How to Make Extra Money by Renting Out Unused Space is a post originally published on: Everything Finance - Everything Finance - Its all about Money!

Do you have extra space in your home, basement, attic, garage, storage unit, or anywhere else that you are not using? Have you ever considered renting out some of this unused space to make a few extra bucks? There are endless possibilities to earn passive income when renting out your unused space. Take a look at these options and decide which one is best for you!

1. Extra Parking Space Rental

If you live in an urban area where Parking is limited and have extra parking think about renting it out on a weekly or monthly basis to earn extra money. You can usually make up to $300 per month by renting out your empty parking space 

Many motorists will gladly pay you to use your parking space. And the best part about renting out a parking space is you usually don’t have much in terms of maintenance or upkeep, so you’ll enjoy 100% of the profits.

2. Renting Out Your Basement

The basement is one of the least used spaces in any home.  Why not turn your basement into easy passive income instead! Make sure you give the entire basement a thorough cleaning before letting anyone store their belongings down there. Add shelving for proper storage and make sure the renter insures their belongings.

RELATED: What is the Difference Between Airbnb and Airbnb Experiences?

3. Rent Out Your Home as a Film Set

This option is very fun and can be very financially rewarding. Find out what television shows or movies will be filming in your area, and apply to have your home used as the set. You never know exactly what producers and executives are looking for, some want a particular exterior, and some want specific interior conditions.

Your house may be perfect! And, when the show or movie airs, you can delight in telling all your friends about rubbing elbows with the celebrities (after you get back from the great vacation that this option just provided for you!).

4. Renting Out an Unused Room in Your House

If you have unused space in your home, renting out a room might be a nice way to earn some extra cash. Renting out a room in your house may be an actual bedroom, mother-in-law space, or some combination of bedroom and bathroom, plus kitchen access.

5. Rent Out Your Entire Home as a Vacation Rental

Certainly, you have heard of vacation rentals? Well, have you ever considered renting out your home while you are not using it? This can certainly offset the costs of your own vacation, and there are many ways to get your home listed on a vacation rental site quickly.

6. Rent Your Space for Special Events

Do you have a lovely garden or a large yard? Consider renting out your space for special events. People are always looking for unique settings for weddings and parties, and you may have just what they are looking for!

7. Renting Out Your Attic

The attic like the basement is also one of the least used rooms in the house. The attic can make an ideal storage space with some adjustments and renovations. Adding proper lighting and easy accessibility and an attic can bring additional income each month. Make sure to disclose if you have heating or air conditioning in your attic, as some people may not want their items exposed to the elements.

Places You Can Make Money Renting Your Space

Are you ready to rent your extra space? Wondering how to get started? Here are some terrific options to explore!

Neighbor.com

This site serves as a marketplace for people specifically looking for storage options. It isn’t limited to solely storage space, you can also offer spaces for a car, boat, or RV parking, attic space, closet space, outdoor sheds, bedrooms, and bicycle parking. Sign up for an account and register your space for rental opportunities! Neighbor.com offers a guarantee to both renters and hosts, ensuring that there is a safe relationship on both ends.

Airbnb

Using a service like Airbnb assures your renters that, as a host, you have adhered to specific guidelines and provide certain amenities. You also get to know a little bit about your renters ahead of time, as they are usually rated if they have stayed at other Airbnb locations. If you have spare rooms or living space available, then you can list it and start earning with your space.

StoreAtMyHouse

StoreAtMyHouse helps you rent any space you are not using to store their stuff. Rent your space to people looking for somewhere to keep their property. Since most people looking for storage for their property are storing things they don’t really need, they will not be around much and this will require little interaction, though providing a nice supplemental income.

PeerSpace

Do you have a space that is perfect for artists, workshops, meetings, or parties? Try PeerSpace and sign up to have your space rented by someone needing an affordable yet perfect location for their event or their needs.

Word of Mouth

Tell your friends, colleagues, and neighbors that you have extra space to rent, and they may either have things that they need space for or know someone who does. Good old word of mouth goes a long way, even in today’s high-tech online world!

The Bottom Line

Do you have any of the unused spaces listed above, you can use them to generate income on the side by renting them out. Before renting your space make sure to do your due diligence and ensure that your rentals are legal and safe for the renters. It is also prudent to offer the best services possible to maximize your income.

What are some additional ways you can think of to generate income from your unused space?

How to Make Extra Money by Renting Out Unused Space is a post originally published on: Everything Finance - Everything Finance - Its all about Money!