Homeowners with multiple properties often make some extra income byrenting them out.
A home is what most people think of when it comes to things you could rent out.
But the percentage of U.S. tax-filers who reported owning rental properties the Internal Revenue Service is actually low.
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It represented only roughly 6.7% of filers or 10.3 million people in 2018, perPew Research Center data.
That means most of us will have to turn to something else to make passive rental income.
Not to fear: there is still hope.
Below are some of our best ideas for household items or even spaces that can start earning their keep.
What are things you’re free to rent out?
1.Spare room
This is one of the more obvious things you’re free to rent out.
Its not as uncommon as you might think.
There are a few important pieces of advice to keep in mind if you go this route.
First, youll be living with your potential tenantwhileserving as their landlord.
That symbiotic relationship goes both ways.
As a landlord, youre obligated to maintain a livable home.
Youll want toacquaint yourselfwith the legal requirements of your landlord status.
That generally means keeping the home bug-free and maintaining functioning heating and cooling, for starters.
But youll need to research any municipal nuances as well.
Will the tenant pay a security deposit?
Will they need to pay a fee if they bring a cat or dog with them?
When will rent be due and how much will that amount be?
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Well keep it updated as offers changes or expire.
Theres no shortage of platforms on which to list your home.
It encompasses Zillow, Trulia and Hotpads.
There also are placeslike CraigslistandFacebook Marketplace.
Car
Your car doesnt have to just be amoney suck.
It can actually serve as a source of income for you.
Youll also want to let your car insurance provider know youre renting out the car.
But did you know its a potential source of some extra cash?
Backyards can be a powerful money-making tool you just have to know how to use them.
Did you know?
One easy platform to use isPeerspace, which facilitates hourly rentals of various locally-owned spaces.
Rentals tend to go for around $100 an hour, per Peerspace.
However, you likely wont pocket all of that money yourself.
Per Swimplys instructions, the requirements are simple.
You pick a price, upload some photos of your pool and wait for the requests to roll in.
(The site does chargea service feeof 15%.)
Maybe youre going to the big game or trying to find a space before your favorite artists headlining concert.
How much would you pay to park in someones conveniently-located driveway?
Whether you have a garage, driveway or even included parking space to offer, consider listing your resources.
Websiteslike VanlyorNeighborare a good place to start.
On Vanly, for example, that fee is 10%.
This includes a garage, a driveway or an unpaved lot.
You may have this everyday item: a bicycle.
Sites likeSpinlisterandListNRideallow you to rent out your bike to interested parties for little initial expense.
On Spinlister, for example, it’s possible for you to list your bike completely for free.
If someone does rent it, youll have topay a 17.5% feeto the site for any rentals.
Spinlister also guarantees the safety of your bike up to $1,000.
Siteslike LoanablesandFriendWithAhelp you connect with potential customers.
These are obviously not all camping-related, but you could also fill in those categories as well.
The site charges a 10% service fee on your rental, as well as insurance.
Insurance costs are calculatedwith this formulaand will help you should one of your items get damaged.
(Are we the only ones who think of clothes as needing a place to live?)
Appslike Tulerieallow listers to rent out their used designer clothing, bags, shoes and accessories.
Youllhave to ship outthe items once someone requests them and professionally clean them before each use.
Look around to look for things you’ve got the option to rent out.
Heres your answer: rent out your old decor.
Her work has appeared in Teen Vogue, Smithsonian Magazine and the Tampa Bay Times.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
