need painting or repairs?), how many tenants the space can accommodate, etc. Also, know the local market rates for renting a similar space. If you are not able to manage any tenant concerns, then find a property manager who can. Also, consult with your attorney to create a binding lease for you as a landlord as well as your tenants.
Generally, no. but make sure you know the local zoning laws and regulations. Renting a room in your house not only makes you a landlord but also a roommate. As a landlord, you are required to comply with certain safety measures, including smoke detectors, sprinkler systems, security systems, and more. You are also going to be responsible for cleaning upkeep, or for paying someone to perform these duties. As with any other type of rental, be certain to have a clear lease with your tenant.
If you have a storage unit you are not using and want to rent it to someone else, remember that you are still responsible for that unit. This means you are responsible for ensuring that nothing illegal or dangerous is stored there and that your tenant will comply with all the rules of the storage company. Check with the storage facility about whether or not they have a policy about subletting the units.
Depending on the type of space you are renting, the location, and the market need for the type of space, you can rent your space for a few bucks or a lot of money. This is where the sites mentioned above can be useful. They will help you assess the value of the space as well as the market demand and going prices in your region. You will need to find a price that is reasonable and affordable by local standards. If someone can go with a larger company for a lower price, they are unlikely to go with a private person when looking for space to rent.
The answer is yes, you will have to pay taxes on any profit. Your profit may be reduced by any commissions or listing costs when you use a service, as well as any cleaning fees or costs associated with running a rental business.
Conclusion
Renting out your extra space can be a great way to make a passive income with a side hustle. Just do your homework to avoid the potential pitfalls and headaches. When every detail is attended to, this can be a terrific addition to your income!
Ready for an easy side hustle? With Neighbor, you can earn passive income by renting unused space in your home, garage, or property.
- Earn up to $600 per month renting a garage
- 48 hours to screen potential renters
- Get 1 payment at the end of each month
- $1 million free coverage for hosts
