If you have any extra space to rent, you can create a nice side hustle for yourself. Renting rooms is probably the first idea that comes mind, and is also pretty easy to do. You can post your available room to different community boards and to friends on social media, and you can use Craigslist to find a wider audience. Just be sure to be careful if you open it up to the public like that.
There are probably other things that you can rent as well. You could rent your garage as a workspace for an artist, or you could rent your shed for as extra storage space for somebody. With our lives getting more complicated and cities growing all the time, space is becoming more valuable. If you have a large living area and work from home, you could even charge a small fee and allow people to use your living room like a shared workspace. The variety of options when renting out space is why it made it onto our Side Hustle Master List.
Requires real estate ownership, advertising, taking on landlord responsibilities; inherently more risk as it requires more hands effort than AirBnb, but potential for higher direct profits
Things to Consider
If you’re thinking of renting to friends or family, you probably don’t need to worry too much about the details. But there are a couple of things to be aware of when dealing with the public. Know the market value of a room in your area. Consider the location and what amenities your room offers.
Is your tenant able to use the kitchen? Do laundry in the house? Does the room have a view of the park? Many things can help add value to your listing.
Also, when you meet someone, it’s important to get a background check on them. People put on their best face when meeting a landlord, but there could be things in their past that you’d rather not invite into your home. Here are some further resources on renting out a room:
- 6 Tips for Renting Out a Room in Your House
- 7 Things to Remember Before Renting Out A Room
- 12 Step Guide to Renting Out a Room in Your House
- Guide to Rending Out Your Garage to Start Earning Extra Money
- Renting Out Your Garage to Increase Cash Flow