{"id":17740,"date":"2022-02-28T19:00:00","date_gmt":"2022-02-28T11:00:00","guid":{"rendered":"https:\/\/www.comparehero.my\/blog\/uncategorized\/rent-unused-space.html"},"modified":"2022-02-28T19:00:00","modified_gmt":"2022-02-28T11:00:00","slug":"rent-unused-space","status":"publish","type":"post","link":"https:\/\/www.comparehero.my\/blog\/properties\/rent-unused-space.html","title":{"rendered":"5 Ways To Make Extra Money By Renting Out Unused Space"},"content":{"rendered":"\n<p>Most people never considered the fact that you can turn your home into a money-generating space. You don\u2019t need us to remind you about the benefits of generating a little bit of income so let\u2019s show you what these money-generating spaces might look like.&nbsp;<\/p> \n<!--more--><ul> \n <li aria-level=\"1\">A beautiful living room<\/li> \n <li aria-level=\"1\">An office space<\/li> \n <li aria-level=\"1\">A spacious garage<\/li> \n <li aria-level=\"1\">An unused shed<\/li> \n <li aria-level=\"1\">A pool house<\/li> \n <li aria-level=\"1\">A guest house<\/li> \n <li aria-level=\"1\">Storage room<\/li> \n<\/ul> \n<p>The possibilities are endless. If you can get creative, you can almost turn every single corner of your house into a passive-income generating machine. But before you do that, just make sure that you check with your local authorities if you\u2019re allowed to do that.&nbsp;<\/p> \n<p>Now let\u2019s get into the 5 ways to make extra money by renting out unused spaces.&nbsp;<\/p> \n<h2>1. Get a housemate<\/h2> \n<p>Bringing on a housemate is arguably one of the most stable and lucrative income you can get by renting out this space.&nbsp;<\/p> \n<p><strong>Related:<\/strong> <a href=\"https:\/\/www.comparehero.my\/property\/articles\/social-media-drive-property-rental\" target=\"_blank\" rel=\"noopener noreferrer\">Using Social Media To Drive Up Your Property\u2019s Rental<\/a><\/p> \n<p>Yes, the downside is that you\u2019ll have to share the common areas like the kitchen, the living room, and possibly the bathroom with another person. However, that is not to say that this person that you bring in is not a fun person to hang around with. The best-case scenario is getting a friend to stay with you and both of you are guaranteed to enjoy this period.&nbsp;<\/p> \n<p>In this case, you have to remember that you\u2019re a landlord and a housemate. If you need that money to cover the rent, you have to verify their income and history before agreeing to let them in.&nbsp;<\/p> \n<h2>2. Rent a room on Airbnb<\/h2> \n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/144634072.fs1.hubspotusercontent-eu1.net\/hubfs\/144634072\/assets_comparehero\/make-money-by-renting-unused-space-1.jpg?resize=640%2C335&#038;ssl=1\" alt=\"make-money-by-renting-unused-space-airbnb\" width=\"640\" height=\"335\"><\/p> \n<p>If you don\u2019t want to get a long-term housemate, the next best alternative is to list your space on Airbnb. The benefits are that you\u2019ll get to meet a variety of people from different background and countries. The downside is that because this range is so huge, some people have different values and might do things more peculiarly. And as a host, you\u2019ll still have to accommodate that.&nbsp;<\/p> \n<p>Another thing is that once these travellers leave the space, you\u2019ll need to clean up after them. This could be quite a chore as most travellers only stay at a place for one or two days.&nbsp;<\/p> \n<p>If you can bear with these items, it\u2019s also another lucrative business to be in. A <a href=\"https:\/\/www.iproperty.com.my\/guides\/airbnbs-rapid-growth-in-malaysia-what-the-numbers-may-not-be-telling-ctr\/#:~:text=She%20revealed%20that%20the%20typical,which%20makes%20a%20tidy%20profit.\" target=\"_blank\" rel=\"noopener noreferrer\">survey<\/a> reported that even an average host can easily earn up to RM433 per month.&nbsp;<\/p> \n<h2>3. Rent out storage space<\/h2> \n<p>Due to the congestion in the city, it makes storage space a luxury for most people. It has made self-storage units an expensive space to pay for. But in this era, you\u2019re allowed to step in and undercut what these corporations are charging their customers.&nbsp;<\/p> \n<p>All you need to do is find somebody who desperately needs some storage space and finalise the deal. That\u2019s all. You don\u2019t need to maintain anything whatsoever, no extra electricity or water bills, just the effort to clear out an entire room and allow your customer to fill it with their items.&nbsp;<\/p> \n<h2>4. Rent your space to a production company<\/h2> \n<p>Whether it is a film production or for photoshoot purposes, these production companies are always looking for somewhere fresh that they could shoot at. Your home doesn\u2019t even have to be a mansion or at a prime location, the more unique and quirky your place is, the more likely it\u2019s going to get selected for special projects.&nbsp;<\/p> \n<p>The caveat of this strategy is that sometimes, it can be months until a company reaches out to you. It might be a long shot but because these production companies have budgets to spare, you\u2019ll get compensated nicely for just a shoot that lasts for a few days. While being patient, you can always use one of the other strategies!