By Larissa Runkle (realtor.com)
Feb 21, 2022
“Being a homeowner is easy,” said nobody ever. Besides the routine maintenance and upkeep (that lawn always seems to need cutting or raking), there’s also the never-ending expense of homeownership. And we all know that number can be fairly significant.
According to a recent report, the average American homeowner spends between $3,000 to $12,000 a year on upkeep—and that’s on top of what you’re shelling out for your monthly mortgage.
So if you’ve ever racked your brain for ways to cover your home expenses, how about using your property to bring in some cash for a change? And no, we’re not proposing renting out your guest bedroom to a random backpacker.
Instead, we searched far and wide to track down the ways some savvy homeowners have put their houses to work for them. Here are six creative tricks to profit from your property.
1. Rent out your pool or backyard
If you have a pool worth diving into, then you might want to dip your toe into the rental market this summer by using a pool app called Swimply. The company advertises that pool owners can make up to $10,000 per month, although that will depend on how much you charge per hour.
“If you have a pool, cash in and make some extra money,” says Erick Nilsson, founder of Rentola. “The average hourly rate for renting a pool via Swimply is $45. This price changes according to the area. In places like Los Angeles, the prices can hike up to as much as $100 per hour.”
The app also allows you to rent out your backyard or private gym. Plus, the company’s insurance policy will protect you for up to $1 million for general liability claims.
2. Host a photo shoot
Have a great open-concept living room? Or a deck with a view to die for? Your home could be a perfect fit for Splacer, an app that connects you with event planners looking for unique spaces.
Whether it’s for film productions, photo shoots, or even company events like lunches and launch parties, there’s a whole slew of creative ways to earn a bit of extra cash. The best part? You can choose what you rent out: indoor space, outdoor space, or both.
“The right kind of property can help you earn almost $500 a day for a magazine photo shoot and a whopping $2,500 a day for a big-budget film,” says Nilsson. “Although it might be a little inconvenient when the film crew takes over your home and makes changes to its interior, it’s worth all the hassle.”
3. Become a campground host
Did you move out of the city during the COVID-19 pandemic and now have an idyllic outdoor space? Then consider becoming a host on Hipcamp.
According to the company, Hipcamp hosts earn, on average, anywhere from $8,000 to $15,000 a year renting out their unique outdoor space, whether that’s a parking spot big enough for an RV or a grassy expanse where guests can pitch a tent.
“This is a great option for people who own land with a flat spot where visitors can pitch a tent, park an RV, or set up a small temporary shelter like a tiny cabin or a yurt,” says real estate agent Tanya DiNicolantonio, of the Brandow Group.
Suggested rates for tent-only sites are between $10 to $30 per night, while RV sites go for $20 to 40 per night. Rentable structures like cabins, tiny houses, or yurts start around $75 per night.
4. Lease out your parking space
If you live in a big city, you know just how much of a nightmare parking can be. If you prefer to get around by bike or public transportation, make a neighbor’s life easier by renting out your parking space with companies like Spacer or SpotHero.
“In urban and suburban areas, street parking can be severely limited, whether by time restrictions, high demand, or outright parking prohibition,” says DiNicolantonio. “Older neighborhoods were often built without regard for car culture, and residents can find it challenging to find a place to park.”
DiNicolantonio recalls visiting friends in New Jersey who considered it normal to circle the block for up to an hour looking for a spot when they got home every night. It’s no wonder you can charge between $75 to $150 per month for a space in some areas.
“If you have an extra parking spot available in an area like New Jersey, that is prime real estate,” adds DiNicolantonio.
5. Rent out your storage areas
Looking for another great way to profit from space you aren’t using? Rent it out as storage on sites like Store at My House. Depending on the size and location of your available space, you can make between $200 to $600 a month or even more in some prime areas.
“If you don’t need to park in your garage, consider renting it out,” says DiNicolantonio. “Covered storage for cars and other items can generate steady, passive income. A detached garage is ideal since it allows a physical separation between the renter and your personal space.”
6. Rent out your campervan
OK, so this one isn’t quite your home, but it is a smart way to make money by using your property. So if you’re not using your campervan and don’t mind letting someone borrow it—you can easily rent it out on Outdoorsy to earn some extra cash.
The company claims you can make up to $50,000 per year (!) renting out your camper, but the exact price all depends on your rig.