Passive Income Ideas for When your Tenants Move Out
If that current trend has left you without a tenant, or your latest tenants have just moved out, the goods news is that there are still ways to make money from your rental property.
Passive Income Ideas for Landlords
1) Rent out your extra space
You might not have any tenants at the moment, but your property can still generate an income. With Stashbee (that’s us - hi!), you can rent out your space to those who might need it for storage or parking. Whether you have a warehouse, an outhouse, a spare room, or a lockup, you can list it for free so people can find and book your space.
With so many people looking for year-round or temporary storage solutions, this is an easy way to earn a passive income. Just take a few good photos, be sure to include any special features that will make your listing stand out, and presto - you’re well on the way to earning extra cash without lifting a finger.
2) Rent out your garage
Lots of people want to keep their beloved cars, motorbikes, campervans, and even boats safe and protected from the winter weather. With Stashbee, you can rent out your garage to everyone from classic car collectors to those who just don’t have anywhere to park. The whole process is completely COVID-safe, and with a secure, cashless payment system, you’ll always get paid on time.
Well, we actually work in pounds, but you get the idea.
3) Add storage space or a free-standing structure
If you don’t have any storage space that you can rent out, create some. That loft in your rental property full of old junk? Clear it out and list it on Stashbee. Similarly, if your property has a garden, adding a large shed for storage or even a garden office (they’re all the rage these days) could be an easy way to generate some extra passive income.
4) Set up a limited company
Without the every whim of your tenants to tend to, you have the gift of time. This could be used to set up a limited company that you can let your property through. That will allow you to offset your mortgage interest costs against your tax bill and pay corporation tax rather than income tax. Tenant or no tenant, that’ll reduce your costs and put more money in your pocket.
If you have one or two rental properties, then the cost of setting up a limited company may not be worth it. However, if you have a full-blown buy-to-let portfolio, this is a great way to increase your income in the long run.
5) Consider another investment
It’s a tough climate at the moment, but that’s why now could be a good time to invest in city centre buy-to-lets. The typical price of a flat within a 10-mile radius of Central London fell by 5% over the last year, and that trend is being replicated in other city centres across the UK.
Although city centres might not be many people’s favourite place to live right now, the restaurants, bars and pubs, galleries, museums, theatres, and other attractions will draw people back once the pandemic is over. Buy-to-let investors also stand to benefit from the stamp duty holiday, and with lots of cheap mortgage deals out there, buy-to-let could be a wise investment.
Stop Yearning and Start Earning!
You may not have a tenant right now, but that doesn’t have to stop you generating a passive income. Our platform pairs storage tenants with hosts like you. So wherever you are in the UK, you’re sure to find your perfect match.
Stop yearning - start earning!
23rd Dec 2020