Different ways to rent out your space for others to stay
1. Get a roommate
Where do I start?
If you have a spare bedroom in your house then getting a roommate would mean a chunky monthly additional income. Take a look at SpareRoom.co.uk for an idea of what’s already on the market and for somewhere to advertise your spare room.
How much could I make?
You are probably looking at between £300 and £800 a month depending on the room, house amenities and the location of your place. You might be eligible for the Rent a Room Scheme which lets you earn £7,500 tax-free every year (although you still need to declare the earnings even if it’s below that).
2. Rent out your room on Airbnb
Where do I start?
If you’re not keen on having a permanent roommate but you have some space then Airbnb could be a good option for you to host guests as and when it suits you. This could even make more financial sense if you are in an area of high demand for business or leisure travellers.
Read our guide on how to start an Airbnb business.
How much could I make?
Use this Airbnb calculator to work it out. It depends on the room and how frequently you rent it, but a room for one person in Bristol could make approximately £500 a month.
| Note: if you want to utilise a spare room but still have your weekends to yourself, MondaytoFriday.com caters to those who are looking for somewhere to stay during the working week. |
3. Rent out an entire place on Airbnb
Where do I start?
Do you love your holidays, frequently go away with business or perhaps you spend most of your time at your partner’s place? You could rent out your entire home on Airbnb. Some people are even buying additional homes on buy-to-let mortgages solely for the purpose to set them up as an Airbnb short-term rental business.
Read our guide on how to start an Airbnb business.
How much could I make?
Use this Airbnb calculator to work it out. It depends on the place and how frequently you rent it, but an entire place for up to four people in Slough could make approximately £1,500 a month.
4. Rent out your couch
Where do I start?
If you don’t have an entire place or even a spare room it’s still possible to rent out your floor or sofa bed in your lounge on Airbnb.
How much could I make?
At present, you could charge around £60 a night for a stay in central Edinburgh for the festival, or £10 a night for a floor in Putney, south-west London.
Ways to monetise your outdoor space
9. Turn your garden into a campsite
Where do I start?
Glamping and shepherds huts are all the rage right now. If you don’t have space indoors you could rent out a campervan, build a lodge outside, stick up a tent in your garden (and still let people use your kitchen and bathroom) or simply rent out a pitch space. See what people are offering on Airbnb and Campinmygarden.com.
How much could I make?
Around £5-£10 per person per night.
10. Become a wedding venue
Where do I start?
If you own a barn, field or big enough lawn you could have your own rustic wedding venue in the making.
How much could I make?
Website Hireafield.com says you can make up to £2,500 a weekend.
11. Sell produce from your garden
Where do I start?
It’s possible to sell all manner of home-produced goods like fruit, vegetables, jam, flowers, eggs, honey and plant seedlings. Contact local shops, markets, go to local car boot sales or have an honesty box outside your house.
How much could I make?
People will pay a premium for home-grown, organic goods but it really depends on how much you can produce.
12. Turn your garden into an allotment
Where do I start?
If you’re not green fingered but you do have a garden then you could rent it out as an allotment space for someone else to use.
How much could I make?
You could make around £200 a year but better still you can exchange for produce and you’ll be getting a free gardener.
13. Rent your roof for the installation of solar panels
Where do I start?
It’s possible to rent your roof for the installation of solar panels but the expert advice is to be wary about these schemes.
How much could I make?
Check with the Energy Saving Trust for advice.
Super creative ways to make money from your home
14. Make your home famous
Where do I start?
Supermodels and actors could be draped over your furniture and your home could be the next TV, film or photo shoot set. Interesting spaces are most likely to be used so if you’re due a redecoration you might want to bear it in mind. Agents like Location Works, amazingspace.co.uk and film-locations.co.uk help match owners with film and photo crews.
How much could I make?
Anything from £350 a day for a small crew to £3,000 for a feature film. The agent will take a 15-25% commission.
15. Host a pop-up supper club
Where do I start?
If you’re a host with the most or a wannabe master chef, consider coming up with and putting on your own events. Check out Eventbrite’s 10 do’s and don’ts to sell out your supper club.
How much could I make?
People generally charge £30-£50 per head. You’ll need to deduct all your costs and work out how many covers (people) you can fit in your place for dinner.
16. Put on or rent space for classes
Where do I start?
Put your talent to its best use by teaching it to others. You could host classes or one-to-one sessions in cooking, exercise, language, art and so on. Or rent your space to someone else to do the same.
How much could I make?
Depending on the classes you could make £15-£50 per person per hour.
17. Turn your home into your studio
Where do I start?
Embrace your creative side by using part of your home as your studio to create and display your art and invite the public in to browse and buy.
How much could I make?
It totally depends what you’re charging for your items – don’t sell yourself short.
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