Do you have a vacant space in your home that is just collecting dust, or that you simply don’t have a use for? Consider your garage, extra bedroom, or even your self-storage that you pay monthly. These are potential money-makers that could help you pay bills, and who knows, maybe even that dream vacation that you have been so longing for. Renting out that extra space to people who might need it could possibly help fill a huge gap in your financial needs.
Here are some ways to earn extra money using your unutilized space.
- Real Estate Rental
- Rent Out a Room in your Home
- Rent Out Your Garage
- Rent Out your Basement
- Rent Out Your RV
- Rent Out Your Car
- Rent Out Your Storage
- Share Office Space
- Rent Out your Closet
Real estate rental
If you own a property, it can generate a steady monthly cash flow.
If you have an extra condo, house, or even land that is available and just sitting vacant, you might want to consider renting it out. Just be very cautious with possible tenants by conducting background and credit checks, in order to ensure their integrity, so your property will not become a liability.
Rent out a room in your home
Did you just become an empty nester, just become single, or did your roommate just move out, and you are left with an empty bedroom? This is a good way to be happy by earning a little extra income while also avoiding having to live alone.
Have that room rented out and enjoy the companionship of having someone in your home. And chances are, it will benefit that other person too – a win-win for everyone!
Rent out your garage
If you have a garage that you do not use, or that you could clear out easily, then this can be an easy source of income for something that you already have but aren’t using.
You can partition your garage if you want more than one person to rent it out. Depending on the location and size of your garage, you could possibly earn as much as $2,400 per month from just a single renter.
Oh, by the way, a driveway could also be rented out.
There are online platforms where you can post your available space for rent.
Of course, the rental rate, terms, and conditions, and who you rent it out to is all up to you!
Rent Out Your Basement
As we all know, a basement can easily become a stockroom of junk that you no longer need, which could just be donated to Goodwill or your local thrift store.
Once all that extra stuff is cleared out, you can use the space to generate extra income by having it rented out. Also, depending on the size and ingress/egress point(s) of your basement, you might also be able to turn it into an extra room, suite, or villa.
Rent out your RV
Do you own an RV? Many people in the U.S. have RVs that are not used very often. If you own an RV, you could generate passive income by renting it out when you aren’t using it.
You may be able to earn $100-$300 a day, or even more, by renting out your RV. There are several apps, including RVShare, that enable you to rent out your RV.
People rent an RV for their own use for different reasons, such as a one-time vacation or checking out a specific RV model prior purchasing one. An RV can also come in handy as an accommodation for visiting friends/family who need a place to stay, especially if local hotels are fully booked. Someone might also want to rent an RV for a long road trip to multiple places, and they can stay in local RV campgrounds at a very low cost.
Some Types of RVs that you can post for rent out.
- Camper vans
- Travel trailers
- Fifth Wheels
- Pop-up RVs
So, if you are not using your RV, don’t you think it’s about time put it to use for extra income? Give it a try! You will be surprised with how it can help the bills.
Rent out your car
You can also generate passive income by renting out your car.
For renters, it’s an affordable alternative to traditional rental car companies, and it’s a good way to make money if you are already working from home and don’t need your car, or if you are a two-car household and aren’t using that second car.
Some people even purchase additional cars to rent out. Of course, this poses an additional financial and liability risk, so you will want to do your research and make sure it is the right option for you.
There are different apps by which you can rent out your car. Turo is one of them. Turo covers your car with up to a $1,000,000 insurance policy, and you can pick when your car is available and set your own rates.
Share Your Storage
Renting self-storage space and using it to store only a few items can easily put your monthly rent down the drain. This recurrent expense can impact your budget, especially with storage companies being notorious for raising their rates almost every year. All you need to do is just organize our stuff and free up some space. I would recommend making sure everything is labeled so that everyone will know what belongs to you. Storage rental can cost around $200 to $700 per month. Wouldn’t it be nice to just pay half of that?
Share your Office Space
This is one of the best ways to help pay your rent/lease. Or, if you own the unit, you can do what WeWorks does. You can have people pay daily, weekly, or monthly fees to use their rented space to get that office feel. This could also give your career a boost by providing networking opportunities with those who rent part of your space. You can exchange ideas with them, or simply have a companion to go to lunch with. You can set the rental fee. Just make sure you have something useful to offer them for their jobs.
Typical rental fees usually start at about $300/month.
Yes, you read it right!
You can also rent out your closet, or at least a portion of it. This normally lends itself to a dormitory or boarding house situation in which you and others have shared living space. This could also help you pay for your rent. I would strongly recommend using organizers in order to make the most use of your closet space.