If you have space in a house you are living in,you can earn money from renting space out whether it be letting out a full bedroom or just a bit of storage space. Here are three ways you can do so:
1) Rent out a room: This is the traditional way and the most widely used. If you have a spare bedroom free in your home, you can rent it out to a tenant who will pay you monthly. The major advantage of renting a room in your own home is that any earning below £4250 are tax free. One of the best websites to use both for listing a room or finding a room is Spareroom.com.
2) Rent a room for short-lets: If you don’t like the idea of having a full-time room mate or you are normally never in your flat on weekends, this strategy might be for you. Websites like airbnb allow you to rent out your room on short-lets. Most people who do this tend to only rent out on weekends as that is when demand for overnight stays is highest. You can earn more money this way than renting a room out full-time, sometimes even double the amount, if you have a good strategy and have a flat that is in the city centre.
P.S: When you travel, you can also use airbnb to book your stay. If you are a large group, this is particularly helpful as you can book an entire flat for the duration of your stay thus sharing the cost and saving money compared to staying in hotels!
3) Rent-out space for storage: If you don’t want to have any kind of flatmate or don’t have an entire bedroom free, you can still earn money by renting out storage space.Websites like Store Mates allow you to list a range of storage space you have available from under 8 sq ft (under the stairs cupboard/ under the bed) to over 150sq ft (a double garage). Once you list the space you have available (which is free), all you have to do is wait for enquiries and once you find the right person you sign a contract which store mates will look over to ensure all is in-order.
This is also a great option for people renting a house at the moment. You can earn money this way to help with your bills but please speak to your land-lord first as sub-letting a property might break the landlord-tenant agreement.