Best Side Hustles for Renting Storage Space

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Renting out unused storage space can be a lucrative side hustle, providing steady income with minimal effort. Whether you own a garage, basement, shed, or even an extra parking spot, you can turn it into a money-making opportunity.

Income Potential

Income potential for renting storage space varies depending on location, size, and amenities. On average:

• Small storage spaces (closets, sheds): $50–$150/month
• Medium spaces (basements, garages): $150–$500/month
• Large spaces (warehouses, commercial storage): $500–$2000/month or more

With proper marketing, renting multiple spaces can result in a significant monthly income.

Tools and Resources

Here are some essential tools and resources to kickstart your storage rental side hustle:

1. Platforms to List Your Space

• Neighbor: A popular peer-to-peer platform for renting storage space.
• Spaceishare: A Canadian platform connecting storage space owners with renters.
• Kijiji: A well-known classified site in Canada.

2. Legal Resources

• Storage Rental Agreement Templates: Use platforms like LegalTemplates to create rental agreements and protect your interests.
• Check local bylaws and zoning regulations for storage rentals in your area.

3. Insurance Providers

• Square One Insurance: Offers customizable insurance plans for landlords.
• Verify if your homeowners’ insurance covers renting storage space or if you need additional coverage.

How to Get Started

Step 1: Assess Your Space

• Measure and document your space's dimensions.
• Take clear photos and note special features like temperature control, security cameras, or accessibility.

Step 2: Research Pricing

• Check competitor prices in your area using platforms like Neighbor or Kijiji.
• Set competitive rates that reflect the size, location, and amenities of your space.

Step 3: List Your Space

• Create a Listing on Neighbor: Upload photos, write a detailed description, and set your rates.
• Promote Locally on Kijiji: Use geo-targeted ads to attract local renters.

Step 4: Secure Agreements

• Use rental agreements to formalize the arrangement with tenants.
• Clarify terms for access, payment schedules, and liability.

Step 5: Maintain and Scale

• Keep your space clean and accessible.
• Consider adding more storage spaces or partnering with friends or family who have unused spaces.

Renting out storage space is a flexible and profitable way to monetize unused property. By using the right tools and platforms, you can attract reliable renters and enjoy a steady side income.

Are you ready to turn your unused space into cash? Start listing your space today!