4 Ways to Turn Extra Space Into a Goldmine

Kat Tretina

Updated On: June 1, 2023  •  3 Minute Read

Financial Tips

Times are tough and making extra income is on the top of a lot of minds right now. There is some good news! If you look around your home or garage and see extra space or unoccupied rooms, you could be seeing dollar signs. You can earn cash from spare space without having to spend a ton of time prepping or marketing. Knowing where and how to offer up your spare space to make extra cash is easy. Here are some ways you can turn unused living or storage space into money, fast.

1. Rent Out Your Unused Storage Space

If you have closets, attics, or random storage space going unused in your home- you get rent out that space to others in need of extra storage. With more people opting to rent in small spaces, the need for storage space is a growing market. While many still turn to traditional storage methods, a growing number of people are using sites like Neighbor to store things in other people unused storage spaces. It’s basically the Airbnb of storage.

Neighbor.com is a great resource that offers several benefits to those willing to open their homes, attics and garages to others:

• Post your space on Neighbor.com for free. Include pictures in your post for more interest in your space.
• Provide free sample contracts that you may change to fit your desired specifications.
• Control the price and length of the contract. After all, it’s your space!

After you have a renter interested in your space, it is easy to set the terms of your contract. Include specific information. This should include:

• How often the renter can have access to the space?
• Who is liable for the stored belongings?
• What kind of belongings are allowed to be stored in your space?
• Will the space be climate controlled (indoor), or subject to the temperatures outdoors (garage or attic)?

If you have extra storage space available to you, opening up that space to others can be an incredibly easy road to making some extra money every month at, literally, no effort on your behalf. Neighbor’s $1M Host Guarantee will also help ease any concerns by protecting hosts for personal liability.

2. List Your Guest Room on Airbnb or Vrbo

Let your spare or guest rooms in your house make you money while they are sitting vacant. Services like Vrbo and AirBnB allow private residences to become temporary hotel rooms. You chose the schedule, number of guests, and set the price. Airbnb allows you to:

• List your room(s) for free. Airbnb takes a cut once someone has booked your room.
• Be as involved with your guests as you like. Airbnb allows you to set your interaction level to suit your needs.
• Meet interesting people
• Provide local perspective to you Airbnb guest

Obviously the amount of money you could make will vary depending on your location, but if you live an area that experiences a lot of visitation traffic, it could make you a ton of extra income. Check out the Airbnb rent calculator here to see how much your rooms could be making you now!

3. List Your Backyard on Airbnb

Spare rooms aren’t the only thing you can rent out to travelers on AirBnB. Increasingly, more people are listing their backyards on sites like Airbnb as campsites for prospective travelers. Backyard Campsites allow travelers a relatively inexpensive way to travel while giving you some extra cash. Turning your backyard into a campsite is incredibly easy and generally doesn’t require much more than providing your existing backyard and access to a bathroom and sink.

While listing your guest room or turning your backyard into a campsite probably isn’t an option for everyone, it is a great option for those who live in interesting areas with lots of visitors or areas that have access scenic outdoor services and parks nearby. Be sure to know your cities limitations on campfires and communicate that information clearly to your campers.

4. Rent Out Your Parking Space or Garage

If you live in a city where parking carries a premium, you can turn you garage or parking space in a cash cow with a little ingenuity. As more people flock to cities, parking is becoming more difficult to come by as some continue to cling to their vehicles. With more competition over parking spaces in cities, the price of a parking spot can be more than the price of an apartment.

The upside to the rapid escalation in parking prices can spell out big bucks if you live in the right area. Rent out your parking spot or driveway on sites like JustPark.com . Registering on the site takes only a few minutes and is super simple. If you live in a city where parking is sparse, put your spot to work today!