6 Ways to Make Money from Extra Space in Your Home

Do you have some space in your home that you do not use? If so, why not rent it out and make some money?

Thanks to the emergence of the gig economy, renting out empty space has become a convenient way for people to make money without leaving their home.

Here are six ways you can make money from the extra space in your home.

Rent it out

There are two ways to rent out the extra space in your home, getting a housemate or listing your property on Airbnb. If you choose to get a housemate, you are guaranteed of a monthly income for the foreseeable future.

With that said, you need to be extremely careful while choosing one, as you might have to share your living space with them for several months or even years.

If you choose to become an Airbnb host, you do not have to worry about sharing your living space with a third-party, as you can rent out your room based on your own schedule.

If you want to rent it out only for two days a week, you can do it. If you want to rent it out only during weekends, you can do it as well. The downside is that you are not guaranteed of a consistent monthly income.

Also, check with your condo board or homeowners association. Many limit or do not allow short-term rentals.

Start a bed & breakfast

If Airbnb is not your thing, you can start a bed & breakfast service for tourists and visitors who need a comfortable yet affordable place to stay.

It’s certainly not as easy as becoming an Airbnb host and requires a great deal of time, effort, and investment on your part, but the returns can be quite significant.

Rent out your storage space

If you have additional storage space in your home, you can rent it out to those who need a safe and reliable place where they can store their stuff.

Ideally, the storage space should have its own entrance (like a garage), so that people can access it whenever they want to.

Just like Airbnb, there are peer-to-peer storage platforms where you can list your property and get in touch with people who might be interested in renting your storage space.

Rent out your parking space

Despite the fact that there are more than a billion parking spaces across the country, finding parking spaces can be a nightmare for most people, especially in congested cities.

If you happen to have a sufficiently large parking space, you can rent it out to drivers who need it. Depending on where you live, you might be able to make hundreds of dollars every month.

Rent out space for events

If you have a large backyard, you can rent it out for engagements, weddings, birthday parties, banquets, art shows, and other such events.

You can also rent it out to low-budget filmmakers who are always looking for properties that could be used as film sets.

Rent out office space

If you have a spare room, an accessory dwelling unit, or a large garage lying vacant, you can remodel it into an office space and rent it out to freelancers, young professionals, and others who might need an affordable yet exclusive space to work from.