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People flock to cities across the county for cultural, economic, and educational opportunities. As more people move into cities, there’s an increasing demand for space. While this might create problems for renters looking for apartments or parking, it creates new business opportunities for those already living there. Anyone looking to make some extra money in their city must check out these tips on how to make money off your city apartment.
Rent Out Extra Bedrooms
Perhaps the most lucrative option to using your maximum apartment financial potential is to rent out extra bedrooms. Assuming you’re not confined to a studio or one-bedroom, use this opportunity to rent or sublet unused living space. Since cities are a popular destination for many people, living arrangements are in constant demand. That means you’ll always have potential renters at any available time. Keep in mind the different ways to thrive in the renting market, like knowing the competition, providing necessary appliances, and making any required upgrades or renovations. Each of these will attract more renters.
Rent Out Parking Spots
If the idea of renting out living space intimidates you, rent your parking space instead. While not everyone drives in the city, many people still rely on personal vehicles to travel to and from their destinations. Given how cities often have crowded or expensive parking arrangements, this is a great opportunity to add additional side income if you have available parking space you’re not using. Like finding affordable living space, there’s a constant demand for parking in urban areas. Use this to your advantage.
Use It as a Filming Location
Unconventionally, one unknown tip on how to make money off your city apartment is to rent your apartment to a filmmaker as a movie or television location. This is an exceptional option if you live near a college campus or film school, where budding directors need reliable places to film their student projects. Not to mention, filming has a limited timeline. While it’s impossible to say how long film shoots might take, rest easy knowing it’s not a permanent transition. Your space is a perfect location for amateur or professional shoots.
Start a Pet Sitting Service
Finally, consider using your apartment as a pet sitting service. Those who prefer companionship from four-legged friends rather than humans might enjoy this option more than renting out extra bedrooms or rooms for film shoots. Make sure you check your local municipality to see if you need a pet-sitting license before getting started. Once cleared, reach out to friends, families, and neighbors about your business. You might find more people coming to you with their pets than expected, considering the busy schedules that city life creates. The best part is you can set your own rules. Whether it’s only sitting for a specific animal, like cats or dogs, or only taking on a few pets at a time, it is your pet-sitting service, meaning you’re free to set your rules based on the ventures you create.