Everybody loves some extra income. We live in a ruthless world where money is crucial for survival. Naturally, we, humans, are always looking for income sources that guarantee a thick wad of cash.
One unique but secure way of earning some quick cash comes from renting out unused space. As of 2020, the self-storage industry drew an annual revenue of more than $39.5 billion. The average storage unit price stands at $88.85 per month.
For many people, extra spaces in their homes & lots are some of the most underutilized resources out there. Many of us do not realize the untapped income potential of unused spaces and never consider their unused spaces to generate a secure source of income. From houses to storage and parking spaces, everything can be a potential source of passive income available if you know what & where to look for.
The demand for storage & living space is never waning. Take a look at the different kinds of space that you can rent out for some quick cash.
Why And How To Rent Out Space?
Renting out unused space has three prominent advantages.
- It’s an excellent source of passive income. The demand for living, office and all other kinds of space for that matter, is ever increasing. As population booms and businesses expand, the demand & the price for rentable spaces will only increase.
- Help make connections. You get to interact and deal with different sorts of people and increase your contacts & connections.
- Making the best use of property assets. Find out different ways to rent out your space, be active & aggressive, and your property will become a solid income-generating asset.
While it is not always possible for everyone to rent out their rooms or their whole house for Airbnb, smaller spaces can be used to hire much more conveniently.
- You can rent out a large outdoor patio or a beautiful, well-decorated living room for hosting small-scale parties.
- Oversized garages, storage areas and apartment spaces are in high demand and can be rented out as office spaces, shops, ATMs, workshops, etc.
- Unused sheds or barns can be the perfect warehouses or an affordable alternative to public rental spaces.
- Separate & detached garages are excellent options for storefronts & studios.
The possibilities are seemingly endless. A little bit of creativity can turn any unused space into a decent source of income. Check out with your insurance company, take care of the ownership formalities and get down to the actual business.
Let us now take a look at all the different ways to rent out unused space and earn some quick money in the process.
Different Ways To Make Money By Renting Out Spaces
While you may not rent out your house for money, it is very much possible to earn a good amount of money by renting out your unused storage & event space. Endless possibilities exist if you know how & what renting space has high market demand. The demand for storage space is ever increasing as populations keep booming, and businesses keep on expanding.
All you need to do is get a bit creative and lookout for ways to turn your unused spaces into a profitable passive income. Rooms, garage space, attic space, and any decent amount of space that’s feasible for being rented out can rake in good money once you find the right client or service to cater to.
Here are some of the most profitable ways to rent out any unused space for the money.
- Renting Out Spaces For Projects & Start-Ups
If you have got an unused garage or storage space, hire it out to people & businesses looking for extra space for their projects. It does not have to be something fancy or extraordinary. Those unused square feet of area can be a lifesaver for a weekend mechanic, local artists, musicians, bands, and budding entrepreneurs. It can be an essay help service, tuition centre, a start-up—any business that’s in desperate need of some extra working space.
Market the space you wish to rent out and get in touch with prospective clients using social media platforms, posters, pamphlets, flyers, ads on Craigslist and local periodicals.
- Rent Out A Room
Renting out rooms to students & professionals can be an excellent side-hustle. You can easily find someone or the other who’s not from around and need a new place to live in. Talk with your friends, colleagues and near & dear ones and look for people looking for space.
While many, including your family members, may harbour some reservations regarding sharing their house with strangers, you must do a thorough background check and convince them. Your housemates need not be just young students or office-going professionals.
Remember that once you take in a roommate, you must carefully dispense your responsibilities as a landlord. You have to look to your tenant’s problems & complaints and resolve any dispute amicably so that it does not hurt your income stream.
- Enlist in Neighbor.com and the like
Neighbor.com offers an easy and affordable way to enlist oneself & market their unused spaces for sale. You can put up any space for lease, starting from closet & parking spaces to bedrooms, garages and even storage facilities.
Listing space for rent is free on Neighbor.com. The company offer $1million in liability insurance to hosts, a minimal processing fee of 4.9%, charges $0.30 on every payout and guarantees payment as long as the storage space is occupied, even if the renter stops paying. Renters pay Neighbor.com directly, and the host gets paid through the platform itself.
Neighbor.com is growing in popularity with listing from more than 48 states in the USA, looking to expand further. Carry out all necessary discussions, take a good look at all the policies & procedures, and start making some real cash.
Some other excellent storage rental websites are Stashii, PeerSpace and StoreAtMyHouse. Facebook & Craigslist Ads are other terrific options to inform the world you are offering space for lease.
- Rent Out Unused Accommodations
If you have the necessary assets, then rent out a part of your accommodations. Your property doesn’t need to be located in a someplace posh or desirable place. Proximity to colleges, schools, universities, office areas, hospitals and other utilities can boost demand exponentially.
Decide upon the amount of space and the way you want to rent it out. For example, bedrooms with attached bathrooms have higher demand than those without. Spruce up and decorate the space you intend to rent, take some nice pictures and publish them on Neighbor.com and the like, as well as homework help websites to get people calling.
- Run a Bed & Breakfast
With the right kind of space and property, you can start your very own mini motel with a proper bed & breakfast. Renting out several rooms nightly or weekly can be a highly profitable side-business. The responsibilities & facilities need to be bigger and better, however. Do proper research and prepare accordingly before initiating a BnB business.
- Rent Space For Events
Hold events on your rented out spaces for a good amount of money. It does not need to be some large concert, fair or festival. Housewarming parties, marriage ceremonies, office parties, birthday celebrations and similar small-scale events are excellent options for renting out event space.
And, that’s it for this article. Come back here for more engaging articles on the latest trending topics & news from renowned & respected writers!