If you’re working and have a busy family life but need some extra cash, it can be hard to think of ways to make money.
There is a method that can help you make and save money, with minimum effort; renting.
Everything you own is worth something, even the clutter in your garden shed or the garden shed itself. So keep reading to find out how you can join the sharing economy to make and save money from renting.
Most people’s biggest asset is their house.
We’re not suggesting you give up all of your personal space, but what about the parts that you don’t really use? Everywhere from your garage and your garden, to your cellar and your attic can be rented out, you can even rent space in your freezer!
By clearing out spare rooms or garages, you can either sell the clutter you don’t need or put it into storage, and then rent your reclaimed space. As the price of living space increases, you can make money by just letting other people’s things sit there!
Here are a few popular ideas for renting out your entire-, part of- or spaces in and around your house:
Rent your parking space
As the number of cars on the road grows, so does the demand for places to park them. If you don’t use your garage or driveway then there’s a good chance that someone out there will – and they’ll pay to avoid a nasty parking punishment!
While many people sell off their unwanted garages, this will devalue your house and in the current housing market this is the last thing you want to be doing! Use your garage instead, try Parklet or JustPark.
Both are free to advertise on and charge 15% commission and, depending on where you live, could make you up to £500 a month.
NB- Parklet also charges a one off admin fee of £25 for the first month.
If you live near a sports stadium, airport or congestion charge zone your parking space could be worth even more! See our article renting out your driveway or garage for more information.
Rent out storage space
Of course, cars aren’t the only thing you can keep in a garage and people will pay to use not just your garage, but also your cellar or attic space for storage – especially if you are nearer or cheaper than the closest storage warehouse.
A classic way of making a bit of extra money from your home is to rent out a spare room. If you’re looking for a lodger, have a look at Easyroommate – it’s free to post an ad.
This website lets you sign up to rent to people who just want to stay with you during the week and will return home on the weekends. There are lots of professionals looking to cut their costs, and switching from their own flats or hotels to being a week day lodger is a cheaper alternative for them. This is great for you. MondaytoFriday prices start from £19.99 depending on how long you want to post your advert for.
Rent to a student
Alternatively, if you want a full time let but only for a short time, you can rent to students who will only need the room during term time – or only over the holidays – depending on the course they are taking.
With this year’s rush of students wanting to go to university before next year’s fees increase, there is even more pressure than usual on student housing, and likely to be a lot of people looking for accommodation.
You can list your room on StuRents – the UK’s largest dedicated student property marketing platform – for free and on terms that suit you.
Have a look at our article on hosting foreign students, too. This also opens up the opportunity to make a little extra money as a language tutor. For this a TEFL (Teach English as a Foreign Language) qualification would be a big help and may make it easier to find a lodger.
Rent to travellers
With travel becoming an ever more accessible pastime, the demand for accommodation that is not only affordable, but also offers an authentic and memorable experience, has increased enormously.
The good news? You don’t need to be a hotelier or guest house owner to maximise on this opportunity to make money.
With Airbnb, you can rent out your home/apartment – of a part thereof – to guests from all corners of the globe. All you have to do is create a listing, get a professional photographer to take some quality pics of your space and start renting out. Pretty simple! If you’re based in a big city, like London, you’d be able to charge anything from £29 to £300 per night, depending on the space you’re renting out.
Just take note: since Airbnb has become so popular over the past few years there are strict rules and regulations in place. It’s worth familiarising yourself with them before making any hasty decisions
Rent your garden
Although municipal allotments cost relatively little – up to £40 a year – the waiting lists for them are long. This means that there’s bound to be someone eager to use your garden for growing their vegetables and you can charge as much as you like!
So if your garden’s becoming too much effort to maintain, why not have someone else do it? For more information, try our article hiring out your garden as allotments.
Alternatively, you can rent out your garden as camping space, or perhaps as a place for people to hold garden parties. Once again, Spareground can offer you free advertising.
Rent your whole house
This may seem extreme, but your house is probably the most valuable thing you own and renting it will bring you a lot more money than just a room.
Whilst renting, you can either move in with friends or family, or rent somewhere smaller using part of the income from your house.
To rent for just a short time, if you live in a big or interesting looking house, it might be worth considering renting it as a film set. Find how to rent your home as a film set.
Space in your house isn’t the only thing you can rent out – you can also make money from pretty much everything you own.
Rent your car
If your car is your pride and joy, and your own family members get shouted at if they dare to wear shoes or breathe on the windows when you give them a lift, this is probably not advisable.
However, if you’re a little more laid back, and have times when your car just sits in the garage, why not make money from it?
While there’s nothing to stop you from making informal arrangements with friends, neighbours or family members you trust, there are actually several companies out there who can facilitate the process for you.
There is, of course, the option of making your car available to Uber. In order to do this, your vehicle must be less than eight years old and you will also need to obtain a license for private hire.
If you’re looking for something slightly simpler, check out easyCar Club and HiyaCar. According to a recent Telegraph article, one easyCar Club user made £2,300 in two years from renting her car out for £30 a day. Similarly, Express reports that motorists who rent out their car on the service can earn between £20-£300 a day, depending on what car they own.
As an added bonus, sign up to HiyaCar with the code hiyamagpie for £20 off your first hiya or an extra £30 when you first hiya out your car.
Rent your board or your bicycle
Ever travelled to another country and found yourself wishing you had your bicycle, surf- or snowboard with you? Well, when you join Splinster, you will not only be able to hire one next time you find yourself in that situation, but you will also be able to help your fellow outdoor enthusiasts out by making your own available for rental.
Owners list their bikes, renters search for a bike in whatever area they want, and complete the rental process easily through the website, mobile app, or in-store kiosks. Splinster even offers various protection options and delivery services to make everyone happy.
Depending on where you live, you can make up to £400 a week with the site.
Rent your clothes
If you’re lucky enough to have some designer clobber that others might like to borrow, why not make back some of the money you spent on them? Rentez-Vous is a site that lets you both lend and rent users clothes.
Rent just about anything!
Some sites will let you advertise everything from video cameras and chainsaws to bouncy castles and massage tables.
RentNotBuy lets you rent out absolutely anything without paying a penny, and so does Fat Lama, a fun new kid on the goods rental block. According to the founders of Fat Lama, some of their London users are earning thousands every month through listing unused household items, ranging from cameras to cars… and everything in between.
In fact, as a MoneyMagpie reader, you can get £25 credit for signing up to Fat Lama here.
You can also try Zilok which is again fee-free and covers a broad spectrum of items.
Renting not only saves you money, but helps the environment by encouraging people to share and reuse instead of buying new.
Whilst you’re making money renting out your stuff, why not save a bit by renting from other people?
Particularly popular are baby accessories, so next time you’re babysitting your nephews and nieces, instead of spending a fortune making your home baby-safe, just rent a stair safety gate for £8 a week!
Here are some examples of what you can rent out and how much they can earn you:
What you can make from renting
|Underground Parking Space in London||£120-£390||Parklet.co.uk|
|Spare Room in London||£150+||EasyRoomMate.co.uk|