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Creating passive income in real estate usually involves buying a property and renting it out to tenants. However with house ownership at its lowest in over 50 years, let’s be honest – most of us don’t own a property, we rent.
So what can we do as renters to make some extra money from our home? Well, that’s simple. Rent out your unused space.
I know when we say this most of our minds go straight to Airbnb. One thing that is important to know is that as a renter, you’re required to get permission before subleasing. We do not recommend going behind your landlord’s back as if they catch you doing it without their permission, you could face eviction for violating your Lease Agreement.
So, you have asked your landlord and they have agreed that you are allowed to rent out your spare room. What next? Firstly, you need to do a good spring clean and spruce up your place! Next, it’s time to take some beautiful photos and post the listing online. A catchy description is incredibly important for maximizing bookings. We recommend being clear when describing your property and using strong adjectives.
Well, we have some good news! You are still legally allowed to rent out your car space. Remember we didn’t say the unused space had to be inside your home.
Australian cities are enduring a parking crisis with parking spots in inner city Sydney selling for prices as high as some houses. It might sound crazy, but depending on where you live, you could get as much as $500 a month for renting out your parking space, or even more if you live in a CBD district. And, that’s not even the best bit… You donʼt actually need to have a space that is available 24/7. Set your hours and days. It’s completely flexible./p>
Not only do you earn some easy money from your parking space that you’re not using, but someone else can save money too. Share with Oscar is a low effort and low maintenance platform that takes care of all the timely bits for you. To get started all you need is to list your parking online and you can get earning.
You will need an address, a description, a photo and instructions for access. You can set your own price or let the Oscar platform manage your price in real-time. Once your listing is up and running you can update the availability of your parking space from anywhere, anytime. Alternatively, you can set the availability in advance- preselecting the days and hours if they’re not available 24/7.