8 Ways to Earn Money From Your Space (Without Lifting a Finger)
Looking to earn money from your space without biting off more than you can chew? We get it! At Peerspace, we’re all about offering people a simple and lucrative platform to list their spaces. Whether you own or rent, chances are you pay a lot for your home or work space. But have you considered that you can actually earn money from your venue? In fact, for many of us, our homes are one of the most underutilized resources we have.
Take San Francisco-based photographer Praise Santos, for example. She rents out her studio space, 85B Studio on Peerspace to supplement her work as a freelance photographer. Praise says, “We realized there were people out there looking for a space or apartment that looks like a couple of millennial girls live there,” says Praise. “Instead of managing the messages and bookings on our own, I researched other platforms that’d make it easier to earn money from my space.”
Whether you have entire rooms that are empty or just the occasional spare nook, there are many ways you can earn money from your space. The amount you can earn depends on the location, size, and access to your venue. Ahead, we’ll share a roundup of ideas that could have you bringing in a little extra cash and might even cover your monthly mortgage.
See what potential moneymaker opportunities are just waiting for you at home.
1. Earn money from your space by renting it out
Follow in Praise’s footsteps and think about renting your space on Peerspace. Peerspace is the largest online marketplace for hourly venue rentals, with listings in towns and cities across the globe.
Think Airbnb but for events, meetings, and productions.
Worried that your space isn’t worthy? Think again! You can have an apartment, home, garage, warehouse, studio, gallery, treehouse, or shipping container and people will rent it. You can have a themed space or a minimalist, blank-slate type of venue. Either way, you’ll soon discover that people are willing to tent it by the hour for their meetings, photoshoots, parties, workshops, and more.
So if you have underutilized space, consider listing your area like Praise to make passive income so you have more flexibility to work on your passions.
On Peerspace, you will have your own listing with photos, details, and prices. Once people start renting the space, they will be prompted to leave a review about their time at your venue.
Obviously, the cleaner, better equipped, and friendly the place, the better the reviews and better potential for more earnings. Learn more about the perks and ease of hosting here.
And, check out Praise’s beautiful San Francisco studio (pictured above)!
2. Make the most of your amenities
For artists fortunate enough to have established home studios, fellow creatives will pay for access to a darkroom, a green screen suite, a podcast studio, and more. Make your studio the go-to in your neighborhood.
For instance, this downtown studio in Raleigh has space for 15 creators at one time and provides renters with a cyclorama wall, blackout blinds, a dressing room, and a kitchen.
You can also make an additional income by adding on a variety of props for use during your guests’ bookings. Furniture such as stools, chairs, and even vintage pieces come in handy for photographers.
And as another bonus, sharing your space is a great way to stay connected with the local creative community. All this while bringing in supplemental income!
3. Get savvy with storage
People have a lot of things, and though there’s nothing wrong with that, storage becomes an issue. Finding affordable storage is logistically difficult and hard to come by overall. Typical extensive storage facilities have high rates, which they can get away with thanks to demand. So why not rent out your spare room’s closets, attic, garage, basement, or shed to those who need it?
Sites like Store At My House or Spacer make it easy to find renters. You can set the price for your space and control the length of the rental. Determine some guidelines in your contract, like how often renters will be allowed access to their space and what you allow for storage. You will want to establish legal liability conditions as well.
You can also consider revamping your spare room and making it an attractive option for creatives who will book it through Peerspace. For instance, check out this Eastside Yards garage in Nashville, TN. The Peerspace host has taken this former auto shop, retained its vintage charm, and added an array of classic cars to the site. Peerspace renters book it when they want a vintage, rustic space for their productions.