&nbsp;<\/p> \n<p><strong>Related: <\/strong><a href=\"https:\/\/www.comparehero.my\/property\/articles\/homestay-7-websites-to-list-property\" target=\"_blank\" rel=\"noopener noreferrer\">7 Alternative Websites To Successfully List Your Property Online<\/a><\/p> \n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/144634072.fs1.hubspotusercontent-eu1.net\/hubfs\/144634072\/assets_comparehero\/make-money-by-renting-unused-space-2.jpg?resize=640%2C335&#038;ssl=1\" alt=\"make-money-by-renting-unused-space-2\" width=\"640\" height=\"335\"><\/p> \n<h2>5. Host a foreign exchange student<\/h2> \n<p>Hosting a <a href=\"https:\/\/www.afsmas.org\/host-an-afser\/faq\/\" target=\"_blank\" rel=\"noopener noreferrer\">foreign exchange student<\/a> is not for everyone as this period could range from a few weeks, up to a solid few months. It will be quite a huge commitment as you\u2019ll be spending most of your time under the same roof. It may even require you to offer meals, private bathrooms, or even laundry services.&nbsp;<\/p> \n<p>This method also heavily depends on the location of your property. The closer you are to a university, the better it is for the student.&nbsp;<\/p> \n<p>It is an amazing way to learn about a new culture and a new language if you\u2019re up to the challenge.&nbsp;<\/p> \n<p><strong>Related:&nbsp;<\/strong><a href=\"https:\/\/www.comparehero.my\/property\/articles\/rent-to-own-scheme\" target=\"_blank\" rel=\"noopener noreferrer\">What Is Malaysia\u2019s Rent-To-Own (RTO) Scheme All About?<\/a><\/p> \n<h2>Conclusion<\/h2> \n<p>Bringing it all together, the two important points to consider before you open your doors to the world is first, the insurance risk. Make sure your <a href=\"https:\/\/www.nst.com.my\/property\/2020\/09\/628499\/landlord-insurance-necessary-protect-your-rental-property\">insurance policy<\/a> covers the way you\u2019re using this space.&nbsp;<\/p> \n<p>And second, make sure that you\u2019re only taking on what you\u2019re able to handle. Not everybody can handle guests from all over the world and their assortment of practices. But once you\u2019ve accepted these considerations, you\u2019ll be on your way to making a good amount of money consistently.&nbsp;<\/p> \n<p>For more personal finance and property-related content, check out our latest articles <a href=\"https:\/\/www.comparehero.my\/articles\/property\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a>.&nbsp;<\/p> \n<p><strong>Related:&nbsp;<\/strong><a href=\"https:\/\/www.comparehero.my\/investment\/articles\/rental-property\" target=\"_blank\" rel=\"noopener noreferrer\">The 5-Step Guide To Rental Investing<\/a><br> <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Most people never considered the fact that you can turn your home into a money-generating space. You don\u2019t need us to remind you about the benefits of generating a little bit of income so let\u2019s show you what these money-generating spaces might look like.&nbsp;<\/p>\n","protected":false},"author":173139450,"featured_media":1605,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[428],"tags":[],"class_list":["post-17740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-properties"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>5 Ways To Make Extra Money By Renting Out Unused Space - CompareHero<\/title>\n<meta name=\"description\" content=\"Making some extra income from your extra space is simpler than you might think. 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And a complementary perk is that you can find almost anything at any hour of the day.\u00a0 But that does\u2026","rel":"","context":"In &quot;Money Tips&quot;","block_context":{"text":"Money Tips","link":"https:\/\/www.comparehero.my\/blog\/money-tips"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/cut-down-expenses-Feature.jpg?fit=1200%2C628&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/cut-down-expenses-Feature.jpg?fit=1200%2C628&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/cut-down-expenses-Feature.jpg?fit=1200%2C628&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/cut-down-expenses-Feature.jpg?fit=1200%2C628&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/cut-down-expenses-Feature.jpg?fit=1200%2C628&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":17731,"url":"https:\/\/www.comparehero.my\/blog\/insurance\/types-of-insurance-policies-you-need.html","url_meta":{"origin":17740,"position":1},"title":"5 Types Of Insurance You Need But May Not Have","author":"CompareHero","date":"6 July 2021","format":false,"excerpt":"One of life\u2019s harshest realities is that we can never turn back time. Along with this is the fact that there is an infinite number of events that might go wrong that we might not be prepared for. 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Airbnb's website has a tool to help homeowners gauge their expected weekly income and according this tool, home owners in Langkawi can make RM2,801 (S$939.2) a week, followed by those around Malacca's\u2026","rel":"","context":"In &quot;Properties&quot;","block_context":{"text":"Properties","link":"https:\/\/www.comparehero.my\/blog\/properties"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2021\/11\/house.png?fit=1024%2C768&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2021\/11\/house.png?fit=1024%2C768&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2021\/11\/house.png?fit=1024%2C768&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2021\/11\/house.png?fit=1024%2C768&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":17580,"url":"https:\/\/www.comparehero.my\/blog\/money-tips\/tips-simplify-financial-life.html","url_meta":{"origin":17740,"position":5},"title":"11 Tips To Simplify Your Financial Life","author":"CompareHero","date":"20 February 2022","format":false,"excerpt":"A major part of adulting is gaining control of your finances. 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