7 Ways to Make Extra Money from Your Space

For many creatives, the hustle continues long after you’re off the clock. That’s why so many creatives are exploring different opportunities to make additional income from one of their most costly expenses: space. Whether you own or rent, chances are you pay a lot for your space. But have you considered having your space pay for itself?

Our homes are one of the most underutilized resources that many of us 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. “We realized there were people out there looking for a space or apartment that looks like a couple of millennial girls live there,” said Praise. “Instead of managing the messages and bookings on our own, I researched other platforms that’d make it easier to rent out my space.”

Check out some other potential moneymaking opportunities that could be 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 spaces. Think AirBnb but for event, meeting, and production spaces. If you have an underutilized space, think about listing it to make passive income—the extra money could give you the flexibility to spend more time on your passions.

2. Make the most of your city’s tourism  

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.

3. Say “I do” to backyard 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 hunt for new 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 for catering amenities for a sit-down reception. If you can say “I do,” then your lush outdoor space could be making you additional income.

4. Lend out your parking space

In urban neighborhoods, it’s a struggle to find parking spots. If you happen to have a driveway or garage conveniently located in a busy neighborhood, you could be bringing in 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.

5. 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, off-sites, 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 Wi-Fi signal and bring in some good coffee or flavored water to help your guests get to work.

6. 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 who are 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 and languages and meet new people.

7. Get savvy about storage

Affordable storage is hard to come by. 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. Make sure to set some guidelines in your contract, like how often renters will be allowed to access their space and what you allow them to store. You will want to establish legal liability conditions as well.

 

Depending on your location and amenities, renting your space can be a great and reliable form of extra income. Get 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. For the best results, get to know your community’s needs and focus on opportunities during high demand times.

Learn more about how you can make additional money by opening your doors to Peerspace guests.

 

Vanessa Londono

This New Yorker returned to her city roots after a long stint in the Lone Star state. Vanessa spends a lot of her time focused on building communities online and in her neighborhood. She lives and works in Brooklyn, taking the occasional afternoon break to walk her puppy Loki.

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