Sometimes unexpected expenses can make you consider supplementing your income. If picking up extra shifts or staying late to work overtime doesn’t sound agreeable, you might try your hand in today’s gig economy. Thanks to multiple mobile apps, finding an acceptable method of boosting your monthly earnings is easier than ever.
But which online gig would yield the most profits with the least amount of work? Signing up for ride-sharing apps could mean driving around late at night and odd-jobs apps can be too unpredictable. If you have space, letting online renters use spare rooms may get you lots of cash with considerably less work.
The Rewards of Renting
Although reputable businesses can sell your house quickly should you need cash immediately, renting out a room in your house may give you a substantial amount after a few months. Among the services provided by the sharing economy, drivers for ride-share companies make either $364 or $377 a month, depending on which company they’re working for. People who signed up for popular odd jobs app netted an average of $380 in a month.
But people who opened up their home to online renters via a popular app earned an average of $924 per month. The rate you could charge largely depends on your location and how long people want to stay. But first, you need to make your home attractive to renters by giving them the amenities they seek.
What Renters Want
You should provide potential renters with the amenities they want if you wish them to stay at your place. Some of them are easy to provide, others can take a lot of effort on your part.
Here are a few things that people want from their rented accommodations.
- Security Measure: Tenants like to feel safe, especially if they’re unfamiliar with the neighborhood. They prefer to stay in places with gated homes, secure or multiple door locks, and plentiful outdoor lighting. Some may even prefer it if you change locks between tenants as an added precaution.
- Parking Spots: Renters with cars appreciate having a place off the street where they can park their vehicles. If your house has a garage or car-port, make it a selling point. Even a driveway or an area with pavement and roof cover will sometimes be enough.
- Laundry Appliances: Although providing your renters a washer and dryer is optional, it’s appealing to your transient guests. Since they don’t know the neighborhood, finding a reliable and affordable laundromat can be a little difficult. They appreciate the convenience of being able to do their laundry in their lodgings.
- Air conditioning: If your house has centralized air conditioning, you’re in luck. Renters prefer to stay at places with centralized air conditioning during the summer or if they’re locales with warmer climates. Although a window unit might suffice, having a central AC unit can sway renter’s decisions.
Like any good business, when renting out your rooms, you get what you put into it. You don’t have to break the bank or your back to make sure renters choose to stay at your place, but you should at least break a sweat trying to address their needs.
An extra income is ideal, and sometimes necessary. When you need to make more than what other options give, consider renting a room in your home.