Renting Out Your Place: How to Make Money From It

I’m pretty sure there are times when our budget isn’t enough to meet our daily expenses. This is why many individuals opt to look for other sources of income, despite having full-time jobs. There are many strategies that one can do, such as online selling or being an Uber driver.

However, there’s also another way of earning some cash without having to actually be there. And that’s renting out your place. Or you may even have a spare condo, apartment, or house that you don’t usually stay at. So, why not use it to your advantage?

Why People Choose to Rent Places

The idea of renting out a place isn’t new to most people. In fact, one might choose this over staying at a hotel, especially when traveling with friends or family.

Lower Expenses

One of the reasons is usually because of the expenses. Considering the number of people allowed inside one hotel room, renting an entire place seems more practical. If there are, let’s say about 10 of you in the group, I’m sure it’d be better to divide the cost for one bigger space.

Location

Hotels are usually located in urban cities. So if you decide to travel to small towns, it’d be almost impossible to spot one nearby. Unlike rental places, which you can find pretty much wherever you may be.

More Space

And since we’re on the topic of spaces, renting a place will give you more room to move around. Usually, there’s a living room, a kitchen, bedrooms, and other areas to stay in. You may even get to enjoy other activities, such as swimming. Although, this would depend on the type of place you decide to rent.

Access to Amenities

Another great thing about this is that you get access to other amenities. At times, there are places with washing machines and dryers, Wi-Fi, free parking spaces, and more. You may even cook anything you want and have your own picnic with your loved ones.

What to Do First

Now, we’ve covered the reasons why people usually choose rental places over hotels. So let’s say that you do decide to rent out your place to the public. It won’t necessarily mean that you need to provide all these to be a great host. Although, it does pay to spice up some features.

However, before you get into all that redecorating, it’s best to do some research first. Whether you’re living in Detroit, Atlanta, Salt Lake, or anywhere else. It’s always best to know if your city has a high demand for rental places.

Also, you might also need to secure some requirements and paperwork before you can operate. If you plan on renting out your condo or apartment unit, be sure to check all the rules provided by your landlord. You should inform your future guests of curfew hours and other necessary details. Once all that’s settled, then you can proceed to making some adjustments within your place.

Transforming Your Place

Fresh Start

Even though the place isn’t new to you, it is for your guests. So it’s best that you free the space of any clutter.

You can purchase a new bed, new pillows, and even curtains. This gives a fresher look and a more comfortable feel.

Usually, most people would stay in the living room during the day. So, you may even choose to place a video game console for entertainment. If your place has Wi-Fi, that’s already a big plus as well.

Show What You Can Offer

Once you have the place all ready, then it’s time to take some pictures. Of course, this is what the public would see upon browsing your listing. So always take photos that you think would grab the attention of potential guests. You may even opt to hire a photographer, for more professional output.

Choose to highlight the amenities that would make you stand out. It’s as if you’re giving them a virtual tour of the place.

Creating Your Listing

Now, you have the pictures ready, it’s time to create your listing. Make sure that you’re straight to the point. Describe the place, how many people it can accommodate, how many bedrooms there are, what floor it’s on, and all that. Of course, don’t forget to include the amenities that your place has. Remember that the goal here is to catch their attention.

Continue to Revamp

And over time, if it becomes a success, you can even choose to make certain upgrades. Try having custom pools or hot tubs installed, if your area permits. This may cost you a lot but it’s a great investment since it will surely get you more bookings in no time.

In our world today, making ends meet is one of the biggest responsibilities that we have. This is why we should think of ways to make the most of our resources. And now, you know that there is also a way to make money even when you’re away.