There are many ways to earn extra income. Aside from day jobs, people are constantly in search of new and innovative ways to make a buck or two. To do this, you just have to look around and be creative in how you use your resources.
Do you have an extra room in your house or an extra parking spot that’s not being used?
Have you thought about renting that extra space out to make some extra money? You can use websites like PadSplit and other platforms to list your space and connect with people who are looking for a place to stay or store vehicles and other items. Keep reading for a full list of places you can post your available space.
Not only will you be making some extra cash, but you’ll also get to meet new people from all over the world. It’s a great way to learn about new cultures and make some amazing connections.
- 6 tips to make money by renting out unused space at your house
- 1. Decide what kind of space you can rent out
- 2. Figure out how much to charge for rent each month
- 3. Create a marketplace listing
- 4. Market your extra space to potential tenants
- 5. Screen tenants and sign a lease agreement
- 6. Collect rent each month and provide your tenant with all the necessary amenities
- FAQs about Renting Out Space
- What are the tax implications of renting out space in my home?
- Final Thoughts
6 tips to make money by renting out unused space at your house
Do you have an extra room in your house that you don’t use? If so, you could be missing out on a great opportunity to make some extra money.
There are a number of ways to rent out unused space in your home, and each has its own set of benefits and drawbacks. Here are six tips to help you get started:
1. Decide what kind of space you can rent out
You don’t have to rent out an entire room in your house. You can also rent out a section of your house, like a basement or attic. If you have an extra parking spot, you can also post it.
You can also consider renting out other spaces in your house, like a garden or pool. Just make sure that the space is accessible and safe for your guests.
Make sure that the space you are renting is clean and well-maintained. This will give your guests a good impression and help you to attract more customers.
2. Figure out how much to charge for rent each month
Before you start renting out your space, you need to decide how much you want to charge. You can research similar listings in your area to get an idea of how much other people are charging for similar spaces.
You also need to factor in the cost of utilities, like electricity and water. If you’re going to be providing linens and towels for your guests, you should also factor that into your price.
3. Create a marketplace listing
Once you’ve decided on the details of your space, it’s time to create a listing. Make sure that you include photos of the space so that potential guests can get an idea of what it looks like.
In your listing, you should also include the amenities that are included in the rental price. For example, if you’re providing linens and towels, be sure to mention it.
You should also write a detailed description of the space and what guests can expect. This will help to set expectations and avoid any misunderstandings later on.
Marketplaces to post your unused space for rent
There are a number of companies that offer room rental services, such as Airbnb and HomeAway. These platforms can be a great way to rent out your extra space, as they provide built-in marketing and customer support. However, they also take a cut of the rental income, so you’ll need to factor that into your profit calculations.
I recommend listing your available space for rent using one of the following marketplaces as they will prescreen tenants for you and collect the rent. They will keep a small percentage, but in the long run, you’ll have better peace of mind knowing you have a reliable renter.
- AirBNB – rent out rooms or your whole house
- Just Park – rent out your driveway for events near you
- Neighbor – rent out space to store items or vehicles
- PadSplit – rent out any part of your house
- Peerspace – rent out spots for meetings, events, photos & film shoots
- Set Scouter – rent out film-friendly locations
- Spacer – rent out monthly parking spots
- SpareFoot – rent out storage space for furniture, cars, RVs, boats, etc
- Spot Hero – rent parking spaces
- Stow It – rent indoor or outdoor storage for vehicles
If you’re comfortable dealing with tenants directly, you can list your available space on a rental listing site such as Craigslist or Zillow Rental Network. This option can be less expensive than using a room rental service, but it requires more work on your part to screen potential tenants and manage the rental agreement.
No matter which option you choose, renting out unused space in your home can be a great way to make some extra money. Just be sure to do your research and carefully consider all of your options before getting started.
4. Market your extra space to potential tenants
Now that you have a listing, it’s time to start marketing your space to potential tenants. You can use social media, word of mouth, and online classifieds to reach a wider audience.
You can also distribute flyers in your neighborhood or post them in local businesses. Make sure that you include all the relevant information about your rentals, like the price, amenities, and contact information.
5. Screen tenants and sign a lease agreement
The following is only applicable if you do not use one of the marketplaces listed above.
Once you start getting responses from potential tenants, it’s time to screen them. You can use a rental application to gather information about their employment history and rental history.
You should also conduct a background check to make sure that they don’t have any criminal convictions. Once you’ve found a tenant that you’re happy with, you can create and have them sign a lease agreement. Google “lease agreement sample” for free printable lease agreements to use.
Renting out space is a great way to make some extra money each month. Just be sure to do your research and screen your tenants carefully to avoid any problems down the road.
6. Collect rent each month and provide your tenant with all the necessary amenities
Once your tenant has moved in, it’s time to start collecting rent each month. You can use online payments or direct deposits to make things easier for both you and your tenant. Again, if you used one of the marketplaces above, they will collect and distribute the proceeds to you.
FAQs about Renting Out Space
Here are some frequently asked questions about renting out space on your property.
How much can I charge for rent?
The amount you can charge for rent will depend on a number of factors, such as the location of your home, the size of the space, and the amenities you’re providing. In general, you can expect to charge anywhere from $50 to $500 per month for renting out a room in your home.
What are the risks of renting out space in my home?
The biggest risk of renting out space in your home is that you may end up with a bad tenant. To help avoid this, be sure to screen potential tenants carefully and have a solid rental agreement in place. You should also consider investing in renters insurance, as this can help protect you from damages caused by tenants.
What are the tax implications of renting out space in my home?
If you rent out space in your home, you may be required to pay taxes on the income you earn. Be sure to speak with a tax advisor to ensure that you’re complying with all applicable tax laws.
What if you need the space that you’re renting out?
Just in case you need the space back, it’s important to have a plan in place. You can either give your tenant advance notice or have a clause in your lease agreement that allows you to terminate the lease early.
What if your tenants fail to pay rent?
If your tenants fail to pay rent, you can send them a notice of eviction. This is a formal notice that gives them a certain amount of time to pay the rent or move out.
If they still don’t pay, you can then file for eviction with the court. This is a lengthy and expensive process, so it’s important to try and avoid it if possible.
Can I evict a tenant if they’re not following the rules?
If a tenant is not following the rules of your rental agreement, you may be able to evict them. However, eviction proceedings can be costly and time-consuming, so be sure to speak with an attorney before taking this step.
Renting an extra space in or outside your house is a convenient way to earn money. Just be sure to do all the necessary preparations and precautions including screening your tenants carefully. By following these tips, you can ensure a smooth and successful rental experience. We hope that this guide can help you earn extra income with ease.