Creative ways to rent your property

Renting out property is one of the ways to generate passive income. But the competitive is stiff out there, there are thousands of properties out there up for rent. You can get your property to rent out in many creative ways. While using property online platforms like iProperty , PropertyGuru and others could help you ‘spread’ out the news that your property is available for rent. Well, the secret lies in positioning your property to niche markets for better profit. Check out these ideas to help your property stand out from the rest.

Serviced rooms for students

If your residential property is located near a college or university and have a room or two to spare, how about leasing it out as a serviced apartment for students? Generally, universities charge the students at least RM250 per month for a shared dormitory. It is uncomfortable for students who needed a peaceful and quiet environment to study. The essential appliances are inadequate in the dormitory as well, like the washing machine, gas stove, microwave and others.

Thus, by offering additional services such as high speed internet, laundry appliances and room cleaning, you can increase your rental (inclusive of utility bills) and still attract tenants. You can advertise your spare rooms on property platforms, forums and social media.

Register for Airbnb

How about earning passive income through Airbnb? It has becoming popular to convert your property into Airbnb, the sharing economy that allows you to rent or lease out your property for travelers to put up nights in your house. It can be the ideal method to reach out to millions of travelers and vacationers who are looking for affordable accommodation. You could add in some decorations and accessories to turn your room or home look cozier so it will appeal to more people. You can start earning from this segment of holiday-goers who seek for accommodation that feels like home.

Setup a home stay

The unique of home stays is the fact that it feels homier than hotels. Being a home stay host, you will gain by interacting with your guests on a personal level, promote cultural exchanges and knowledge while providing a personal experience to travelers and vacationers who seek more than the superficial tourist trail. If you prefer to start small, you can turn your home into a bed and breakfast. You can also offer your available rooms to backpackers or travelers on a daily or hourly basis for small amount.

Parking lots for rent

If you have an additional and unused parking space in your apartment or have ample space in your garage to fit several cars, rent it and earn some side income out of it. City dwellers are always complaining about the lack of parking lots and high costs. Why not offer your additional parking lot to office workers on a monthly or weekly basis at a lower rate than the commercial parking lots and watch them snap up on your offer. Thus, if you are referring your garage as a parking space, be firm to invest in security features such as surveillance cameras or alarms for your own and your parking tenant’s safety.

Turn it into co-working space or event hosting venue

Co-working space has becoming popular these days, it’s a great alternative for freelancers who do not wish to work in cafes and their home all the time as well as new start-ups who cannot afford a full office space yet. You might require some minor renovation to make your property more work space friendly.

How about turning your property into event venue? If you are willing to invest in your property a little further and turn it into an event hosting venue for parties, weddings and other functions. There are people are willing to pay a lot for event venues, especially when the property is exceptionally well modeled and decorated. Though this might cost you but it will generate more profit in the future especially if you market your property on the website. There are few event venues such as The Greyhouse in Bangsar, Ruang in Shah Alam, Rendezvous Garden in Petaling Jaya and Metal Bees in Sunway Damansara Technology Park for inspirations.