How to Make Money Renting Out Your Space: Top 10 Smart Money Moves

Renting out space to make money has quite become a thing now. Mainly because there are several situations in which having quite a bit of extra space is quite handy and well, convenient. 

When you rent your home out to short-term lodgers, you’ll never have to worry about your house sitting idle again. Schedule the days and weeks or months in advance, and earn hundreds or even thousands of dollars. 

Most homeowners love the opportunity to make extra money by renting out their space and will stick around to enjoy the extra cash flow. Whether you’re looking to rent out a room in your home or an entire apartment, this article provides options and places to start no matter what your budget is.

So how can you make money renting out your space?

1. Rent Out Your Driveway or Garage

In this economy, everyone is trying to make ends meet – from single moms to retirees. There’s no shortage of people looking for any kind of income they can get. How about renting out your driveway or garage if you are no longer using them? Considering your space’s potential earnings per month, this is a wise move.

Besides, many businesses are looking to rent spaces, including car dealerships, car repair businesses, painting contractors, moving companies, storage companies, and many others.

Whether you live in the city or the suburbs, you probably have space where people could park. Renting your driveway, garage, or yard is currently one of the most profitable ways to make money renting out your space. 

If you have a driveway that fits 2 cars, you can be making up to $200 per month by renting it out. Similarly, if you have a garage space large enough for two cars, you could be making around $100 per month by renting it out.

2. Rent Out Your Garden Space During the Summer Months to Event Companies 

If you have a garden and some spare time, why not rent it out to professionals for events? Events such as pop-ups, or large-scale street parties can offer you a small fortune. The summer months of July and August are so popular that companies offer you the option to rent all of your space, with no limitations of time. 

This business model is so successful because people will pay an obscene amount of money for your space when it’s used for events. See if there is already a demand for hiring out gardens by checking sites such as Airbnb and Craigslist. 

In this age of social media, you could also promote the availability of your garden on Facebook, Pinterest, or Instagram. Also, if you have a skill or business that involves gardening, you could offer assistance to those who want to hire out their space for a summer wedding.

3. Make Money Renting Out Your Space While You’re On Vacation

If you are planning to go abroad for some time, you can increase your income by renting out the space that is no longer in use to other people. You can use all or some of your space for this purpose. You can rent out the entire house, or just your room, garage, or even a parking spot.

Imagine creating a source of passive income while you are sipping Mai Tais on the beach or eating gelato in Florence, Italy, or somewhere on the French islands? Well, you can. It’s called renting out your space. 

Your home may be empty while you’re away on vacation, but it doesn’t always have to be. There are many hospitality exchanges platforms nowadays. They match people who need short-term lodging with people who have space in their home or apartment that they are willing to rent out (for a fee).  

You can make money each day you’re away by renting out your space or apartment.

SEE: Best travel jobs for those that enjoy the thrill of traveling 

4. Host a Foreign Exchange Student

Hosting a foreign exchange student is one of the most popular and lucrative ways to make money by renting out your space. Foreign exchange students pay good money to live in a home, and they don’t always require the same degree of parental supervision that a border or a roommate would. 

The majority of homes with a spare bedroom host a foreign exchange student. This is a great solution if you live in an apartment building with multiple units, or if you live in a single-family home. This is an ideal option for homeowners who own legal separate units within the same property.

Generally, you can make $600 to $1,200 for each student you host. Many host families also receive multiple students in a year and can bring in an additional $3,000 per month or more through hosting students in their homes.

SEE: How to make money with rental apartment

5. Host a Garage Sale

Wouldn’t it be great if you could make money by renting out your space? Well, you can with garage sales. Garage sales are the perfect way to get rid of your unwanted stuff, while simultaneously making some extra cash on the weekend. 

Besides, if you’re lucky, you may find something of value that you didn’t even know you had. Don’t worry if your items for sale are not worth much. There are still plenty of people who are looking to buy certain things at garage sales. You may be surprised at the prices that someone will pay for something they need or want. 

It’s also a great way to make some extra cash by selling things you don’t need anymore. Garage sale season is prime time to make money by renting out your space because people are often looking for inexpensive ways to furnish their newly-purchased homes.

SEE: How to make money with garage sales

6. Offer Overnight Accommodation During Conferences and Fairs 

Whether it is a business event or a social gathering, setting up an overnight accommodation creates more revenue for hotels. Nonetheless, the demand for hotel rooms varies depending on the event. There are chances that the hotel rooms are completely occupied. This is an opportunity to make money renting out your space. 

You can rent out a room in your apartment to people who are attending the event. Moreover, you can also rent out your rooms to people who would like to visit the place over the weekend.

