Homeowners looking to generate extra income during the pandemic have more options than they might realize. From renting out spare rooms to converting unused land into productive farms, assets already sitting on a property can become revenue streams with the right approach.
Rental Income from Extra Space
Renting out a spare bedroom remains one of the simplest ways to generate monthly income. Properties with ensuite bathrooms command higher rates on platforms like Airbnb and VRBO. Short-term rentals typically outperform traditional long-term leases in many markets, though regulations vary by city and neighborhood.
For homeowners with more substantial land, adding an accessory dwelling unit (ADU) can significantly boost earning potential. Several companies now sell pre-fabricated ADUs designed for relatively easy installation. These structures can serve as separate rental units, generating consistent income long after the initial investment is recovered.
Garages and parking spaces represent another underutilized asset class. Homeowners without vehicles or those comfortable with street parking can rent their garages through platforms like Spacer, with some listings reportedly earning up to $400 per month depending on location and demand.
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Storage space rentals work similarly. Services like Store At My House connect homeowners with unused closets, basements, or sheds to neighbors seeking short-term storage solutions.
Converting Property Into Productive Ventures
Landowners interested in agriculture have several paths to consider. Raising farm animals for meat, eggs, or other products can generate income for those with rural properties. Beekeeping represents another option gaining attention, with services like Perfect Bees helping property owners set up honey-producing operations. The company matches landowners with beekeepers who manage the colonies in exchange for a share of the honey yield.
Winemaking offers yet another avenue for landowners. Firms like My Home Vineyard assist property owners in converting suitable land into productive vineyards, handling everything from planning through initial harvest.
Solar panel installation provides a different kind of return. Installing panels from major providers can reduce or eliminate monthly electricity bills while potentially allowing homeowners to sell excess power back to utility companies.
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Vehicle and Item Rentals
Cars remain valuable income-generating assets. Delivery and rideshare services like Uber, Postmates, and DoorDash offer flexible opportunities for those with vehicles and spare time. The gig economy model allows homeowners to work around their existing schedules rather than committing to rigid employment terms.
Household items can also be rented to neighbors. Platforms like Buro and PeerRenters facilitate sharing of tools, party supplies, and other items that sit unused most of the time.
Renovation projects themselves can increase a property’s income potential. According to Remodeling Magazine’s annual cost versus value report, kitchen remodels typically recoup about 62% of their cost at resale, while bathroom renovations recover roughly 67%. Even homeowners not planning to sell soon can benefit from improvements that make properties more attractive to future renters or buyers.
The variety of options available means most homeowners already possess at least one asset with monetization potential. The key is assessing what space, items, or features exist and matching them to available platforms or services designed to connect owners with paying customers.
