Retirees travel a lot, touring the world or seeing their children and friends. Those who live in big cities heavy in tourism or vacation destinations can rent out their houses, extra rooms or guest houses to travelers on Airbnb or a vacation rental site such as HomeAway.
Joseph Carbone, a financial planner at Focus Planning Group based in Bayport, N.Y., said some of his retired clients “rent out their home for the whole summer. They use the rent they receive to pay their mortgage for the whole summer, if they have one, or use the income to help supplement their retirement."
You can make extra income by not only renting out your living space, but also renting out your driveway using sharing platforms such as Rover Parking, JustPark, Parklee, Panda Parking, Pavemint and CurbFlip.
If you have a much-coveted garage or additional storage space in your apartment, you can use the apps Roost and Spacer to rent out storage space. The money you can make from renting out space varies, depending on where you live and the demand in your community. However, according to Spacer, you can make from $2,000 to $4,000 annually renting out your garage for storage.
Renting your car (or cars) while it’s not in use is also an option. Car sharing websites, such as Getaround, HyreCar and Turo, make it easy. These companies have different provisions, but Getaround will actually rent out your car, clean it and take care of it. (They have a $1 million insurance policy.)
Do some research on whether there is demand for storage, parking and rooms in your area. What’s in demand in an urban area, such as a parking space, may not be for a rural area where parking isn’t a problem. However, that doesn’t mean that someone may not want to rent your driveway to stash their boat or RV. By researching the platforms to see what people are renting out in your area, you’ll get a better idea of how to market your rental spaces.
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