How to make money from thin air
Aussies are making more money from renting out spaces around them, which they hardly use anymore. Here’s where cash can be made.
SmartDaily
Don't miss out on the headlines from SmartDaily. Followed categories will be added to My News.
Money for nothing seems like an impossible goal for many people, but a rising number of Australians are earning extra cash from renting out their spare air.
While Airbnb led the way in helping people generate income from accommodation, savvy householders are now getting paid for their parking spots, garages, storage units, kitchens and dining rooms.
Author and finance specialist Melissa Browne says renting out intangible stuff can be a great way to bring in extra money.
“I think Australians understand the obvious things we’re able to rent out such as listing a granny flat or holiday home on Airbnb but they’re not aware of the many other ways you can rent out either your space or your stuff,” she says.
“Today, there are usually multiple sites to help you with that. For example, if it’s your home you might head to the known solution such as Airbnb or you might check out Stayz or Homestay.”
Browne recommends researching both the site and person you are renting to.
“Often you can put conditions on who and for who long your asset is being rented for,” she says.
Self-storage company spacer.com.au and parking space business parkhound.com.au have both grown strongly in recent years, says their CEO, Mike Rosenbaum.
“With inner-city living costs rising and flexible work options increasing, people are open-minded to earning or saving money through online platforms or tools,” he says.
“A lot of people don’t know that they can easily and safely rent out their unused garage, storage cage or car space to make extra money. It takes less than five minutes to list your space.”
Rosenbaum says many bookings are long term and “very low touch”, and people planning to rent their space should be clear about access and if there are limitations around availability.
“We have tools including augmented reality to easily measure your space and AI to help connect hosts with their ideal renter,” he says.
COVID-19 concerns about high-touch public areas have prompted more companies sign up to Parkhound to help staff park safely near their office, Rosenbaum says.
Melissa Unda, 29, started using the Parkhound app three years ago because she had a parking space she didn’t use.
“I’ve had around five people use the space over the years and it’s an easy way of making money,” she says.
“The parking space is part of my apartment so it just made sense to lend it to people instead of it sitting empty.
“It helps cover costs of bills and rent.”
Sometimes renting out your space may only be for a few hours or days. For example, online platform Skoutli.com connects photographers and producers with locations such as kitchens and living rooms, while campspace.com allows people to rent out their backyards for people to camp in.
Rubberdesk.com.au enables people to rent out spare desks or office space and provide affordable working environments for others.
Browne says more money might be made by renting assets than selling them.
“What you’re able to rent is possibly only limited by your imagination and how comfortable you are sharing that asset,” she says.
SHARE YOUR SPACE WISELY
1. When listing, include bright and well-lit images of both the inside and outside of your space.
2. Make sure it’s clean and tidy ahead of taking photos and sharing with renters.
3. Be as descriptive as possible about the space including height and width, access and handover details.
4. For carparks, be clear if they are not available at certain times such as weekends.
Source: Parkhound.com.au, Spacer.com.au