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As the cost of living continues to rise, many people are looking for new ways to earn extra money. Fortunately, if you own a home, there is a simple way to make some passive income without stepping off your property – by renting out your unused spaces.
Whether it’s a spare room, an empty backyard, or even that unused basement, your space can hold untapped financial potential waiting to be harnessed.
How to Get Started Renting Out Your Spaces
Assess Unused Spaces and Identify Potential Rental Areas
Before renting out any space in your home, it is essential to assess the areas first.
Identify any unused spaces that can be turned into potential rental areas. For instance, if you have a spare bedroom that’s only used occasionally for guests, consider making it available on rental platforms like Airbnb.
Other types spaces in and around your home that you can rent out include:
- A Spare Bedroom
- Garage Space
- Empty Close
- Empty Lot
- Basement Area
- Apartment or Guest House
- Laundry Facilities
Prepare Your Spaces For Rental
Once you have identified potential rental areas, it’s important to prepare them for rent.
Preparing them may involve decluttering, cleaning, and making any necessary repairs or upgrades.
Obtain Necessary Permits and Licenses
Depending on your location, you may need to obtain specific permits and licenses to rent out your spaces legally.
Make sure you research and comply with all local laws and regulations before renting out any space in or around your home.
Determine Your Rental Rates
When determining rental rates, it’s essential to consider the location, amenities, and demand for your rental spaces.
You can research similar rentals in your area to get an idea of the market rates and set a competitive price.
Establish Rental Agreements and Policies
Establishing clear and concise rental agreements and policies for your renters is crucial to ensure clarity. These agreements should include details on rent, deposits, utilities, property rules, and any other important information.
Market and Advertise Your Spaces
To attract potential renters, you need to market and advertise your spaces effectively.
Utilize online platforms like Airbnb, Craigslist, or Facebook Marketplace. You can also create flyers, post on community bulletin boards, or even spread the word through friends and family.
If you aren’t good at marketing and want an easier way to find potential renters, you can use the 17 sites mentioned below.
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17 Sites for Renting Out Your Unused Spaces
Sniffspot is a platform that lets dog owners rent private outdoor spaces for their dogs to play and exercise in a safe environment.
If you have an extra lot or a few acres, you can make money by listing your property on Sniffspot. You can set a price for dog owners to use the space and earn income from each booking.
It’s a great way for landowners to monetize their unused or underutilized outdoor areas while providing a valuable service to dog owners.
Airbnb is a platform that lets people list, discover, and book accommodations, primarily for short-term stays. The platform offers a range of lodging options, from shared spaces to entire homes or apartments.
Property owners can make money with Airbnb by listing their properties (e.g., homes, apartments, rooms) on the platform and renting them to guests.
If you have a spare room that’s currently unused, you can rent it out and earn a decent amount of cash.
3) Home Studio List
Home Studio List is a platform that connects creatives, like photographers, production companies, or content creators, with homeowners who want to rent out their stylish homes or outdoor spaces for film or photo shoots.
Property owners can make anywhere from $150 to $10,000 daily by listing their properties on this platform.
Splacer is an online platform and marketplace that lets property owners list, discover, and book short-term spaces for unique event experiences.
If you have a large room in your home or a beautiful outdoor area, consider listing it on Splacer for a special event.
Do you own property on a stream, river, or lake? Or with mountain views? If so, renting it to campers through Hipcamp is a great way to make extra money.
Hipcamp is a platform that connects landowners with people looking for unique camping and outdoor experiences. It lets property owners list their land as campsites, RV parks, or glamping sites and earn extra income by hosting campers, RVers, and outdoor enthusiasts.
Becoming a Hipcamp Host lets you monetize your unused land and generate passive income. You can also offer some additional services and products to your guests, like guided tours or equipment rentals, to enhance the camping experience and increase your earnings.
YardYum is a platform that lets landowners rent out their yards or gardens to those who need space and want to grow vegetables and fruits.
Gardeners can browse listings, book available spaces, and pay rent while property owners earn income from their unused green spaces.
7) Tripadvisor Rentals
Tripadvisor Rentals is a platform connecting homeowners with travelers seeking vacation accommodations.
Property owners can list their properties and earn income from short-term rentals while providing guests with unique travel experiences.
If you have a guest house or cabin in a high-tourist area that rarely gets used, listing it on this platform is an ideal way to bring in extra money.
Swimply is a platform that lets pool owners rent out their pools by the hour. It works similarly to Airbnb, but instead of renting out a room or a house, you can rent out your private pool.
You can list your pool on Swimply and set your own rates for hourly rentals. By making your pool available for rent, you have the opportunity to earn extra income from your underutilized amenities.
9) Store at My House
Store at My House is a platform that lets you rent out storage space in your home or garage.
If you have a spare closet or unused space in your garage or shed, you can sign up with this platform and rent it out to someone needing storage.
10) Travel Nurse Housing
Travel Nurse Housing is a platform that connects travel nurses with furnished properties for their temporary housing needs.
Property owners can list their homes, garage apartments, or spare rooms and earn income by renting to traveling healthcare professionals while also providing them with a comfortable place to stay.
Spacer is a platform that lets you rent out your driveway, parking space, or garage.
You can earn extra income by listing your unused parking space on the website and setting your own prices.
Spacer is a great option if you live in town and want to rent out parking space to someone who needs it.
VRBO (Vacation Rental By Owner) is a platform that lets property owners rent out their homes or vacation properties to guests looking for short-term stays.
If you have an empty property, you can list it, set prices, and communicate directly with potential guests. VRBO facilitates bookings, handles transactions, and takes a percentage of the booking fee. At the same time, the remaining amount goes to you, allowing you to make money from your unused vacation property.
The difference between VRBO and Airbnb is that VRBO doesn’t accept shared properties. For example, you can’t rent out a room in your home on VRBO. But, if you have a second home, apartment, or cabin, you can rent it to vacationers.
13) Shared Earth
Shared Earth is a platform that connects landowners with gardeners looking for a place to grow their crops. Property owners can make money renting out their land.
Shared Earth provides an opportunity for you to utilize your unused or underutilized space for a beneficial purpose and earn income while doing so.
Peerspace is an online marketplace where people can list, discover, and book unique spaces for events, productions, or meetings.
Peerspace lets you monetize your space by listing it on their platform for various events, like weddings, parties, meetings, and more.
You can earn money by renting out your unique location to people or businesses needing a space that suits their specific requirements.
Neighbor is an online platform that lets you rent out your unused driveway or storage space.
Property owners can make money by renting out their empty spaces to store boats, cars, RVs, and more.
HomeCamper is a platform that connects travelers or campers with private individuals offering their land or camping property.
It lets people experience camping in unique and off-the-beaten-path locations, often on private land, offering a more personalized and diverse camping experience compared to traditional campgrounds.
If you have acreage that you don’t use, consider renting it out to campers for extra income.
Spacefy is a platform that connects people looking for creative spaces (like studios, theaters, galleries, etc.) to rent with property owners who want to monetize their unused or underutilized spaces.
If you own a unique home or space, you can make money renting it out for photo shoots, film shoots, or special events.
Renting out unused spaces on your property is a creative and effective way to generate extra income.
You can make money by listing your spaces on rental platforms or connecting with individuals or businesses while providing valuable services and experiences for others.
With the right approach, you can successfully monetize your unused spaces and turn them into profitable rental opportunities. So why wait? Start renting out your spaces today and unlock their full potential.