As the saying goes, life begins at retirement. It is when you can enjoy the fruits of your labor, start on a new venture, and pursue your passions. However, as the COVID-19 pandemic continues to send shockwaves in the global economy, retiring at this time could be challenging. The concept of solely depending on your savings is no longer an option—which is why extensive retirement planning and finding ways to earn passively is a must.
Owning a space for property rental is nice, but being able to maximize it is the real game-changer.
Here are seven ways to generate revenue from your space:
1. Rent out storage space.
If your space has an area that is not being used much, you can post it as a storage space for rent.
You would be surprised how people have so much stuff they want to keep. And with e-commerce sales booming today, businesses are leasing up new spaces and distribution facilities to cater to more customers.
2. Rent out a room.
The best thing about leasing storage spaces is that it does not come with the same headache as residential rental spaces. It is basically a no-wear, no-tear deal.
If you have an extra space to turn into a room, now is a good time for that. Probably one, if not the most lucrative, way to generate passive income is by renting out a room.
Tons of tenants are moving for reasons sparked by the pandemic, making it easy to find tenants to rent out a room.
Just be sure to screen your tenants to make sure you get a good one.
3. Rent out a parking slot.
If you have a nice, big, and accessible driveway that is empty most often than not, you are in line for some hefty pay without doing anything.
If you live in a city, there is an apparent imbalance between the demand and the available supply of parking spaces. This makes parking a precious commodity and a good source of passive income.
If your car is mostly with you during office hours, you can even rent out your parking space during the hours you are not using it. If you are on a month-long vacation, you can rent it out for a month. You get to be the boss.
4. Rent out as an events place.
As the pandemic continues to cause restrictions in transportation and events, many events become inaccessible, and more people opt to have intimate gatherings.
More often than not, the most beautiful and memorable weddings and events are not held in top-tier hotels and country clubs but at people’s homes with DIY-designed backyards.
With a few add ons like a tent, temporary flooring, and strung fairy lights, any space can be made for a dramatic event’s place. And aside from earning a hefty paycheck, your clients get to save a ton of money. A creative mind is all you need and few dollars to invest with, and the ideas to turn a dull space into an Instagram-worthy space are endless.
5. Rent out as a commercial space.
If you are in a strategic location, it is not hard to find an interested renter to use your space for commercial purposes like dry cleaning, convenience store, coffee shops, water refilling station, and so on. The sky is limitless once you make your space affordable and business-friendly.
It does not even have to be big-time businesses; you can have your space used as a review center for students or office space for work-from-home individuals. You just need to invest in a good internet service provider and some office tables and chairs, and you are good to go.
6. Rent out as a utility site.
Have you ever seen a cell site tower in a residential space or building? Or a field of solar panels that provides a renewable and cheaper source of electricity to the entire neighborhood? If yes, chances are, these cell site towers and government-provided solar panels are renting to provide better services to your area. Being the one they are renting on is in line for some oodles of cash.
7. Rent out as mural advertising.
As simple as having a blank wall that runs alongside a busy street or highway can help you earn extra money.
Mural advertising is hand-painted advertising that appears on a wall, also known as hand-painted billboards.
Many products invest in it because it is an excellent part of outdoor advertising and an effective way to promote brand and product exposure.
Instead of letting an unused area in your property go to waste, find a way to provide them as a service to others, and the money will follow. The bottom line is, you do not need a ton of renovation or any specialized skill to earn extra money from your space. All you need is creativity, and the ideas are endless.
Author; Kat Sarmiento
|Kat is a Molecular Biology Scientist turned Growth Marketing Scientist. During her free time, she loves to write articles that will bring delight, empower women, and spark the business mind. She loves to bake but unfortunately, baking doesn’t love her back. She has many things in her arsenal and writing is one of her passion projects.|
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