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How To Rent Our Your Tiny House And Make Money Doing It

This is the age of the shareconomy is here and it has brought a tremendous amount of opportunity with it. Through sharing you can add extra income to your household without having a product to outright sell or even leaving your home. Platforms like Try It Tiny have made it possible to earn income through sharing your small space, tiny house, RV, cottage, cabin, yurt, or even your land. You can turn your largely unused space into a desirable destination for a multitude of people. 

Think about the term "vacation house" or even "time share". Both terms have been around for ages. But they are traditional methods that require a middle man or an inflated payment system. The advent of the shareconomy has made it possible for ordinary homeowners to accommodate guests and turn their own space into a vacation rental. No middle man. No real estate fee. No property manager. Sound interesting? Wondering how you can get a piece of the pie? 

Read on for a comprehensive guide to renting out your tiny house or land. 

3OPTIONS FOR RENTING OUT YOUR HOUSE

If you’re planning to rent your tiny house out, you need to be armed with information about taxes, maintenance costs, as well as pros and cons for all the options available to you.

These details will help you decide if you’re ready to rent out your tiny house to someone else either temporarily (read: by the night) or under a long-term set-up (by the month or longer).

1. LONG-TERM RENTALS

There are various instances wherein long-term rentals may be best suited for you. These include:

  • Owning a tiny house don't actively live in
  • Having a tiny house, that you only visit a couple of times a year
  • You’re the only one living in a more traditionally sized house
  • You invested in a small space, but have no immediate reason for leaving your current home

Those who would benefit from long-term rentals are people with extra space or property aside from the one they currently reside.

The main benefit of renting out your tiny house long-term is that the extra income is definitely significant and consistent.

There are, of course, downsides to long-term rentals, including:

  • PROPERTY DESTRUCTION – the longer tenants stay in your tiny house, the higher chances your property will get destroyed (intentionally or not). Some landlords specify that no young kids and pets are allowed, since they’ve been known to mess up paint jobs, carpet, and other house features more quickly than older kids and households without pets.
  • INSURANCE – No matter how long you rent out your small home, that space becomes an investment property. As a result, you’ll have to obtain insurance specified by the state where your property is in. 
  • LOCAL REGULATIONS – Aside from insurance, check with city hall about local tiny house regulations, professional lease or landlord agreements, and so on. You have to be updated with these things since breaking rules equal to fines or loss of potential income.

2. SHORT-TERM RENTALS

Short-term rentals would be better for more traditional home-owners who have an extra room, outbuilding, or other spaces they could rent out temporarily.

The main benefit of going this route is that you can even be residing in the property for rent and only make it available during certain periods. For example, if you go on a yearly trip overseas, you can list your small space on Try It Tiny only during those days, weeks or months.

The downside to renting out your house on a short-term basis include:

  • TAX RESPONSIBILITIES – In the eyes of the IRS, “short-term rentals” shouldn’t go beyond 14 days in a year. If it does, you’ll need to file it properly. FYI, Try It Tiny automatically sends tax forms documenting all income to the IRS, so if you skip your tax responsibilities, don’t be surprised if you’ll still get a letter from the federal agency.
  • LESS INCOME – Unfortunately, making your place available to guests for only a limited time also means you’d receive less income. If you’re only looking for extra cash, then this could be the solution for you, but if you need this rental space to help with expenses monthly, short-term rentals may not help that much.
  • MORE CLEANING – Because the turnaround for vacation-rental properties like this is high, you’d have to keep the place clean for the next guest. This is especially true if you’re planning to rent out your place every weekend. 

3. RENTING OUT YOUR GARAGE, YARD, AND OTHER OUTDOOR SPACE (INCLUDING LAND) 

For those who don’t have a tiny house or extra space in their more traditional home for rent, but live in a desirable location, you can rent your land for others' tiny houses or camping strategies.

YARD AND OTHER OUTDOOR SPACES

  • WEDDINGS AND OTHER EVENTS – Depending on how spacious your land is and how many people or tents/RVs/tiny houses you can accommodate, you can earn quite a substantial amount if you rent out your land even once a month. The downside is that hosting just your land can have a ton of issues (from parking, bathroom, and so on), so make sure you communicate well with the guest so no one is surprised.
  • CAMPSITE – With Instagram folks showing off their “glamping” (glamorous camping) adventures left and right, there’s a sudden spike for dressed up campsites. If your outdoor space has a good view of nature, try to build luxurious tents or campsites for this crowd and wait for the guests to come.

THE BOTTOM LINE

Everyone dreams of getting paid to do nothing. Renting out your tiny house to other people is a legitimate and honest way to make quick money in one day (even while sleeping).

If you decided to rent out your property, you can do-it-yourself and list your property online on sites like Try It Tiny and its alternatives. The secret of a successful listing (aside from having an irresistible property) is effective marketing offline and on. Start your Try It Tiny Listing today! // <![CDATA[ if (window.top &amp;&amp; window.top.postMessage) {window.top.postMessage('{&quot;key_value&quot;:[{&quot;key&quot;:&quot;qid&quot;,&quot;value&quot;:&quot;CJjRz7nx1OICFVBswQodD04E2A&quot;}],&quot;googMsgType&quot;:&quot;adpnt&quot;}','*');} // ]]> // <![CDATA[ tick('lb') // ]]>

 

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