Most people don’t think about the empty space in their home as a way to generate some extra income. These people are missing out and overlooking a wide range of potential sources of passive income.
From houses to parking spaces, you might have some empty space that other people will be happy to pay to rent to use.
Rent Out Your Whole Home While Not Using It
You can rent out your entire home when you go on vacation, or are not using it for any other reason.
For example, perhaps you own your home but are spending most of your time staying at the place of a boyfriend or girlfriend. You could cover the costs of your home by renting it out, either via property management services or as a short-term let on Airbnb. It’s a great way to earn some extra cash while your house is otherwise sitting empty.
The rental income of doing this will allow you to do things like travel more, put more in your savings, buy yourself some treats, or just live a better quality of life.
If you travel often for work or pleasure, you could rent out your property while you’re away. The rental income can help to offset the costs of traveling, allowing you to travel more than you would do otherwise.
Rent Out Storage Space
Self-storage units can be very expensive. However, people don’t need to pay a big corporate chain to store their stuff for them. They can pay you instead.
The ideal space to let as storage space for others to use has its own entrance, so you can give customers access to it at all times. For example, a good option could be a garage, an outbuilding, or a basement with a separate entrance. However, even without constant access, you can let your attic or spared bedroom for storage space too.
There are lots of platforms that have sprung up over the last few years that let you handle letting out storage space, such as Neighbor.com, SpareFoot, and STOW IT.
Rent Out a Parking Space
In urban areas, there is often a big imbalance between demand and availability for parking spaces. If you have a parking space that you aren’t using, you can rent it out and can charge good money for it.
If you live near something like a train station, or an event venue, you may find that demand for your parking space is even higher. What’s near to you that people want to park by, but often struggle to?
In rural areas, there might be less demand for parking spaces, but people are still looking for covered, secure parking for things like boats, ATVs, RVs, and other vehicles. If you have enough room to park a boat, an RV, or another large vehicle, you might find there is high demand and you can charge premium prices.
As with storage space, there are plenty of sites to manage letting a parking space. Try Spacer, SportHero, or JustPark.