Money Between Renters.
Owning investment property is an incredibly rewarding way to make some passive income. Whether you are retired, have a job you love, or make a living from land-lording, you rely on keeping your properties occupied in order to generate rent. Without a tenant, you not only lose any profit made, but also have to worry about covering mortgage payments and property tax. Naturally, you work hard to keep each property in good condition and try to fill vacancies as quickly as possible but you also can’t rush applications or the screening process. The good news is that while your property sits without a long-term renter, the growing opportunities in the sharing economy offer you a variety of ways to make a little extra money from your currently unoccupied homes until the next ideal tenant comes along. Here are our top picks:
Rent Your Parking Spots
Did you know that those parking spots normally reserved for your tenants are useful for other people too? Good, safe, and legal parking can be hard to find whether in a downtown area or a busy residential neighborhood. You can rent your parking spots for anywhere from hours to weeks depending on your willingness and the needs of those who seek parking. With ParqEx, you can list your empty property’s parking spots and the times they will be available so drivers in need can rent them, and even your garage is a viable option. When someone wants to park in one of your listed spots, whether for a large family gathering, overflow from a local stadium, or just because they need to be in the neighborhood, they pay you for the privilege and the amount of time they spend parked.
Invite Backyard Campers
There are a surprising number of travelers and camping enthusiasts who would rather camp out in someone’s backyard than pay hotel prices while they’re on the go and there’s a sharing economy service just for them. Camp In My Garden is a site for connecting people with backyards they don’t use much and people who want to camp. If your backyard is attractive and spacious, this is a great way to dip your toe into the hospitality side of the sharing economy without the requirement of opening up the house. Backyard campers will pay you a per-person-per-night fee to camp out in your yard, appreciative of simple amenities like access to the hose, a firepit or grill, and outdoor power outlets.
Airbnb the Empty House
Contrary to popular belief, you don’t actually have to have a fully furnished property with little hotel soaps to get customers on Airbnb. Many people value a private bathroom and full kitchen over hotel perks and would be more than happy to stay for a night or two in an empty apartment or house. They’ll bring the sleeping bags and supplies, all you have to do is let them in or give them a temporary combination to your IoT smart lock box and they will happily pay you for each night they stay. You may even find a friendly thank-you note on your kitchen counter.
Besides keeping your property profitable between approved lease-signing tenants, the best part about the sharing economy solution is that you can simply close your listings when a new resident is ready to move in. After doing your usual full cleaning and inspection, the place will be ready to return to its normal purpose as a long-term home. Because this option is available to anyone at any time, you can do this with any property every time a tenant moves out, making sure your passive income stream never fully comes to a stop. For more neat advice on how to use the sharing economy in ways that work best for you, contact us today!