How to Make Extra Money by Renting Out Unused Space

We all have some space in our homes or properties that we barely use. It could be an empty garage, a basement filled with old boxes, or even a spare room you don’t need anymore. Did you know you can turn that unused space into a steady source of extra income? Renting it out can help you make money with minimal effort and may even help someone who needs affordable storage or workspace.

If you have extra space, you can rent it out for storage, parking, or even as a workspace. This is a simple way to make extra money.

What Kinds of Spaces Can You Rent Out?

The first thing to figure out is what kind of space you have available. Each type of space can serve a different purpose, so think about what might work best in your area.

Garage: A garage is perfect for renting out as storage for cars, boats, or recreational vehicles like ATVs and snowmobiles. You could also offer it as a workspace for people who need to tinker with their cars but can’t do it in their apartment parking lot. If you’re in a busy city, you could rent out your driveway for commuters or people attending local events.

Basement: Even if your basement isn’t fully finished, it can be useful. Many people need storage for items like furniture, seasonal decorations, or even students’ belongings during summer vacations. If the basement isn’t completely dry, consider using pallets to keep stored items off the ground.

Spare Room: A spare room can be rented out for a variety of purposes. It could be a short-term rental for travelers, a long-term rental for someone who needs a room, or even a workspace for someone working remotely.

Attic: Attics are often overlooked but can be great for storing things like holiday decorations, boxes of old clothes, or rarely used items. Make sure the attic is clean and free of pests before renting it out.

Outdoor Space: If you have a large yard or empty land, you could rent it out for parking, small events, or even gardening. Urban areas with limited parking are especially ideal for this.

How to Get Started

Getting started doesn’t have to be complicated. Here’s how you can make the process smooth and easy.

Clean and Organize the Space: Before listing your space for rent, make sure it’s clean and free of clutter. For example, if you’re renting out your garage, remove personal items and sweep the floor.

Take Good Photos: People want to know what they’re renting. Take clear pictures of the space from multiple angles. Show its size, features, and condition.

Set a Fair Price: Research the going rates in your area for similar spaces. You can look online or ask people locally. Don’t overprice or underprice your space.

List Your Space: Use platforms like Craigslist, Facebook Marketplace, or specialized websites like Neighbor or Spacer. Make sure your listing has all the details, including the size of the space, what it’s suitable for, and any restrictions.

Create Simple Rules: Be clear about what is allowed in the space. For example, you might not want someone storing hazardous materials or using the space for loud activities.

Consider Insurance: It’s a good idea to have some form of insurance in case anything goes wrong. For example, if someone’s items get damaged while in your space, you’ll want to know who is responsible.

Common Questions

Can I rent out a space that isn’t finished?
Yes, absolutely. Many people just need a simple storage solution. For example, I once needed a place to store furniture and didn’t care if the basement was unfinished as long as it was dry and had some basic protection.

Do I need to be home when people use the space?
Not necessarily. If you’re renting out storage space, the renter might only need to access it occasionally. For workspaces or parking, you might want to set up a schedule for access.

What if I don’t know what to charge?
Start by checking local prices online for similar spaces. It’s better to start a little lower and raise the price if there’s high demand.

What if someone damages my property?
This is why having a written agreement and insurance is helpful. Make sure to document the space’s condition before renting it out.

Can I rent out space short-term?
Yes, short-term rentals are a great option. For example, someone might need storage for a month while moving, or your driveway could be rented out for a weekend event.

Creative Ideas for Renting Out Space

You can get creative depending on the type of space you have and what people in your area might need.

• Storage for Online Sellers: If someone sells items on eBay or other platforms, they might need space for storing their inventory.
• Car Repair Garage: Rent out your garage for DIY mechanics who can’t use their apartment parking lots to change oil or fix brakes.
• Event Space: If your property has a nice yard, you could rent it out for small gatherings, like birthday parties or baby showers.
• Seasonal Storage: Offer your space for storing seasonal items like Christmas decorations, summer furniture, or even sports equipment.
• Commuter Parking: If you live near a train station or bus stop, your driveway could be valuable parking space for daily commuters.

Key Points to Remember

• Clean and prepare your space before renting it out.
• Take good photos to attract renters.
• Research local prices to set a fair rate.
• Be clear about the rules and usage restrictions.
• Insurance is a good idea for protection.
• Short-term rentals can be just as profitable as long-term ones.
• Get creative with how you use your space.

If you have any questions, comment below.