Rent Out a Room to Bring in Extra Cash

Rent Out a Room to Bring in Extra Cash
Rent Out a Room to Bring in Extra Cash

Finding alternative ways to bring in cash isn’t always easy. Many people struggle to see what will work to make more money aside from working a typical job. Some homeowners have now found that renting out a room is one way earning extra money is possible. Rent out your room and bring in the cash you need.

Becoming a Host

You can choose to use a website that allows for easy rental negotiations between you and those people wanting to lease out your space. Airbnb is a website that lets homeowners list their places for a chosen duration. You can choose to allow renters in for just one night, an entire weekend, or even longer. The process starts by you deciding to become a host and renting out either your entire place, one private room, or a shared room for two guests. You fill out your listing and provide photos and details of what’s included in the rental. Make sure to list any house rules as well, such as no parties.

Getting Paid

When you use a website like Airbnb, the payment gets handled for you. Customers pay online and you can choose to get the money through PayPal, direct deposit, or even money wire. Within 24 hours after the guests check in, you receive your payment. It is free to place your listing, and the site only takes a small percentage fee for taking the reservations and payments and helping you make arrangements.

What to Provide

While you can choose to simply lease out your space and not provide anything else, it is typically recommended to at least offer towels and sheets to your guests. This service is especially ideal if you plan on making the rental a regular occurrence. Toilet paper would be nice to provide as well, along with paper towels and cleaning products so the guests can clean up after themselves. Make sure to clean the place beforehand as well.

It may seem awkward at first to have strangers in your home, but it is a great way to bring in extra cash quickly. Many rooms can get rented out for nearly $400 a week, more or less depending on where you live and how popular the area proves. Give it a try one weekend when you know you’ll be away and you may find it’s an ideal way for you to rake in some money.

~Here’s to Your Financial Health!