How to Turn Your Extra Bedroom Into $1,000 a Month

When you need to bring in some extra cash and you have a spare bedroom, there are a few ways you could turn your extra space into money. The national average for renting a one-bedroom apartment with 699 square feet is $1,556 according to Apartments.com. Although getting a housemate is one way to increase your income, not every option involves living with someone you don’t know.

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Increase your income by $1,000 each month by using these methods to make use of your empty space. 

Get a Roommate

As of January 2023, the average room for rent in the United States costs $955, according to Roomates.com. Those prices have likely increased since inflation has picked up. Still, taking the time to find a roommate could add some funds back to your budget. Be sure to run a background check, verify their income, credit and rental history before handing over the keys. This may also require you to make some adjustments to your current living situation as you’ll likely be sharing common areas in the home like the kitchen, living room and bathrooms. It’s not for everyone, but if you’re in a pinch it’s a solid way to bring in some extra cash. 

Rent Out Storage Space

You might be surprised to find out that people will pay you to store their items at your home. Whether it’s a spare bedroom, garage, driveway or other unused space, there’s a way to rent it out to someone in need. People often need to temporarily store their RVs, motorcycles, furniture, boats or decorations. Platforms like Turo or Neighbor can help you find them. The Neighbor service boasts that their hosts earn an average of $294 per hour of work. If you dedicate four hours a month to this side hustle, that has the potential to earn over $1,100 per month. 

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Short-Term Rental

Sites like Airbnb are helpful when you’d prefer to rent out your spare room to visitors from out of town. If you enjoy introducing people to your city and everything it has to offer, then a short-term rental situation could bring in a healthy cash flow. You may even be able to just rent out your home on the weekends so you still have privacy in your home throughout the week.

According to a 2023 press release from Airbnb, hosts brought in an average of $14,000 annually in supplemental income through the platform.

While Airbnb is a lucrative option, it’s important to know what the rules and regulations are for your city and even your HOA. Some cities and homeowners associations prohibit short-term rentals or have significant limitations surrounding them.

Rent Art Studio Space

If you have a spare room that could act as an artist studio, you might be able to bring in over $1,000 each month. Painters, podcasters, singers, voice actors and writers often need a space outside of their own homes to create their work. By offering an art studio in a quiet room, you don’t have to forfeit your living space 24/7 to bring in extra cash.

You can do this through platforms like Peerspace which allow you to rent out your space by the hour to host things like creative team meetings, co-working, photoshoots or film shoots. 

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