For most homeowners, their home is a monthly bill, not a potential paycheck. But with the on-demand economy enabled by today’s technology, almost anyone can make their home a profitable side hustle.
According to Intuit and Emergent Research, 34 percent of the workforce is made up of gig workers. That number is expected to reach 43 percent by 2020. Fueled by popular companies like Uber, Postmates and Airbnb, today’s freelancer doesn’t necessarily need to have a specialized skill – they only need to have an asset, like a car or house.
If you own a home, you can turn it into an income stream to help you pay down debt, boost your emergency fund or save for a vacation. Here are three apps that make it easy to make money off your home.
1. Rent out a room with Roomi
If you’re ready to rent a room in your home, then check out Roomi. This app lets you list your place for free, and also allows you to set the house rules and move-in dates.
With this app, both renters and tenants get badges on their profiles for undergoing background and identification checks. If you’re renting out your place on the app, you can request that applicants complete a background check. Landlords get notified when the check is ready to view or if the applicant declines.
Even if you just rent out your basement, you have to report those earnings as extra income. But a new law, called the pass-through deduction, included in the Tax Cuts and Jobs Act allows landlords to deduct 20 percent of their net rental income, in addition to any other applicable rental-related deductions.
2. Capitalize on major events with Airbnb
If you live near a town that hosts big events, then your home might fetch top dollar as a weekend rental. Major events create the need for residential or alternative rentals as hotels fill up quickly and don’t always offer ideal accommodations. Large groups and families can opt for a house or condo to share.
With more than 4 million listings in over 190 countries, Airbnb is the go-to place for guests who want off the hotel grid. You aren’t charged to list your property, but if it’s rented, Airbnb will charge you 3 percent of the total upon booking.
One house listed on Airbnb for about $753 per night typically jumps to $1,975 per night during the weekend of the U.S. Open in Flushing, New York. Similarly, hosts will add stipulations during big events, such as one house listed in Augusta that requires a four-night minimum stay during the week of the Masters.
An added bonus: People who rent out their homes on Airbnb can now count that income when applying for a refinance.
3. Put your pavement to work with SpotHero
SpotHero helps drivers locate empty parking spaces and gives homeowners the chance to put spaces up for rent. If you have a driveway, garage, or even just some extra green space, this app can help you turn it into a moneymaker. Currently, SpotHero does not accept street parking spaces to rent.
Naturally, urban centers and spaces near sports stadiums, airports, train stations and popular venues are more likely to see action. Renters charge anywhere from a few dollars per day to more than $25 per hour, depending on the location and the date. There are also monthly options for renters.
Like Airbnb, parking spot owners have control over when they rent and how much they charge. This might not generate as much money as renting a room, but one gig per month could mean hundreds of dollars in your pocket every year.