 If you don’t mind the work then this is a great way to make money short term. You can offer such services during conferences, sports events, and fairs. Get additional information from your local tourism bureau if there are many such events in your area.

7. Rent Out Your Space To People Interested In Childcare Services

This is such a great business opportunity for anyone with a balcony and a home in a quiet neighborhood where they don’t hear traffic and loud music. Renting out your space to someone who wants to set up his own daycare center is an excellent idea if you are looking to make money in form of passive income. 

After putting in some effort by decorating the place and making children’s activities, you could end up with a constant source of income that requires little management on your part. 

Baby-sitting, bringing kids to play dates, etc is a valid part of your rental business. For example, parents need to have some time away on weekends. Working moms will be more than happy to pay childcare services some pocket money on weekends or evenings while they go out for some alone time with their spouses.

The more kids they get, the more your money piles up. You can charge a percentage per kid or charge a fixed price. 

8. Make Money Renting Out Your Space On StoreAtMyHouse

The peer-to-peer storage company StoreAtMyHouse offers global peer-to-peer storage solutions. Home, garage, and business owners can rent out their storage space. Depending on the size of the storage and the location a storage provider can earn $300 to $3,000 per year.

Liability insurance isn’t currently offered by StoreAtMyHouse to customers or storage providers, and if it is, it will be an additional fee for landlords.StoreAtMyHouse lets you advertise and rent out your storage space for free, but if you want to use the automated bill-paying system, there is a 15% fee.

In addition, if you wish to have your posting featured on the website, you can also pay a $35 one-time fee.

9. Make Money Renting Out Your Space On ShareMySpace

This is a professional event venue rental website that allows you to easily find and reserve spaces and venues for work, events, art, and sports. You can use it for events like weddings and banquets when you have a non-residential space.

The price to list a private space on the site is $49 per month, while nonprofits and public spaces are $9 per month. You will be notified of booking requests as soon as your space is listed and searchable. 

It is more likely for your profile to be successful on the platform if you add detailed information and photography.

10. Make Money Renting Out Your Space On ParkingForMe

A website that provides parking services to residents of the US and Canada is ParkingForMe. The website finds unused parking driveways and lists them on their websites for people who need to find parking spaces.

There is an option for lenders to register their space and specify timeframes during which the driveway is available to use. You can also set up an advance booking for your driveway. You will be able to set the parking rates once the listing is live. Charges can be made on the website hourly, daily, weekly, or monthly.

It accepts all forms of payment, including credit cards, bank transfers, and electronic funds transfers. This allows you to choose a payment method that best fits the customer’s needs. However, the company does not handle this part of the process.

How Much Money Can You Make Renting Out Your Space?

The rental income from a spare bedroom can range from $100 – $200 per month, and the rental income from an average shed is between $100 and $150 per month. Furthermore, renting out your basement can earn you just over $2000 a year. 

The money you can make renting out a space in your home is almost unlimited. Besides, the answer to how much money you can make by renting out your space depends on factors including where you live, the amount of space you have to offer, whether your space is indoor or outdoor, and how much you charge for rent.

FAQs

What kind of space can you rent out to make money?

 The kind of space that allows people to live there for a short period under their agreement with you. The space can be an entire house or floor, an office, storage units, garages, basements, etc.  

What are the positives of renting out your space?

Renting out your space has many benefits. It is flexible, convenient, and safe. The best part of renting out your extra space is the money you can make. The idea is simple: you post details about your space (size, location, price), people who need it find you and you get paid. Not bad, right?   

Is there anything you should be aware of when renting out your space?

Yes. You should set clear written rules to minimize the chances of conflict with your guest. There are a few things that you should take into account when renting out your space.  First, you should check your lease agreement to see if there are any regulations against subletting. 

In addition, make sure they clean up after themselves. Lastly, you should be aware of the legality of renting out your space. Here, you should check with your city or county to determine if there are any current laws against it, or if there are any laws that could be passed to prevent it in the future.

Final Thoughts 

Space is one of the most valuable resources on this planet. There are many ways to make money by renting out space. If you take the time to develop your space, you could benefit significantly. This article has given the best ideas to make money by renting out your space.

In addition, another way to make money by renting out your space is to consider vacation rentals. This idea is a good option if you have a place located close to resorts and fun parks. See the article on pro tips to make money with vacation rentals for more information.

Considering the entire real estate market might also be beneficial. Entering the real estate market will be the next big thing after cryptocurrency. (at least, some will agree with me). While it may be risky and unpredictable, certain best practices will make you successful.    

See the article on proven tips to make money with real estate for more information. I invite you to explore Tosinajy in case you are interested in other ways to make money or business ideas. This blog has something for everyone.

Thanks for reading.