Many homeowners may not consider it this way, but if you have some extra land, a basement, a garage, or even a few spare closets in your home, you could turn those spaces into cash. Others who are lacking additional storage space in their homes are often willing to pay people who do. So, if you’ve been looking for a reason to declutter, sell old items, or empty your basement or garage, getting paid to rent out space is great motivation.
The best part about renting out your extra storage space is that you don’t have to open an Airbnb in your neighborhood, with guests coming and going. Instead, you can earn money storing people’s items without having to scrub bathrooms or wash sheets for guests.
What to Do Before Renting Your Space
There are some critical boxes to check and things to take care of before you allow your first customers to start moving in their stuff. Here’s a rundown of some of the most important.
Check Local Ordinances
Before accepting money for storage, ensure this is legal under your city, county, or state laws. Those in a homeowner’s association may also face additional restrictions or rules. Some areas may prohibit the activity altogether, while others allow property owners wide latitude to rent out their extra space.
Call Your Insurance Company.
The next step is to call your insurance company to ask if you need to increase your insurance or purchase an umbrella policy. While storing someone’s Christmas decorations might not require more insurance, storing someone’s boat or vehicle might. Finding yourself underinsured after an accident or disaster could cost far more than your storage rental brings in, meaning it’s better to be safe than sorry.
Choose a Listing Platform
Where you’ll find your clients is one of the most critical decisions in establishing your storage operation. Facebook Marketplace is an easy and common option, but it’s possible to appeal to a broader range of potential renters by choosing a listing platform. Many of these platforms provide advertising and insurance if you get a renter. They can also make recommendations on the rates to charge based on the demand in your area.
Securely Manage Your Space.
When you get your first renter, make sure to securely manage your space, whether that includes video surveillance, an alarm, or locks on particular doors. Showing potential renters that you have security in place will also encourage them to feel safe storing their belongings with you.
Types of Storage Spaces to Rent
You might not think you have a storage space to rent, but you probably do. Many people live in smaller homes under 1,500 square feet, without the storage features that many people want in their dream homes. Here are some ideas for parts of your home to rent out.
Backyard
Your backyard can be an excellent option to turn unused space into cash. This can include a variety of outdoor and all-weather items, from vehicles to recreational equipment. Those who have a barn or a shed on their property can rent that out, too. If you know your backyard has potential but needs decluttering or landscaping, that can be a strong motivator to take on those tasks.
Rent Out the Garage
Renting out a garage is one of the most common ways to earn money from extra storage space. If you have a garage in a specific area, like near a downtown, you can rent out a parking space to commuters. If you have space in your garage for an additional vehicle, people will pay to store a vintage car there or to use a workshop to complete woodworking tasks.
Even if people don’t need a garage space for a car or workshop, it can still be a good place to store items that don’t require a temperature-controlled environment.
Interior Home Space
Even extra spaces inside your house can be an opportunity to make some money and help out a cluttered client. Many homeowners may not be taking full advantage of their basements or attics, which provide the benefits of some climate control without intruding on the owner’s daily life. Even large walk-in closets or small storage rooms that aren’t being used by you or your fellow residents can offer options for storage rentals.
Final Thoughts
Whether you’re having trouble affording your house right now or simply want to make extra money to meet other financial goals, renting out a storage space in your home that you’re not using can help. It’s truly a side hustle that involves little hustling — just making the most of the space you already have.
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