Experts call it the “Silver Tsunami.” Starting in 2024, roughly 11,400 individuals are expected to retire every day, as the giant Baby Boom generation hits age 65. But what if you want to retire, but aren’t quite sure you can afford to? You may want to consider 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 every 10 65-year-olds is a homeowner, this generation is uniquely well positioned to do it. (Notably, you can engage in some housing hustles, even if you’re a renter. But you’d need to consult your lease or your landlord to ensure you’re not contractually barred from doing so.)
Housing hustles
However, before jumping in, it’s worth considering what type of housing hustles you’re willing to tolerate. That’s because each type has its own list of advantages and drawbacks.
Renting a room in your house through Airbnb, for instance, can bring in fairly steady income. However, unless you have separate guest quarters, it could also demand that you regularly share your kitchen and other public areas with strangers. Some homeowners enjoy the company — and the money; while others consider the arrangement too intrusive to be viable.
You’re in the later camp? No worries. There are plenty of housing hustles that don’t involve having strangers in your living room. Here are the options, starting with the least intrusive.
Renting storage space
The housing hustle that requires the least disruption to your daily life is renting our spare space as storage or parking
Several sites, including Neighbor, Stache, and PeerStorage all 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 determine what type of space you have to rent and set your own rates.
You simply describe and photograph the space; provide dimensions; and set the rules on when renters can get access to their stuff. You can literally rent out space in your attic, closets, shed or even under the bed.
But if you have a large dedicated space — like an empty garage or space for an RV or boat — you earn considerably more. With a reasonably large 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 for renting out a closet.)
You set the rates. However, some of the better sites, such as Neighbor, have smart pricing tools designed to help you set your rental rates on going market rates.
Event parking
While you can rent out a parking space as long-term storage with sites like Neighbor, if you happen to live near a stadium or popular restaurant or event area, you may make more by renting space by the day or hour.
Several sites, 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 rates and determine when your parking spot is available.
Leasing a pool or yard
People who have big grassy yards or swimming pools can rent this space by the hour through Swimply and Sniffspot.
As the names imply, Swimply is geared to people who want to rent out a swimming pool. Sniffspot connects people with yards with pet-owners willing to pay for hour-long visits to your “private dog park.”
In both cases, pool/land owners set the rates, the schedule, terms and amenities available for renters.
For Swimply, the terms include how many people are allowed on the property at one time. The site also encourages owners to note whether there are “amenities” like bathrooms or barbecues available for renter use.
With Sniffspot, amenities include things like water bowls, tennis balls and a bench where pet-owners can sit down.
Both sites expect renters to clean up after themselves in the time allotted for their visit. And both sites brag that popular rentals bring in more than $1,000 a month.
Renting for filming and events
Four sites specialize in renting homes and offices for special events, filming and photography. What’s notable about these sites is they arrange rentals by the hour. And a typical two or three hour rental, pays more than you’d earn renting your entire house through Airbnb overnight.
SideHusl.com‘s editors, for instance, tested out two of these sites. We earned $1,450 with a one-day commercial shoot through Giggster. And earned $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 retreat spaces and influencers looking for a good setting for photos.
You generally won’t need to vacate your home overnight to rent through these sites. (Although some studios may ask you to, if you rent the location for a multiple-day shoot.)
But movie, photography and event rentals are higher risk rentals than most others. That’s mainly because there are often dozens of people on site. And filming often requires heavy equipment and rearranging furniture.
Renters will return your home to its previous state prior to the end of the rental. However, its wise to get a security deposit with this type of rental because with so many people moving in and out, things can spill and break. And all four sites also encourage homeowners to demand production insurance for filming, and event insurance for photo shoots and parties.
Roomies
Retirees who wouldn’t mind some regular company can earn thousands of dollars by taking in a regular roommate. Notably, older age groups are the fastest growing segment of the rental market, according to SpareRoom, a roommate search service.
There are numerous ways to find roommates, including sites like SpareRoom. However, if you’re a senior and want some help finding a background-checked roommate, consider SilverNest.
SilverNest is a roommate finding service, which specifically targets empty-nesters — people with more house than cash. The site’s $25 monthly membership fee includes a background check on any renters you’re interested in, plus help with designing a rental agreement.
Tourists
Airbnb is the unrivaled leader in renting a house or room out to tourists. You set the rates, schedule and terms — such as whether you accept pets. Airbnb collects payment upfront and you’re paid 24 hours after the guest checks in. Airbnb withholds 3% of the rent as a site commission.
The site can find regular renters for you. However, if you don’t want to share with strangers, it can also simply rent your home while you are on vacation.
If you take long vacations, you may also want to list your house with a site called SabbaticalHomes. This site specializes in longer-term rentals for traveling professors and charges just $85 annually 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 need to collect the rent. SabbaticalHomes doesn’t do that for you.
4/1/2024
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