In these tough times, we are all looking for ways to make some extra money. Here are five great ways to make a passive income by renting out your property:
1. Rent out your ‘back room’
If you live in a township and have some space in your back yard, you can build a single room to rent out. These ‘back rooms’ are always in demand as people need affordable spaces to dwell in.
These rooms, which are synonymous with township culture and life, have seen interest from innovative property investors who want to tap into this economy.
Known as micro-developers, these owners have taken the concept of ‘backyarding“ to the next level.
2. Become an Airbnb host
If you have a second house/flat you do not currently live in, you should consider renting it out through Airbnb. You can start by visiting the company’s website and finding out how the process works. You could also rent out a room in your home on this platform.
Your property’s listing will need images that will entice guests to stay. So, invest in a bit of decor, then take your pictures displaying all the property has to offer. Get good reviews, become a super host and be able to charge more.
3. Rent out a tiny home
Tiny homes are primary, fully-fledged buildings units on a small scale. They usually have a minimalistic design that utilises every centimetre of space.
The tiny house movement has been popular on social media since the early 2010s.
Additionally, tiny houses are purported to be environmentally friendly compared to traditional houses, and as the world moves towards a ‘greener’ lifestyle, such businesses will prove to be great investments.
4. Rent out a commercial space
Entrepreneurs, especially those who have just begun their business ventures, are always looking for commercial space.
From warehouses to retail areas, you can make money with this side hustle. Find out the types of businesses that are popular in your area and invest in your commercial property to ensure it offers what tenants are looking for.
5. Rent out your power tools
You may be thinking, “wait, hold on, tools?” Well, property is defined as any item that a person or a business has legal title over, so this broad definition can mean houses, cars, or even appliances.
If you have power tools, why not rent them out to DIY enthusiasts and businesses? Tools are costly to buy, and a waste of money if you will only use them once. People opt to hire them for projects to save money.