Rental income can be a great way to put assets to work in this sharing economy. While residential and commercial real estate properties continue to dominate the market, nontraditional rentable spaces like parking lots or storage units offer creative options for making assets work harder and providing steady returns. In this blog, we will look at some of these spaces which can be rented out to help maximize your returns that otherwise lie idle.

Residential Spaces

Apartments and Homes

Residential real estate investment for long-term tenant occupancy is a well-known strategy. When managed and priced correctly, homes and apartments can become reliable sources of long-term rental income. These factors have a lot of effects on the profit potential over time. Specifically, factors like location, amenities and local rental demand all play a big role.

Short-Term Rentals 

Thanks to platforms like Airbnb and Vrbo, short-term rentals have grown increasingly popular in recent years. Renting out vacation homes, guest houses or spare rooms at premium rates in tourist hotspots often yields fantastic rental prices. You can even offer dynamic pricing during peak seasons as another added perk of short-term rental homes.

Laneway Suite

Laneway suites are becoming an increasingly popular way of generating rental income in urban areas. These secondary housing units, often built in the backyard and accessible via laneway access, are a great way to maximize your existing land while offering tenants privacy and independence in convenient living arrangements. A Laneway suite appeals to homeowners as an additional means of making money without selling their primary residence and significantly altering its footprint.

Commercial Spaces

Office Spaces 

Businesses will always need offices, making the office space industry an extremely lucrative sector. Coworking spaces or fully serviced offices can be especially helpful in urban areas where startups and freelancers are booming. Offering additional amenities like fast internet and shared meeting rooms will further add to its “attractiveness”.

Retail Spaces

From boutique stores to pop-up shops, retail spaces attract businesses of various sizes. When you lease these spaces to well-known brands or host local artisans as tenants, these spaces can generate steady business.

Storage Solutions

Storage Units

People always need somewhere to store items they cannot fit in their home. Storage units range from small lockers to huge facilities that accommodate vehicles or machinery. Each type has surprisingly low maintenance costs, but there is a high demand for them.

Garages and Sheds

Unused garages or sheds can be rented for a lot of uses, from vehicle storage and workshops to micro-warehousing for e-commerce businesses. A secure location is very important when renting such spaces to tenants.

Maximizing Rental Space Value

A carefully planned out approach can boost your rental space value no matter its form or type. Market research, competitive pricing and smart advertising all work together  to draw the right crowd at just the right time. Offering additional amenities and building relationships with tenants are also important ingredients to a solid long-term income stream.

Conclusion 

The rental market extends well beyond the traditional properties. When you can capitalize on unique spaces and use a bit of creativity, property owners can secure multiple streams of income from any given space, becoming an asset that can become profitable investments in this economy.