Three savvy ways to earn extra cash by renting out space in your home
KEEPING your home clutter-free can be tricky if storage is non-existent or already full up.
If you have items you don’t want to part with or use only every now and again, you can pay to store them.
Or if you’re lucky enough to have extra room at home, you could rake in easy cash by renting it out.
Here’s the lowdown . . .
SPACE TO SPARE: There are firms that rent out industrial space for people to store their belongings, such as during a house move or extended trip away.
So, if you’ve got extra space — your garage, spare room, loft or basement — rent it out.
The average price of self-storage space in the UK has jumped from £26.13 per square foot in 2022 to £27.19 in 2023, according to comparison site Compare My Move.
STORAGE SAVER: Renting from an amateur storage provider is likely to be cheaper than professional companies.
You might have to go without benefits such as 24-hour access and security surveillance — but if you’re storing a sofa or large furniture, for example, you may be happy with the domestic option.
The going rate for storage will depend on where you live and the demand.
There are multiple online platforms to find space or rent it out, such as stashbee.com and comparethestorage.com.
QUALITY CONTROL: Someone with a space of 100sq ft could make an average £2,700 a year, according to estimates from Compare My Move.
You don’t need to offer the added security or access benefits that come from big firms, but you will need to be upfront on any limitations and risks.
Dave Sayce, founder of Compare My Move, says: “If you are renting out your own space, you will have to take into account the temperature of the room and how it changes.
“This is especially true if you are renting out a space that can amplify heat or cold such as a shed, garage or attic.”
- All prices on page correct at time of going to press. Deals and offers subject to availability.
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