How to Earn Extra Income with Your Spare Room (With Cubbiq)
Are you a homeowner with a spare room in your house or a business owner with extra space in your business premises? Why not use your spare time to put it to good use and turn it into a cash cow?
Our homes and/or business premises are the most underutilized resources we have for many of us. Whether you have an entire spare room or just a tiny unused nook at your business prem-ises, you can turn them into profitable passive income by just renting it out.
And no, we’re not talking about sharing your home or space with others by renting it out on a permanent or semi-regular basis, now you can list your spare room on peer-to-peer storage marketplaces such as Cubbiq.
Why You Should Rent Out Your Spare Room as Storage Space
While renting out a room might be more complicated than one thinks as you will have no idea what you’re getting with a renter, whether they will pay rent on time or damage your property intentionally. It could also be illegal and cost you a lot of time, cash, and energy.
On the other hand, renting a spare room is a much more straightforward and less costly process. You can list your space – from your spare bedroom to your empty garage for free on most stor-age marketplaces. You just have to sit back and wait for the reservations to come in and let the platform handle the rest of the administrative and payment stuff for you.
How Much Money You Can Make by Renting Out Your Space
How much you could get from renting your extra spare space will vary depending on your loca-tion, the type of space, and the size of your space. The features of your space, such as the avail-ability of specific security measures, will determine the price of your rental. Generally speak-ing, the more strategically located the space, the closer it is to the public amenities, the higher the rental price.
To give you an example of the rental pricing for a spare bedroom or extra space you have in a business premise, assume it is an empty 2m x 2m room. In imperial units, this would make it around 43 square feet.
If you enter these “Overall Dimensions” into Cubbiq’s “List Storage” function, you are given a recommended price of $38.4 in “Price Details”. You can take this as a reference.
However, $2.8 per square foot is typically the cheapest rate you can get for a self-storage unit in Singapore, which means a similarly sized 43 square foot place would be priced at around $120.
Depending on the location, security details and other basic features your space will have, it would be the best then to set your monthly rental somewhere between $38.4 and $120, keep-ing in mind there are many features you may not be able to offer as compared to a storage ser-vice, such as accessibility to items.
Many storage units also have air-conditioning/climate control. If you are considering switching your air-con on 24/7 just for your renter, you might have to do some additional calculations regarding your electricity bills.
Listing a space on Cubbiq is free of charge, while all the bookings have a Service Fee. The fee is included in the rental price paid by the Renter. In this way, the Host is not charged directly.
Final Thoughts on Renting Out Extra Space for Storage
If you have unused, unoccupied space in your home or business premises, renting it out can be a fantastic, constructive way to earn some additional income. The best part is, you can simply list your space, and others can reserve it and start moving in their storage items. You can gen-erate extra money for doing very little work. It’s a win-win for those who need the extra space for storage and you!
Have any unused spare room, garage or extra space in your business premises? List you space with Cubbiq today and start earning extra income.