Best Side Hustles for Renting Property

Whether you own a single-family home, a condo, or even an RV, there are numerous ways to make money through property rentals. Here are some of the best side hustles in this space, along with descriptions, income potential, essential tools, resources, and steps to get started.

Short-Term Vacation Rentals

List your property on platforms like Airbnb or Vrbo to attract short-term guests looking for vacation accommodations.

Income Potential:

• $1,000 to $5,000 per month, depending on location, property type, and occupancy rates.

Tools and Resources:

• Airbnb Hosting Guide: Airbnb Hosting
• Dynamic Pricing Tools: Use tools like PriceLabs to optimize your pricing.
• Property Management Apps: Use apps like Hospitable for streamlined operations.

How to Get Started:

1. Create a listing on Airbnb or Vrbo.
2. Prepare your property with essential amenities and high-quality photos.
3. Set competitive pricing and house rules.

Long-Term Rentals

Rent out a spare room or an entire property for extended periods, usually six months or more.

Income Potential:

• $1,200 to $3,500 per month, depending on location and property size.

Tools and Resources:

• Lease Agreement Templates: Download templates from LawDepot.
• Tenant Screening Tools: Use platforms like Naborly.
• Rental Market Analysis: Research market rates using Rentals.ca.

How to Get Started:

1. Post your property on Kijiji or Craigslist.
2. Screen potential tenants thoroughly.
3. Draft and sign a lease agreement with your tenant.

Renting Out Parking Spaces

Turn unused parking spaces into a steady income by renting them out to commuters or nearby residents.

Income Potential:

• $50 to $300 per month per space, depending on location.

Tools and Resources:

• Parking Rental Platforms: List on apps like Spacer or JustPark.
• Local Market Research: Check local classifieds or neighborhood groups for demand.

How to Get Started:

1. Take clear photos of your parking space.
2. List the space on Spacer.
3. Communicate availability and terms with potential renters.

Renting Out Storage Space

Utilize garages, basements, or sheds as storage spaces for others in need of extra room.

Income Potential:

• $100 to $500 per month, depending on the size and location of the storage space.

Tools and Resources:

• Storage Rental Platforms: Use Neighbor to list your space.
• Insurance Resources: Ensure your property is covered with proper insurance.

How to Get Started:

1. Clean and declutter your storage area.
2. Take photos and measurements.
3. Create a listing on Neighbor.

Renting Out an RV or Camper

If you own an RV or camper, rent it out to vacationers looking for unique travel experiences.

Income Potential:

• $1,500 to $6,000 per month during peak travel seasons.

Tools and Resources:

• RV Rental Platforms: Use RVezy or Outdoorsy.
• RV Insurance: Ensure comprehensive insurance coverage for rentals.

How to Get Started:

1. Clean and inspect your RV for safety and comfort.
2. Create a listing on RVezy or Outdoorsy.
3. Communicate clearly with renters about terms and conditions.

House Hacking

Live in one part of your property while renting out another part to cover your mortgage.

Income Potential:

• Varies, but can offset a significant portion of your monthly expenses.

Tools and Resources:

• Real Estate Investment Resources: Learn house hacking strategies from BiggerPockets.
• Home Renovation Tools: Utilize tools like Home Depot Pro Desk.

How to Get Started:

1. Identify a property with rental potential.
2. Renovate or furnish the rental space.
3. List the rental space on platforms like Airbnb or Kijiji.

Final Tips:

• Always research local laws and regulations regarding property rentals.
• Invest in high-quality photos and compelling descriptions for your listings.
• Respond promptly to inquiries and maintain good communication with tenants or renters.

By leveraging these side hustles, you can turn your property into a profitable venture while meeting the demands of Canada’s growing rental market.