Do you have a room in your home that you rarely use? Perhaps, you have a large backyard, and you only use a small part of it. Even if you just have a little storage space in a climate-controlled part of your home, you can find ways to rent it out for some extra cash.
Everyone Is Renting Out Rooms These Days
A decade ago, using a service like Airbnb to rent out a room in your house would seem preposterous for most people. Today, it is the smart way to travel on the cheap. Yet, if you don’t mind interacting with strangers and want to add an additional stream of income to your cash flow, you can make some good money listing your extra room, bed, or even futon on the site.
Contrary to popular belief, you do not need to offer an entire house or private room to use rental listing services. You won’t be able to charge as much, but if you just have a couch in your basement or living room and are upfront about the arrangement, there are people who will be interested. If you live in a town that regularly hosts big events that attract people from out of town, such as college football games, festivals, or concerts, you can generally charge high rates, even if you are just letting people camp in your backyard.
Consider Renting Out Your Whole House
Renting out your entire home or apartment is the smart way to fund your travels. You can typically garner a significantly higher nightly rate for exclusive access to your abode because guests appreciate the privacy and ability to use amenities, such as the kitchen. And, who couldn’t use a little extra spending money to bring along with them on vacation? This is a particularly attractive option when all of the hotels in your area are booked.
Problems with Renting out Space
Many homeowners are afraid their guests will destroy the place. And, what if they get injured? Wouldn’t they be able to sue you? These are valid concerns that Airbnb and other vacation rental services address by automatically collecting fees to cover insurance. For example, Airbnb provides homeowners with Host Protection Insurance, which covers $1 million per occurrence if there is a bodily injury claim or property damage.
With little risk and an opportunity to try something new and make a little extra money, it’s clear to see why more and more people are choosing to rent out their space.