How to Make Money with Event Space Rentals

Thinking about turning that empty room or unused property into a money-making machine? Renting event space could be your ticket. With demand fluctuating and venues constantly sought after, you might just be sitting on a goldmine. But how do you turn potential into profit? Let’s dig into the nitty-gritty of it.

Understanding Your Space's Potential

First things first, what type of events can your space host? Weddings, corporate meetings, workshops, or maybe photoshoots? Each type of event has unique requirements. Do a quick audit of your space. Does it have enough lighting for a photo session? Is there a sound system suitable for a wedding party? Identifying these factors will shape your marketing strategy.

Think about location. Is it easy to access with ample parking? Close to public transport? These are key elements that can boost your appeal and justify setting a higher rental price.

Setting the Right Price

Pricing is crucial. Too high, and people will keep scrolling. Too low, and you might not cover your costs. Check what similar spaces in your area charge. Websites like Peerspace or Splacer can be great resources for this.

Factor in what you offer—tables, chairs, AV equipment—and adjust prices accordingly. Think of it like ordering food: extras cost more because they bring extra value. Consider offering packages that include catering or decoration services, adding value while increasing your revenue stream.

Marketing Your Venue

Here comes the fun part: marketing. Just like in a race, you want to be noticed from the start. High-quality photos that capture your space's essence are a must. Hiring a professional photographer might be worth the investment.

Once you have the visuals, social media is your playground. Platforms like Instagram and Pinterest thrive on beautiful images and can help you reach potential clients. Create a dedicated business profile and regularly post content, using hashtags like #EventSpaceRental or #UniqueVenue to increase visibility.

But don't just stick to modern tactics. Old-school methods like word-of-mouth can be incredibly effective. Encourage satisfied customers to spread the word, and consider offering referral discounts.

Booking Systems and Scheduling

Booking your space should be a breeze, not a barrier. Use an event booking platform to streamline the process. Platforms like Eventbrite or Setmore can integrate calendars, handle payments, and send reminders to clients, making everyone's life easier.

Keep a clear calendar, and always double-check bookings to avoid mishaps. Consider using an automated system that reduces errors and frees you from the constant ping-pong of emails.

Keeping Customers Happy

Great service leads to great reviews, and in the rental business, reviews can make or break you. Always strive for top-notch customer service. Be responsive, flexible, and open to feedback.

An after-event follow-up can work wonders. A thank you email with a survey could provide valuable insights into what you’re doing well and where you could improve.

Legal and Insurance Considerations

Here's where things can get sticky if you're not careful. Ensure you have all the necessary permits and licenses required for hosting events.

Insurance is another must-have. Protect yourself against potential claims with liability insurance. It’s not just a safety net—it’s peace of mind.

Expanding Your Offerings

Want to keep the cash flow steady? Offer more than just space. Consider add-ons like catering, decor packages, or partnerships with local vendors for discounted services. The more you can offer, the more attractive you become to clients looking for one-stop solutions.

Conclusion: Ready to Rent?

Turning unused space into an event venue isn’t just a side gig—it can grow into a full-scale business. The key is to understand your place’s capabilities, set competitive prices, and engage in effective marketing. Smooth booking processes and excellent customer service will do wonders in keeping your space booked and your clients happy.

So, are you ready to transform that idle space into a bustling event venue? Roll up your sleeves, start where you can, and before you know it, you’ll be a part of countless memorable moments. Let your space be the place where stories come alive!

Platforms and Apps

Here are the top event space rental platforms and apps to help you start a side hustle in Canada. These platforms allow you to rent out unique spaces for events like parties, meetings, and photoshoots, giving you an excellent way to generate passive income from spaces you already own or manage.

1. Peerspace

Peerspace is one of the most popular platforms for listing and booking unique event spaces. It allows you to rent out spaces for various purposes, including parties, meetings, workshops, and photoshoots. The platform handles payments, and listings are optimized for visibility.

Potential Earnings: $50 - $500 per hour, depending on location and amenities
Website: Peerspace

2. Splacer

Splacer is a platform where you can list spaces for a variety of events, from corporate gatherings to artistic showcases. It is popular in both the US and Canada and offers tools for managing bookings and maximizing exposure to renters.

Potential Earnings: $75 - $400 per hour, depending on event type and space
Website: Splacer

3. Breather

Breather specializes in meeting spaces and short-term rentals for businesses and professionals. Although its focus is on corporate clients, you can list spaces for workshops, small gatherings, and off-site meetings in major Canadian cities.

Potential Earnings: $50 - $300 per hour, based on space size and amenities
Website: Breather

4. Venuetop

Venuetop is a platform designed for venue rentals, where hosts can list spaces for events like weddings, conferences, and parties. Venuetop helps with booking management and allows you to set your rates based on the type of event.

Potential Earnings: $100 - $700 per event, based on size and amenities
Website: Venuetop

5. Spacefy

Spacefy is a platform that connects creative spaces with people looking to host events, photoshoots, film productions, and more. Based in Canada, it’s a great option for those with unique or unconventional spaces that could appeal to artists and creators.

Potential Earnings: $50 - $500 per hour, depending on space and type of booking
Website: Spacefy

6. Gigster

Gigster primarily focuses on co-working spaces but also allows you to list spaces for small events and meetings. While it’s more corporate-focused, it offers a straightforward system for renting out smaller spaces.

Potential Earnings: $50 - $200 per hour, typically for business-oriented events
Website: Gigster

7. Sojern

Sojern is a venue management and booking platform that helps you list your event space, manage bookings, and handle payments. It’s suitable for listing larger event spaces for weddings, conferences, and parties.

Potential Earnings: $100 - $1000 per event, depending on venue and event size
Website: Sojern

8. SquareSpace Scheduling

SquareSpace Scheduling is ideal for smaller event spaces and meeting rooms, letting you manage bookings and schedules efficiently. While it’s not a dedicated event platform, it’s highly customizable and can work for managing a small event rental side hustle.

Potential Earnings: Flexible, depending on hourly or daily rates you set
Website: SquareSpace Scheduling

If you have an event space or unique property, these platforms provide excellent options to start a side hustle in Canada. Platforms like Peerspace and Spacefy are ideal for creative or non-traditional venues, while Breather and Gigster focus on corporate and meeting spaces. With demand for unique and flexible event spaces on the rise, listing your space on these platforms can help you earn significant income while meeting the needs of event organizers, creatives, and business professionals.