What if you could make money with the space you already have? Renting out unused areas of your home is one of the easiest ways to earn some extra cash, whether it’s a spare bedroom, your garage, or even your driveway. In today’s sharing economy, it’s easier than ever to turn your home’s idle spaces into a source of income, thanks to platforms like Airbnb, Neighbor, and others. Whether you’re saving for a vacation, paying off debt, or just looking for a way to boost your budget, this strategy can help you make the most of your unused space. Curious? This guide will walk you through everything you need to know to start renting out your space and earning extra cash.

Identify Rentable Spaces in Your Home

First things first, take a close look at your home and figure out what spaces you can rent out. You might be surprised to learn how much potential your property has! Here are a few places people commonly rent out:

  • Spare Bedrooms: If you have an extra room in your home that isn’t being used, you can easily transform it into a cozy guest room for short-term or long-term renters.
  • Basements: Finished or partially finished basements are great for tenants looking for an apartment-sized space. Even unfinished ones can work for storage rentals.
  • Garages: Not using that garage for your car? Many people rent garages for storage, workspace, or even parking.
  • Driveways and Parking Spaces: If your home is in a high-demand area with limited street parking, renting out your driveway can be a simple way to earn extra money.
  • Storage Spaces: Attics, sheds, or closets can be used for storage rentals, especially for people with limited space in apartments or condos.

By figuring out what spaces you have available, you can decide what rental approach works best for you.

Choose the Right Platform to List Your Space

Once you’ve identified what you want to rent out, it’s time to pick the right platform. The internet has made finding potential renters incredibly easy, and there are several platforms that specialize in certain types of rentals.

Airbnb

Airbnb is one of the most well-known platforms for short-term room and home rentals. You can list spare bedrooms, apartments, or entire houses for travelers looking for unique stays. Airbnb is a popular choice if you live in an area with tourist appeal, close to event venues, or in a city center.

Neighbor

If you’re not keen on renting to people but want an easy option, consider Neighbor. Neighbor specializes in helping people rent out storage space like garages, closets, and basements. People looking for affordable storage options will pay you monthly to use your unused areas for their belongings.

Vrbo

Similar to Airbnb, Vrbo is aimed at vacation rentals. It’s a solid choice if you want to rent out an entire property or larger spaces for families or groups.

Spacer and JustPark

If you’re renting out parking spaces, look into apps like Spacer or JustPark. These platforms connect you with people looking for parking in areas with limited availability.

Each platform varies slightly in terms of fees, rules, and the type of audience that uses it. Be sure to compare options to see what matches your needs best.

Prepare Your Space

Before listing your space, you want to make sure it’s ready for renters. A clean, comfortable space that’s easy to use will attract more interest and better ratings. Here’s how to prepare depending on the type of space you’re renting:

Bedrooms and Living Areas

  • Clean Thoroughly: Make sure the sleeping space is spotless, including the bed, floor, and any furniture.
  • Furnish It Well: Include essentials that make the stay comfortable, like a bed, nightstand, lamp, and maybe a small desk.
  • Add Personal Touches: Consider adding welcoming touches like fresh linens, decorative pillows, or even a basket of toiletries.

Basements and Storage Spaces

  • Declutter: If you’re renting as storage, clear out any personal belongings to give renters enough space.
  • Pest-Proof It: Storage renters will expect their items to be safe, so make sure the space is free of pests, leaks, and dust.

Driveways and Parking

  • Define Boundaries: Use signage or markings to make sure parking renters understand where they can park their vehicles.
  • Keep It Clear: Remove anything blocking the parking space like trash bins, debris, or other cars.

Garages

  • Organize it by removing clutter.
  • Secure It by checking locks or adding a keypad entry for renters to easily access their storage space.

Making renters feel at ease and welcome is a sure way to boost ratings and attract more users.

Set the Right Price

Pricing your rental space is key to attracting renters and earning a steady income. Too high, and people won’t bite; too low, and you might not make what the space is worth. To set the right price, consider these factors:

  • Check the Market: Browse listings in your area for similar spaces on platforms like Airbnb or Neighbor. Take note of what’s being charged.
  • Factor in Your Amenities: If you’re offering perks like Wi-Fi, furniture, or a private bathroom, you can charge more.
  • Seasonal Adjustments: If demand increases at certain times of the year (like holidays or event seasons), raise your prices accordingly.
  • Be Realistic: Determine whether your space has features that make it more or less desirable than others around you and price competitively.

Most platforms will also help you determine a fair price range based on your location and property type.

Promote Your Listing

Once your space is ready to go and listed on a platform, you want to make sure people see it. Writing an eye-catching description and uploading clear photos will make potential renters take notice.

  • Write Good Descriptions: Be specific about the space and its perks. Instead of “Spare Bedroom for Rent,” try something more descriptive like “Cozy Spare Bedroom with Private Bath in Downtown Apartment.”
  • Use High-Quality Photos: Photos make a huge difference. Use natural light and clean up the space before taking pictures.
  • Highlight Benefits: If your home is close to public transportation, major attractions, or in a safe, quiet neighborhood, make sure to include those details.

A well-crafted listing is often what convinces renters to choose your space over someone else’s.

Tips for Attracting (and Keeping) Renters

Creating a great first impression is key when renting out your space. To make renters feel welcome and encourage great reviews, follow these tips.

  • Be Responsive: Answer questions from potential renters quickly and professionally.
  • Maintain Safety: Highlight safety features like locks, cameras, or gated access if relevant.
  • Communicate Clearly: Don’t leave renters guessing about rules, expectations, or access. Whether it’s check-in instructions for Airbnb guests or clear hours for garage renters, providing details helps avoid confusion.
  • Offer Perks: Small, thoughtful gestures like complimentary toiletries for Airbnb guests or providing shelves for storage renters can make all the difference.

Happy renters are likely to leave you great reviews, which will help boost your credibility and visibility for future bookings.

The Bottom Line

Renting out unused spaces in your home is a smart way to bring in extra income without drastically changing your lifestyle. With careful planning and a little effort, you can turn previously overlooked spaces into valuable assets. Whether you list a spare bedroom on Airbnb or rent out storage room through Neighbor, there’s no shortage of possibilities. By preparing your space, setting competitive prices, and keeping renters happy, you’ll be on your way to earning money from home in no time. Why not give it a try? Your wallet will thank you!