8 Ways to Earn Money From Your Space (Without Lifting a Finger)
Whether you own or rent, chances are you pay a lot for your space. But have you considered how to earn money from your space? For many of us, our homes are one of the most underutilized resources we have. Take San Francisco-based photographer, Praise Santos, for example. She rents out her studio space, 85B Studio, on both AirBnb and Peerspace to supplement her work as a freelance photographer. Praise says, “We realized there were people out there looking for a space or apartment that looks like a couple of millennial girls live there,” says Praise. “Instead of managing the messages and bookings on our own, I researched other platforms that’d make it easier to earn money from my space.”
Whether you have entire rooms that are empty or just the occasional spare nook, there are many ways you can earn money from your space. The amount you can earn depends on the location, size, and access of your space. This roundup of ideas could have you bringing in a little extra cash and might even cover your monthly mortgage.
See what potential money maker opportunities are just waiting for you at home.
1. Rent your studio space
Follow in Praise’s footsteps and think about renting your space on Peerspace. Peerspace is an online marketplace that connects photographers, event planners, entrepreneurs, and above all else, creatives, to unique space. Think AirBnb but for event, meeting, and production space. If you have an underutilized space, think about listin your space like Praise to make passive income so you have more flexibility to work on your passions. Learn more about hosting.
2. Make the most of your amenities
For artists fortunate enough to have established home studios, fellow creatives will pay for access to a darkroom, a green screen studio and more. You can make additional income by also including a variety of props for use. Furniture such as stools, chairs, and even vintage pieces come in handy for photographers. Sharing your space is a great way to stay connected with the local creative community and bring in supplemental income.
3. Get savvy with storage
Affordable storage is hard to come by. Large storage facilities have high rates. If you have room to spare, rent out your closets, attic or shed to those who need it. Sites like Storeatmyhouse or Spacer make it easy to find renters. You can set the price for your space and control the length of the rental. Determine some guidelines in your contract like how often renters will be allowed access their space and what you allow for storage. You will want to establish legal liability conditions as well.
4. Say “I Do” to weddings
If you have a large beautiful backyard, think about opening it up for weddings using a service like Peerspace. During the warmer months, outdoor wedding planners are often on the search for more scenic venues. Consider the flow of most weddings and ask yourself if you have space for guests to mingle prior to the ceremony, as well as catering amenities for a sit-down reception. If you can say “I do”, then your lush outdoor space could be making you additional income.
5. Look into parking permits
In urban neighborhoods, parking spots are a struggle to find. If you happen to have a driveway or garage conveniently located in a busy neighborhood, you could be profiting up to $300 monthly by sharing this paved parking space with other drivers. Think about renting out your driveway when you’re not using it with sites like Parklee and JustPark. Soon enough you’ll be cruising into some supplemental income.
6. Open your space to professionals
Own a private office? You can recoup some of your overhead costs with dedicated desk rentals to colleagues in your industry. If you have a conference room, try listing it on Peerspace for workshops, offsites and networking events for another way to make additional money. Office space with plenty of natural light and nearby parking is constantly in demand. Just set a strong wifi signal and bring in some good coffee or flavored water.
7. Earn money when you’re on vacation
If you travel often, your vacant bed could give other travelers a place to stay. List your entire abode on popular sites such as AirBnB, HomeAway and VRBO for an easy way to rent out your home while you’re away. A good way to start is to look up high-demand times in your area. Think concerts, conventions, and major events when hotel vacancies are hard to come by. The income made during these times may even help pay for your next vacation! Just be sure your rental is legal and that you have the right insurance and tax forms.
8. Host a foreign exchange student
If you have an empty guest room or bedroom, you could host a foreign exchange student in your home. From six weeks to six months at a time, you can make additional income by renting out a room to students visiting the states to learn English or in study abroad programs. Homestay programs like GPHomestay provides host families with a fixed monthly stipend to offset the additional expenses associated with hosting an international student in their home. If you’re not looking to care for a teenager, you can limit your housing to guest lecturers. Use services like Roomdock and Lingoo to connect with the right people. In any case, it’s a great way to learn about other cultures, languages and meet new people.
Depending on your location and amenities, renting your space is a great and reliable form of extra income. Great creative when thinking of ways to rent out anything you’re not actually using. This could be your backyard, guest room, garage, shed or office. Get to know your community’s needs and focus on opportunities during high demand times. Whether you’re considering opening up your property to potential renters, looking at maximizing the resources you already have.
By using Peerspace or one of these other options to manage renters, you’ll be supplementing your income in no time.