Earning money by renting out things has been around for a long time. Here are 15 unusual, innovative and some traditional ways you can earn some money on the side as rent. And remember, rentals is not just for property and rooms. There are other ways to earn rental income, read on.
Ways to make some money as rent
Rent your cycle, car or scooter
Remember your childhood days when you could rent a cycle for a day for 5 bucks, well that is one of the perks of being a 90’s kid ;). Anyhow, this is an awesome way to put your old or unused vehicles to use and get some money out of them. You can look at renting out Cycles and scooters to family, friends or in the neighborhood for a long duration.
Other than that, Zoomcar, Ola allows for you to rent your cars to them and pay you monthly. Look into their programs too. There are even options to buy a vehicle through them and let it out for a stream of passive income.
Rent your car park
Why not? I don’t do this as I have a car, but I know a couple of friends who do. You can rent out your unused car park to someone in the building with two cars and just one car park. There are quite a few households who have more than a car these days. Just put up a notice in your apartment to check if anyone would like to pay a nominal rent for your car park. And don’t be too scared of quoting a decent price. Do some checks on how much you paid for the car park (if you bought the apartment this will be mentioned in the sale deed).
Sublet to flat mates
If you own the house it is fine, but if not check with the owner if you can sublet, as some owners do not like this. Sub letting is pretty common in some countries such as Singapore where the rent is pretty high. If you are staying alone or have a large house for a small family, consider getting other flatmates who can share your expenses as well as pay you rent.
Rent out storage space
If you have a lot of empty space or a garage that is not being used, why not make some money by letting it out as storage space to someone. They pay you rent. They mostly will access it once in a while.
Money from Telecom Towers
You can make some good money by allowing a telecom company to erect a mobile tower on your house. The pay is good. Check out the websites of telecom companies, they are picky on locality and access to your building etc.
Earn from advertisement bill boards
Similar to renting out to a telecom tower, if your property is on a prime area, look at renting out your roof/terrace space to put up a bill board. You could make a lot of passive income from this if your property is next to a highway or an area with a lot of foot fall such as the high streets.
Rent your wall for advertisement paintings
Again, similar to the bill board Idea. Here you need not let out your terrace or roof. Instead rent out your outer walls for adverts to be painted onto them. This may not work in all countries. I do know this a common method of earning passive income for lower to middle income households in India.
Earn from empty land for events
Do you have a plot of land that you bought as investment, or maybe just some extra land next to your house. For this to work, your land needs to be in an accessible area. You can consider renting out the land for Marriages, events etc. I personally rented out a plot of land opposite my house for two days to host a personal event. Also, make sure you tell the guys who are renting it from you to give it back thoroughly cleaned.
Rent empty space for classes and coaching
A twist to the above idea is to rent it for coaching classes such as dance, yoga, karate etc. While renting for events is seasonal, this will make sure you get a regular consistent stream of income.
Rent you empty space for a vending machine
This works if your property is in a very good locality. If there are a lot of foot fall in and around, consider putting up or renting out to someone who can install a vending machine. There are a number of options such as juice vending, snacks, DIY goods, game vending machines etc.
Earn from an ATM
If you have an option to convert a part of your property into an ATM and your property is in an accessible area with a lot of people in and around this would be awesome. As extra benefits you will receive extra security, plus banks are prompt in paying. Once they set up the infrastructure and install the machine, they will be with you for several years minimum.
Rent your stuff
Renting need not stop with property. You can consider putting up stuff for rent as well. There are a number of platforms who do this. Also look at monetizing via friends and family.
c. Music equipment
Empty plot of land rental
Another option if you have a plot of land is to rent it out to a small industry or as storage space. The company taking it from you will build up their storage or operational area. Someone I know has rented their empty land to a bus company who uses the land to park their buses when they are not running.
Rent your house
This is the traditional route, simply consider renting out your full property. If you are in a remote job where it does not matter where you work from and you are in a High Cost of Living Area, you can look at moving to a Low Cost of Living Area. You will be paying lower rent in the new city and the rent from your property will cover additional expenses too.
Rent as office or commercial space
If you can convert your property to suit office spaces and let it out to companies, consider that. As the money from them will be much higher and prompt. Keep in mind that, taxes on commercial rent may be different in your area. In some places, electricity cost too will be higher for commercial establishment.