Making Extra Money Renting Out Your Extra Space

You can rent your driveway

• Earning potential: $140 per month

Parking is expensive in the busier parts of the country, so if you live near a busy city, town, or business district, you could make over $2,000 a year by leasing your driveway to commuters.

Using the ParkLet price guide tool, we found that renting a ramp in an area around the London Docklands can set you back between $141 and $174 per month, which works out to be between $1,692 and $2,088 per year – not a bad little earner for doing nothing but letting people park at your house.

Renting out a driveway in Liverpool Docklands, for example, can run you $100 to $120 per month or $1,200 to $1,400 per year – then it’s worth considering if you live on a commuter route.

You can rent your living room

• Earnings potential: more than $700 per month

There are an estimated 5 million entrepreneurs in the UK, with 1.65 million workings full-time. Many people are looking for a workspace, many of whom may be looking to move out of their homes but cannot afford an office or the constant stream of caffeine it takes to camp in a coffee shop.

So, if you have a spare room that you can rent out or find that the living room is free for most of the day, you could make over $160 a month renting it out as office space.

Sign up to a site to list your space and get matched with suitable colleagues.

Your home needs a good Wi-Fi connection, a good workspace, and perhaps access to the kettle, but you can set opening times and daily rates – which usually start at $40 a day.

Rent out your guest room

• Earning potential: up to $4,000 per year

Airbnb is one of the websites that kicked off the sharing economy culture, targeting anyone who can rent out their home to anyone who requires a place for a few days but does not wish to pay a high hotel charge.

The family vacation can pay on its own when you’re outdoors if you reside in or near a crowded downtown area, tourist hotspots, or within easily accessible sporting events or cultural events. Here you can estimate how much you could earn.

If you don’t mind having someone live with you permanently, you can take in a border. You may use a website like Spareroom.com or Gumtree to market the room.

Rent out your attic, basement, or garage

• Earning potential: $250 per month

If you have a space in the loft, basement, or garage, you can quickly and conveniently rent it out as storage and earn around $1,000 a year as you do nothing but make sure it stays dry and rodent-free.

Put your storage space on Stashbee. You can make up to $300 a month with a garage or basement and $150 with an attic. Another option is shipmates.

Rent out your garden

• Earning potential: up to $15 per night

If you don’t have an entire house or even a spare room to rent out as lodging – or maybe, you don’t feel like having strangers in your home – you can rent out your yard as a camping spot.

It is excellent if you reside near a crowded downtown area or tourist sites or within close reach of sporting events or cultural events.

Campinmygarden.com enables you to offer your garden space for free and suggests charging between $5 and $10 per night, and if it connects to running water and toilets outdoors, you won’t even need to meet the individuals who use your garden.

If you don’t, you must provide access to the amenities in your home.

You can rent out your garden all year round if you like, but as we operate on Airbnb’s 33-night typical annual rental, letting people camp at the back of your house can yield between $165 – $330 per year.