Tips to Make Money by Renting Out Your Space

When I first started my Seattle monthly parking side hustle, I was worried about a number of things. What if the renter didn’t pay? What if they trashed my apartment? And how would I deal with those situations if they happened?

But after doing it for a while, I’ve learned that renting out your home is actually pretty easy—and can even be fun! So here are some tips from me on how to make sure that renting out your space goes well.

Be aware of the rules and regulations in your area

Before you start renting out your space, be sure to check with your local government to see if there are any restrictions on what you can do and how much money you can make.

If people are going to be staying in your home while they’re renting it out, you’ll probably need a permit from the city or county. You’ll also want to check into zoning restrictions and fire codes that might apply.

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You should also look into noise ordinances in your area; these rules help minimize disturbances for other residents nearby. And finally, if this is going to be a legitimate business venture for which you’d like tax benefits—and who doesn’t?—then get yourself some sort of license or permit first (this varies depending upon where in the country you live).

Make sure your insurance policy covers rentals

If you’re renting out a space, it’s important to make sure that your insurance policy covers rentals. Many standard insurance policies can be customized to include rentals, but if you don’t check this with your company and get the right type of policy, then it won’t be covered in most cases.

Make sure you have enough coverage for your property. If something happens and someone injures themselves on your property, then you’ll want some money set aside so that it doesn’t eat up all of yours while trying to sort everything out.

Check with your own insurance company and talk with other renters as well to see what kind of coverage you need and how much it might cost.

Decide how much of your space is going to be rented out

Once you’ve decided to rent out a space in your home, the next step is deciding how much of that space you are going to use for your own purposes and how much will be set aside for potential renters. It’s important to have this conversation with yourself—and anyone else who lives in the house—before making an agreement with someone about their use of your property.

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If you’re planning on renting out a room or two within your home, think carefully about what it takes for those rooms to become bedrooms. If these rooms don’t have doors leading outside, renters will have to share parts of your living space in order to access theirs.

If you don’t want to rent out space inside your home, you could always consider putting some outside space up for let. Seattle monthly parking can be expensive for commuters, so why not rent your driveway? You could easily make upwards of $200 a month without lifting a finger.

Establish a rental rate and make sure it’s worth it for you

You can set the rental rate in a few ways. One way is to work with a real estate broker or property management company and let them handle the pricing for you. This may be a good option if you have multiple properties that are rented out frequently, which would make it difficult for you to manage all of your rentals on your own.

Another way is to use online rental listings such as Zillow and Craigslist, or even social media sites like Facebook and Twitter. Renting through one of these platforms allows you more control over who gets access to your space—for example, if only people within specific age ranges can see the ad for your room or apartment unit on Facebook, then only those people will be able to apply for it.

By limiting access this way, renters aren’t wasting time applying unnecessarily while landlords aren’t wasting time vetting applicants who don’t fit their criteria.

The size of each individual room will also factor into its cost when rented out: A large room with high ceilings might be cheaper per square foot than a smaller room with lower ceilings. The same goes for the number of bedrooms available: A three-bedroom apartment will generally be more expensive than a studio or one-bedroom unit, but it does depend on the location. A city center location will attract much higher prices than properties in satellite towns.

Screen potential renters carefully

Before you rent your space out, it’s important to make sure that the renter is a good fit for your apartment. You want someone who will pay their rent on time and treat the property well. This can be tricky because most of us don’t know the first thing about vetting new tenants.

If you’re starting out as a landlord, here are some steps I recommend taking:

• Ask for references from previous landlords or roommates. If they’ve been responsible with other people’s properties before, there’s a good chance they’ll do right by yours as well. Ask past landlords how they would rate their experiences with the potential renter in terms of how friendly/communicative/reliable/clean etc. they were.
• Get security deposit approval from any potential tenant before signing any paperwork. This protects both parties against unforeseeable circumstances down the line and ensures that everyone knows what to expect.

Conclusion

If you’re looking for extra income, renting out space in your home might be the answer. Just make sure to check city and state regulations first. It’s also important to find someone who is reliable and trustworthy so that everyone has a good experience—including yourself!