Experts call it the “Silver Tsunami”. From 2024, around 11,400 people are expected to retire every day, as the giant Baby Boom generation turns 65. But what if you want to retire but aren’t sure you can afford it? You might want to look into housing hustles.
Housing hustles involve monetizing your home or yard by renting out access to all or part of it. And since nearly 8 in 10 65-year-olds are homeowners, this generation is uniquely positioned to do so. (Note, you can get involved in some housing shenanigans even if you’re a renter. But you should check with your lease or landlord to make sure you’re not contractually prohibited from doing so.)
The residential bustles
However, before you jump in, it’s worth considering what kind of housing hassles you’re willing to put up with. This is because each type has its own list of pros and cons.
Renting out a room in your home through Airbnb, for example, can provide a fairly steady income. However, unless you have separate guest quarters, it could also require regularly sharing your kitchen and other public spaces with strangers. Some homeowners enjoy the company — and the money. while others consider the regulation too intrusive to be sustainable.
Are you in the later camp? Do not worry. There are plenty of housing hustles that don’t involve strangers in your living room. Here are the options, starting with the least annoying.
Storage space rental
The housing hustle that requires minimal disruption to your daily life is renting our free space as a storage or parking space
Several sites, including Neighbor, Stache and PeerStorage promise to help you find people who simply need to store their extra goods in a clean and dry environment. All three sites allow you to specify the type of space to rent and set your own rates.
You simply describe and photograph the space. provide dimensions. and set the rules about when tenants can access their stuff. You can literally rent space in your attic, closets, shed, or even under your bed.
But if you have a large dedicated space — like an empty garage or room for an RV or boat — you’re getting a lot more. With a large enough space, you can charge hundreds of dollars a month — even in relatively rural areas. (In some urban areas, space is so precious, you can charge more than $100 a month to rent a closet.)
You set the prices. However, some of the best sites, like Neighbor, have smart pricing tools designed to help you set your rental rates at current market rates.
Event parking
While you can rent parking space as long-term storage with sites like Neighbor, if you happen to live near a stadium or a popular restaurant or event area, you can earn more by renting space by the day or hour.
Various websites, including Pavemint, CurbFlip and ParqEx, can help you find short-term renters who are attending an event such as a football game or concert. You set your own prices and determine when your parking space is available.
Pool or yard rental
People with large lawns or swimming pools can rent this space by the hour through Swimply and Sniffspot.
As the names suggest, Swimply is aimed at people who want to rent a pool. Sniffspot connects people with yards with pet owners willing to pay for hourly visits to your “private dog park.”
In both cases, pool/land owners set the rates, schedule, terms and amenities available to renters.
For Swimply, terms include how many people are allowed on the property at one time. The site also encourages landlords to note if there are “amenities” such as bathrooms or barbecues available for the tenant to use.
With Sniffspot, amenities include things like water bowls, tennis balls, and a bench where pet owners can sit.
Both locations expect renters to clean up after themselves in the time allotted for their visit. Both locations boast that popular rentals fetch more than $1,000 a month.
Rental for filming and events
Four locations specialize in renting houses and offices for special events, filming and photography. What is remarkable about these sites is that they arrange rentals by the hour. And a typical two- or three-hour rental pays more than you would earn by renting out your entire house through Airbnb for one night.
The editors of SideHusl.com, for example, tested two of these sites. We won $1,450 with a one-day commercial shoot through Giggster. And won $900 with a 5 hour anniversary party through PeerSpace. These sites, as well as competitors Splacer and Avvay, also connect homeowners with corporate clients looking for retreats and influencers looking for a good photo environment.
You generally won’t have to leave your home overnight to rent through these sites. (Although some studios may ask you to if you rent the location for a multi-day shoot.)
But movie, photo and event rentals are higher risk rentals than most. This is mainly because there are often dozens of people in the venue. And filming often requires heavy equipment and rearranging furniture.
Tenants will return your home to its previous condition before the end of the tenancy. However, it is wise to get a warranty with this type of rental because with so many people moving in and out, things can get spilled and broken. All four sites also encourage homeowners to require production insurance for filming and event insurance for photo shoots and parties.
Rooms
Retirees wouldn’t mind that some regular company can make thousands of dollars by taking a regular roommate. In particular, older age groups are the fastest growing segment of the rental market, according to SpareRoom, a roommate search service.
There are many ways to find roommates, including sites like SpareRoom. However, if you’re a senior and want help finding a background-checked roommate, consider SilverNest.
SilverNest is a roommate service that specifically targets empty nesters — people with more houses than cash. The site’s $25 monthly membership fee includes a background check on any tenants you’re interested in, as well as help drafting a rental agreement.
Tourists
Airbnb is the undisputed leader in renting a house or room to tourists. You set the prices, the schedule and the terms — like if you accept pets. Airbnb collects payment up front and you get paid 24 hours after the guest checks in. Airbnb withholds 3% of the rental as a location commission.
The site can find regular tenants for you. However, if you don’t want to share it with strangers, he can just rent your house while you’re on vacation.
If you are taking a long vacation, you may also want to list your home with a website called SabbaticalHomes. This site specializes in long-term rentals for traveling teachers and charges just $85 per year for a listing, plus $50 when you find a match. For the long term rentals that Sabbatical specializes in, this can be a bargain price.
However, the downside is that you have to collect the rent. SabbaticalHomes doesn’t do that for you.
1/4/2024
