Today, I’ve got a guest post for you from William Pointing who blogs on Great Deals Made Easy. I met him a few years ago and we bonded quite quickly – and he knows his stuff. Enjoy!
Do you have a spare room you never use? A garage you don’t ever park your car inside of? In this article, I explain how you can rent out your spare space and make passive income each month.
It’s more than achievable to make up to £200 per month for a garage space and £40 a night for a bedroom – that’s up to £1,400 a year in an ideal setting, not bad for minimal effort.
Below are some pros and cons of renting out your garage and spare room along with actionable tips to make it easier to list your space.
How to rent out your garage
I don’t own a car as I live in the outskirts of South East London and am fortunate to live near two train stations. Being a keen cyclist I use my bike to get around locally, so with lots of space available I thought I’d rent my garage out.
How did I do it? Firstly, I wanted a low risk way of renting out my garage and also didn’t want to spend ages advertising it on social media.
After some research, I found a storage space broker site called Stashbee. They connect buyers and sellers of storage rental space and take a cut each month (approx 24%) once the deals goes ahead.
After uploading some clear photos with specs and adding a competitive rate for my area, I uploaded an advert. After two weeks and a second person in contact, I showed the potential person around the garage and to also get a gage for each other, after 10 minutes, we shook hands and I gave him a spare garage key.
With Stashbee you are guaranteed at least 2 months, and I am 7 months in already with a nice £125 a month of passive income (he even let me keep my bike inside). If you join up, we both get £50 bonus.
- People are likely to stay for a long term basis
- You only need to spend time uploading the advert, then the rest is done for you
- Once they’ve agreed on the deal, you receive the money every month via the platform, without any bother.
- People could get in your way
- If you change your mind and want to use the space again, it’ll take some time before you can
How to rent out your spare room
Living in a one bed flat in South East London, if I’m in need of some extra money, occasionally I rent out my bedroom and sleep in the living room, or at a friends to make additional income via Airbnb. It can be a great way of making up to £40 a night, but again depends on where you live.
There are also sites like Spareroom, but that site is better for long term room rentals. Airbnb is good for hosting your living space for up to a week or two.
Like Stashbee, Airbnb takes care of advertising the space, you just need to take some good photos, price it competitively (go for a mid rate cost) and of course ensure your place is clean and you are welcoming to your guests on arrival.
Most people are nice and it’s a great way to learn about different cultures. I have hosted people from Brazil to India. On the host’s arrival, explain the house rules (take your shoes off etc.), do a key locking and unlocking demo, show them around and then give them a spare key.
- Extra income each month
- Company from another person
- Once you’ve made the listing, there’s very little effort after
- Airbnb covers hosts up to £650,000 in the event of damage or theft.
- There might be hanging around waiting for the guest to arrive
- There will be time before and after they stay you’ll need to clean
- If you have limited space, it might be temporarily uncomfortable while they stay
- There are off seasons where you might get no bookings.
Actionable tips for renting our your space (Garage or spare room)
1). Make the photos high quality – The saying goes everyone is sales. Make your space look as presentable from nice lighting, a clear space to different angles. Like an online dating app, you want them to swipe yes!
2). Be polite to the space renters – Be open and friendly on any encounter (online or face to face) with potential space renters, if there is a good rapport, they are more likely to be a long term renter, give you good ratings and respect your space.
3). Be detailed with your listings – It’s best to give as much detail as possible, but in a concise manner. I suggest to section each part of the listing, from the area you live in to the space available.
4). Don’t be worried about saying no – Renting out your space is a two way street, if you get bad vibe from the person viewing your garage or room, don’t worry about saying no. I expect this will be with very limited encounters, as all of my encounters have been positive.
So there we have it – massive thank you to Will for this blog (I’ve learnt a few thing too!) You can find him on Great Deals Made Easy.