Prices for just about everything are going through the roof, but it’s not all gloom. With everyone feeling the same squeeze on their finances, chances are you can make some money by renting part of your home and its contents.
Chances are you can make some money by renting part of your home and its contents
The number of new mortgages being granted is at an all-time low, meaning many people can’t move or get on the property ladder. Landlords are taking advantage of this, so rents have shot up.
These two things taken together mean that there is an unprecedented lack of affordable rental property in the country right now.
Rent your spare room
Websites such as Spareroom.co.uk, MondaytoFriday.com and Crashpadder.com have sprung up to help match those with a spare room with those looking for a cheaper alternative to either hotel accommodation or renting out an entire property.
You can earn up to £4,250 in rent from a lodger each year tax-free.
You don’t even have to rent your home out every night of the week. All of the sites mentioned above let homeowners choose the dates on which they will rent out their spare room.
Short stay room rentals
Tourists are tapping into home share websites as well.
It’s possible to stay for a week in someone’s home for less than the price of a night’s stay in the average UK hotel. Crashpadder.com claims it is typically 80% cheaper to stay in someone’s spare room than a similarly located hotel.
What you can expect to earn depends on where you live, but the minimum rooms are currently available for on all the sites we checked was £20 a night.
Rent your driveway, car or lawnmower
You can rent more than just a room in your house, so think creatively about what you have available. For example:
- Driveways are in high demand according to ParkAtMyHouse.com and could generate as much as £500 a month for those with homes in city centres or near airports.
- Your car can earn its keep with WhipCar.com. The site is a bit like a car club in that it lets those without a car hire one when they need to, either by the hour, week, or month. The site takes care of insurance for borrowers so you won’t have to alter your own policy. It will also tell you what you can expect to earn for an area for your particular age and make of car. The cuts to rural bus services, mean demand is growing for cars to borrow in the country as well, with the typical family car in Aberdeenshire in North East Scotland earning £35-50 a day.
Finally, the items at the back of the hall cupboard and garden shed could be worth renting out. Erento.co.uk and Zilok.com both allow you to rent out possessions. Lawnmowers, carpet cleaners and camping equipment are in high demand, earning owners around £50, £40, and £25 per day.