How to Make Money by Renting Your Unused Space

The sharing economy provides enormous opportunities to make money. Consequently renting the unused space in your house will earn you money. However, it does require a different relationship with ownership. Certainly, for some people, this will take a huge effort. We are still pretty much attached to our individual habits and self-center mindset. Even though one could evoke safety reasons as the main drawback. After all, you are renting your unused space to a complete stranger. That said if you are able to mitigate that risk, the pay-off could be consequent.

Takeaways :

Nowadays, people who optimize their time, resources and property take home residual income. That is because the sharing economy model is creating a massive wealth transfer and generating a wonderful chance for people to supplement their income. That is why renting your unused spaces in your property is a great way to generate passive income. Below is a non-exhaustive list of unused spaces we have :

  • Room
  • Driveway
  • Basement
  • Garage
  • Garden
  • Patio

All those spaces can be rented out and utilized for multipurpose activities. For instance:

  • Basement: rent out for storage or as a studio or additional room
  • Room: host guests
  • Driveway: parking
  • Garage: Startup or music band
  • Backyard: social events or camping
  • Patio: social gatherings

Nevertheless, cashing in will only be possible if you leverage the power of the community. As an illustration, creating connections with your neighbors and coworkers will put you in a good spot. Also, if you join sharing economy communities you will receive offers and assess needs.

Advantages of renting your unused space:

  • Generates passive income: people already involved in the business model report decent additional income. in some cases, it is their full-time job.
  • Make mindful connections: one of the great benefits of participating in the sharing model is the among of wonderful connections that you create.
  • Your property paid for itself: Yes, if you are active and aggressive in the model the additional revenue generated will go a long way in helping you secure your property is paid off.

The math:

John lives in Boston MA, he has a spared room in his 03 bedroom house.

  1. Cost:
  • Mortgage payment: regardless need to be paid
  • Utility, cable, and others.
  1. Revenue: a conservative approach
  • John gets on average $700 per month renting his extra room on Airbnb.
  • Plus there is an online e-commerce startup that is renting his basement for storage: $500 per month for a year.
  • Occasionally, once a year his backyard is rented out for special events by a local community for $200.
  • Total revenue: $1200 per month on average + $200

Profit: That is passive income that does not require any additional set up cost because space is available and unused.

Learn how you can make money renting your unused space:

Here is a compilation of relevant start-ups to rent out your unused space.

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