Renting out your attic or garage can be an excellent side hustle for generating passive income. By offering your unused space for storage or other uses, you can make money with minimal effort. This side hustle is increasingly popular as people look for affordable storage solutions and landlords find new ways to maximize their property’s value.
This practice involves leasing out the extra space in your home to individuals or businesses that need additional storage or workspace. It's a win-win situation, providing them with the space they need while you earn some extra cash.
The process of renting out your attic or garage is quite straightforward. First, you'll need to clean and organize the space to make it appealing to potential renters. Take clear photos that showcase the space's best features.
Next, list your space on various rental platforms or classifieds. Set a competitive price based on the size and condition of the space, and be sure to include all relevant details in your listing. Once you find a renter, draft a rental agreement that outlines the terms and conditions. Finally, collect rent and maintain good communication with your tenant.
Here are some of the main benefits of renting out your attic or garage:
Before diving into this side hustle, consider these potential drawbacks:
The amount you can earn from renting out your attic or garage varies widely based on the location, size, and condition of the space. On average, small storage spaces can fetch anywhere from $50 to $200 per month. Larger garages or well-maintained attics in high-demand areas can command higher rates, potentially earning you $300 to $600 monthly or even more.
Websites like Neighbor estimate that homeowners can make an average of $1,000 annually by renting out extra space. Keep in mind that these figures can fluctuate based on market demand and the specific features of your space.
To get started with renting out your attic or garage, follow these steps:
Renting out your attic or garage can be a lucrative and low-effort side hustle, perfect for those looking to make extra income. While there are some potential drawbacks like security risks and legal considerations, the benefits often outweigh them, especially when managed properly.
Evaluate your property, research the market, and use reputable platforms to get started. If you have unused space and are willing to put in a bit of initial effort, this side hustle could be a great opportunity for you.
Here are some useful websites to help you get started with renting out your attic or garage:
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