In recent years, the rise of the sharing economy has given birth to a new way to make money: renting out your possessions as a side hustle. Whether it's your car, home, or camera equipment, someone is always willing to pay to use your stuff. And while it may not be a full-time income, it can help offset ownership costs.
For many people, the thought of becoming a landlord is a daunting one. There are many things to consider – from finding the right property and screening tenants to maintaining the property and dealing with repairs. But for those willing to do the work, rentals can be a great way to bring in some extra monthly money.
Renting out your property can be a great way to earn some extra income. Here are a few things to keep in mind if you're thinking of renting out your home as a side hustle:
1. Make sure you're comfortable with having strangers in your home. You'll need to be okay with someone else living in your space and using your things.
2. Do your research and set realistic expectations for rental income. Don't expect to get rich quickly - most people only make a few hundred dollars monthly from renting their homes.
3. Be prepared for the occasional repair or maintenance issue. Things will inevitably break or need fixing from time to time, so it's essential to have some money set aside for these eventualities.
4. Have a written agreement with your tenants that outlines expectations and rules for the rental period.
If you are thinking about renting some items of yours, there are also a few things you should need to know before starting your new side hustle:
There are many ways to make extra money these days, and one unique way is to rent out your belongings. Whether you have a storage unit full of old furniture or a new car sitting in the driveway, you can start making money by renting your items to others.
1. Decide what you want to rent. Think about what you have that other people might need or want to use for a short period.
2. Do some research. Once you know what you want to rent, find out how much similar items you rent in your area. This will help you set your rates.
3. Create a listing. Use online platforms to list your rental items. Be sure to include clear photos and all the essential details potential renters will need to know.
In conclusion, rentals can be a great way to make extra money. With some planning and research, you can easily find properties in high demand and generate a healthy return on investment.
So if you're looking for a new side hustle, consider investing in a rental property.
Average earnings
from $300 per month (renting property)
Skills and requirements
- Computer or a smartphone with an internet connection;
- Camera if want better pictures;
- Have something to rent;
Pros & Cons
Pros:
- Monthly income (renting property);
- Flexibility to sell or move back (renting property);
Cons:
- Tenant risk (renting property);
- Finding for people to rent;
- Maintenance costs;
Platforms
Airbnb, PeerRenters, Rentuu, RentMyItems, Apartments.com, Zillow