6 Ways to Increase Your Passive Income Through Property

There are several ways to top up your monthly earnings through passive income. Often, we don't realise just how easy it is to get started. As is the case with so many things worth doing, getting started can be the most challenging part, and that's never truer than with passive income – once you're up and running, you'll hardly have to lift a finger!

From renting out your spare room to renting out the car you hardly use, read on to get inspired and start boosting your salary now.

1. What is Passive Income?

Before we dive into the ideas, let's go back a step and start from the beginning. A passive income does pretty much what it says on the tin. It's an income, i.e., the money you make each month, that's passive, i.e., once you set it up and put everything in place, it will require next to no effort to maintain it. It should just be a regular extra in your bank account. Sounds good, doesn't it? Let's see how you can use your existing assets to set up your very own passive income.

2. Renting out Your Spare Room Long-Term

This one's for you if you have a room going spare. Due to the COVID-19 situation, it's not the best time to start a holiday rental using a platform such as Airbnb. Your alternative? Rent to longer-term tenants. Due to a combination of high rental prices and the added bonus of having some extra company in the flat, room rentals are becoming more and more popular. Even if you have a whole flat available, you'll find that renting it out by the room is significantly more profitable than renting the entire place.

Once your place is ready to rent out, find your new tenants yourself by listing your room online. You'll save on agency fees, plus you'll get a greater say on who you're renting to. Depending on the city and your room's quality, you could earn as much as £1000 extra each month. Not a bad return considering you hardly have to work for it! Just make sure you know how to put together a good listing and attract more tenants.

3. Advertise on Your car

You may have laughed in the past at those cars kitted out with colourful advertisements. Well, it turns out, they probably don't care too much thanks to all the money they're earning just for going about their daily routines!

On average, you can expect to earn £100 every month. Those colorful ad-filled cars aren't looking so funny now, are they?! Several well-respected advertisement firms can match you with local businesses looking to launch an ad campaign. As with anything, though, make sure you do your research as there are a few scams out there too. One we can recommend is Carquids.com.

4. Rent out Your car

If you don't use your car enough to earn money on advertisements, why don't you try renting out your car? There's a big market of people looking for short-term car rentals who don't want to pay the high prices of traditional car rental companies such as Hertz and Thrifty.

Although previously unviable due to insurance issues, technology is gradually changing that. Head over to Getaround to see just how easy it is to get your car rental up and running. You could earn around £550 every month for renting out something you hardly use.

5. Rent out Your Parking and Storage Spaces

If you don't have a car, but you do have somewhere to park a car, this one is for you. The best thing about renting out a parking space is it requires zero maintenance. Renting out a parking space is about as passive as passive income comes.

As you'd expect, there's an app to connect you with people looking for a space to park their car. We'd recommend Stashbee for its ease of use and the fact that it's already widely used. Average earnings will vary hugely depending on location, but if you're lucky enough to have a parking space going free in central London, you could easily be looking at upwards of £200 each month in rent. Not bad for no work.

6. Rent out Your Storage Space

If you have a spare room but don't want a flatmate or a carless garage that logistically would be tricky to rent out as a parking space, why not rent it out as storage space? Again, thanks to apps, it's now easy to advertise your spare space and find people with more stuff than they know what to do with.

You can try Stashbee again to get you up and running here. Dubbed the "Airbnb for clutter" by the Guardian, it will quickly and conveniently connect you with people looking to store their things. Depending on where you're based, you can expect to earn around £120 per month for an average-sized garage.

Wrapping Up

So there you have it, our top 6 ways to start generating a passive income right now using a property you already possess. Take your pick, get set up and watch your income grow. If none of the options are right for you, get some more ideas here.