Today we will tell you how you can make money renting rooms of your house
You may not be able to rent your property, but you can rent storage and event space more easily than you think. The choices are virtually unlimited. When you become inventive, you may turn any vacant space into productive passive revenue.
Have you bought a house that you found has more space than you need? Then we suggest you check out this method to earn from this extra space.
What Kind of Space Can You Rent Out To Make Money?
You may not be able to rent your house or a room in your home on Airbnb, but you may probably rent storage and event space more easily than you think.
A lovely living room or outside patio can be a terrific spot to host parties and bridal or baby showers.
If you have office space, you can rent the address as a mailing address for virtual firms.
Half of a double garage can hold someone's classic car or act as a workshop.
A vacant shed or section of a barn could be a cheap alternative to public storage.
A detached garage or pool house may serve as a storefront or an artist's studio.
Part of your lawn can be used as boat or RV storage.
The choices are virtually unlimited. When you become inventive, you can turn any unused space into productive passive revenue. Just check local rules or if you reside somewhere with a homeowners association, verify it's possible to rent your space.
You might also want to check with your insurance company to see what coverage you have or whether you should consider obtaining an umbrella policy.
7 Places You Can Make Money Renting Your Space
While you have to pay some costs for using a listing service, you gain two benefits. First is visibility. You'll get your place in front of customers looking for exactly what you're selling. The other is payment processing.
Some firms also offer supplemental insurance coverage you can purchase to protect your property and your tenants' valuables.
It's nice to make money by renting out your place. But if you have a tenant who doesn't pay or is the victim of theft and your tenant's property is stolen, then having the protections afforded by a third party will be helpful when turning your home into a company.
Neighbor.com offers an affordable option for customers to self-store their goods or cars. The website boasts it provides storage and parking spots for half of what self-storage firms charge.
You can locate lots, garages, bedrooms, and even storage facilities on Neighbor.com. This may be an excellent way for students to create passive income if they have a spare closet or parking spot on campus but no automobile.
Renting shed space or your basement are also options to make money with property.
Jennifer Walden, Director of Operations at WikiLawn, leases her shed out through Neighbor. Walden fixed her pricing at $50 a month, and the renter pays Neighbor directly. After a 4.9 percent processing fee and $0.30 for every payout, Walden gets paid the remainder through the platform.
“While we do expect myself or my husband to be home when the renter comes by, they may send us a text and go in through the gate with their key to the shed. The only thing we have in there is what they're storing, of course,” Walden added.
It's free to list your place on Neighbor.com. Hosts are protected by $1 million in liability insurance and are guaranteed a monthly payout while the storage space is utilized, even if the tenant stops paying.
ShareMySpace is a professional event venue rental website offering a simple method to search and book rooms and venues for work, events, art, sports, and more. It's useful for folks who have non-residential space that can hold events like weddings and banquets.
It costs $49 per month to list a private room or $9 per month for NGOs and public places.
Once your space is published, it's searchable and bookable, and you'll be notified of any booking requests. The more details and photographs you add, the more likely you will find success on the site.
StoreAtMyHouse delivers peer-to-peer storage options around the world. You can rent out storage space in your house, garage, and company. StoreAtMyHouse states storage providers can make $300 to $3,000 per year depending on where they're located and the storage size available.
StoreAtMyHouse doesn't offer additional liability insurance to renters or storage providers and states that if it does become available, there'll be an additional expense to the landlord.
Posting and renting your storage space through StoreAtMyHouse is free, but there is a high 15 percent fee if you wish to use its automated invoicing system. You can also pay a one-time $35 to have your posting listed on the website.
PeerSpace offers unique places for meetings, photoshoots, parties, performances, and other events. Spaces that do best on PeerSpace are industrial, antique, modern, or are out-of-the-ordinary.
It's free to list your extra space through PeerSpace. You may establish your fee, charged by the hour, and you're also protected by $1 million of liability insurance. Payout is directly paid into your bank account after each event, less a 15 percent service fee.
Stashii is a peer-to-peer storage and parking marketplace based in Canada. Listing your space on Stashii is entirely free, and payments are made the first week of each month. The only charge is a 3 percent transaction processing fee.
While Stashii provides $50,000 in insurance to renters, storage owners are not covered. Stashii promises to be able to assist you with a variety of issues, including but not limited to payment, storage removal due to an overstay, and renter lost item claims.
Getting the word out about your excess space can sometimes be all it takes to rent it out.
Parking in Washington, D.C. is notoriously difficult, and garages charge exorbitant fees. When FreedomRep's Ilir Salihi moved into his new house in Washington, D.C., he discovered that a couple of his neighbors were renting out their garages to commuters throughout the week.
Salihi only mentioned that he was renting his garage, and he was soon offered $100 per month. They agreed to a six-month contract to test the arrangement, with the tenant having access to the garage Monday through Friday from 7 a.m. to 7 p.m.
“I was able to park my automobile on the street with a permit and still have a storage room in the garage.” “This turned out to be a simple-to-manage passive income stream that I kept for a few years,” Salihi remarked.
7. Facebook or Craigslist
You might also advertise your available space on your own. Facebook Marketplace and Craigslist are popular platforms that, while not specialized for storage, can help you get more people to see your ad.
You don't have someone to vouch for potential renters, unlike word-of-mouth, so be extra cautious while interviewing folks. To protect yourself and your property from responsibility, it's also a good idea to have renters sign a contract.
How Much Money Can You Make for Your Space?
Renting out your room is a simple way to supplement your income. You should expect to make approximately half of what storage firms charge for comparable-sized storage units, and depending on which platform you use to advertise your space, you should have no trouble finding renters.
Other considerations to consider when pricing your storage space are where it is located, if it is air-conditioned, and accessibility.
You can also compare pricing before deciding on one. “I would periodically post ads on Craigslist,” Salihi explained, “but this was more to test the market and see if I was charging a reasonable price for the parking space.”
Also, don't forget to deduct eligible expenses related to the cost of renting your space from your taxes.
Risks of Storing Other People's Stuff
Every source of income carries its own set of hazards. Allowing others to store their belongings on your property gives them access to your home or land. You can control when kids can use it, but you'll have to be flexible with your schedule.
Furthermore, you incur the danger of your tenant not paying you, damaging your shed or other property, and storing prohibited stuff. Even if you have the security of a firm like Neighbor, you are still renting your space at your own risk.
Don't let those things discourage you. You can safely generate passive income from your house or outbuildings if you take all essential procedures.