6 Ways to Make Money When Renting Your Space Out

So, you've decided to rent out your extra space and want to make the most of it. You don't want your added charges to seem unfair, but at the same time, you're not sure how to make them seem tolerable. Well, don't worry, because here are six ways to make extra money reasonably while renting out your space. 

  • Charge for Amenities  

When you rent, you can include utilities as part of the package. To make extra money, ask tenants to contribute to half of the utility bills. You will save money by paying less than you typically would and continue on with your amenities. If you’ve furnished your space, charge for offering more than an unfurnished apartment

2. Require Pet Fees 

Before move-in, have your tenant pay a pet deposit to cover any potential damage that may arise from housing the pet in your home. You can even require a monthly pet rent as part of the agreement. This is a good option for landlords who have carpeted homes. 

Pet rent is also appropriate for landlords who already have pets in the house and are concerned about how they will get along with the tenant's pet(s). Added rent can also be a way for landlords to compensate for uncertainty surrounding whether it’s better to own or rent

3. Conduct Background Checks 

Before you agree to let anyone rent your space, have potential tenants complete a tenant credit check. You can review their financial history and ensure that they are a good fit for the monthly rent you charge. 

If the tenant has the income, but their paperwork is poor, have a frank discussion with them about their financial situation. Credit issues do not always reflect a lack of financial stability. Maybe they need to rent following divorce and expensive lawyers explain the credit issues. Get to know your potential tenant. 

4. Create a Win-Win Situation 

If your tenant has trouble with rent, ask if they possess skills in carpentry or labor work that could help save you both money. You can give your tenant a discount on rent for providing these services for free. You won’t have to pay extra money for labor work anymore. You can apply this win-win concept to yard work, painting, and other tasks of household upkeep

5. Require a Late-Fee Penalty

To safeguard against late payments, state in your lease agreement that you require additional fees for late or missed payments. You will make up for the delay and make extra money. While tenants are typically consistent, there are always one or two situations (especially around the holidays) that might leave them in a crunch for cash. Protect yourself and hold tenants accountable by charging extra. 

6. Rent Out Storage Space

In addition to your spare room, maybe you also have room in your garage. Post an ad expressing your interest in providing storage space for those in need. People moving to a new area might not want to pay the high fees of storage units and look for more affordable situations. 

Create an affordable alternative for them, as this will still make you more money than you would have made otherwise. This is a great way to make passive income. Be sure to list the amount of storage space you have available and the fee you charge for housing items at your property. 

Making extra money while renting your space out takes some creativity and consideration into the areas where you could benefit from the additional financial help. Follow these suggestions to ensure that your fee explanations are reasonable so you can find renters quickly.

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