Could your garage, driveway or spare room earn you extra cash?

Could you rent your garage or spare room for storage? (Alamy/PA)

As the cost of living crisis escalates, many people are desperate to bring in extra cash — and perhaps some need look no further than their own homes.

Renting out storage space in your home or garage could be a means of making "passive money", with very little effort or intrusion into privacy for homeowners. 

You don’t need to have a warehouse-sized space free, either — spare rooms, loft space, basements, garages and even sheds and driveways could all potentially be rented out.

Although storage space is more in demand in large urban areas, storage experts say there’s a need even in rural areas for what’s called "peer-to-peer storage". 

And Storemates (storemates.co.uk) says storing your stuff in other people’s homes saves an average of 50% when compared to commercial self-storage — potentially benefiting both parties financially.

“Physical space is a fundamentally scarce resource,” explains Anthony Paine, CEO and co-founder with David Mantle of peer-to-peer space marketplace Stashbee (stashbee.com). 

“Increasing cost of living and property price inflation are just some of the factors making it harder for people to find spare space at an accessible price, where they need it, and with the access and security features they require.”

Paine says storage spaces in private homes are used for everything from house contents that need storing during moves or refurbishments, to stock for small businesses, classic cars or movie props. 

One storage space on Stashbee was even used to store several tonnes of chocolate!

As well as renting out storage space through companies like Stashbee, which provide insurance for anyone storing their belongings and will chase renters who don’t pay, householders can also try a DIY approach, by advertising their space in classified adverts in newspapers or on websites and social media. 

But whichever way it’s done, the idea is for it to be convenient for both host and renter.

“Hosts are in complete control of what kind of renters they provide storage or parking to, including deciding how much access they’re willing to provide,” says Paine. 

If someone rents out their basement, for instance, he says they’ll often choose to only provide drop-off and pick-up access, which may be suitable for someone moving abroad who doesn’t need access to their belongings until they return.

“A host with a garage will often select ‘key provided for access’, allowing their renter to come and go as they please,” he adds. “Many of our hosts have had multiple renters back-to-back over the years, earning thousands of pounds in income they wouldn’t have otherwise.”

Here, Paine talks through which areas in the home tend to be rented for storage and how much money can potentially be made…

 Garages

Unused garage space could be put to use (Alamy/PA)

According to the RAC, many garages aren't used to store cars, and are often full of clutter. If householders cleared their own clutter out and rented the space, they could charge per square foot, says Paine.

Basements or cellars

Paine says basements have superb storage space potential.

Lofts

Lofts can provide considerable space, and their earning potential could be extremely lucrative, notes Paine. 

Spare rooms

Renting space for storage could bring in extra cash (Alamy/PA)

There's a huge amount of money to be made from renting out spare rooms — not to a lodger, but to someone who needs the space for storage. 

Parking spaces and driveways

Although estimated rentals are per month, he says parking spaces and driveways can also be rented for as little as a few hours.

Sheds

Paine says sheds provide secure storage spaces for people who may not have spare space within their homes, and also offer excellent earning potential for householders who rent them out.