People have long touted homeownership as one of the best ways to build wealth. While purchasing a home has become more challenging for many Americans due to high prices and mortgage rates, new opportunities have emerged for homeowners to generate income from their properties. Platforms like Peerspace and Swimply allow homeowners to rent out parts of their homes by the hour, unlocking untapped potential in underused spaces.
One homeowner in Baltimore turned her property into a lucrative venture by listing it on Peerspace. Within weeks, she earned enough to cover her mortgage payment for the month by hosting various events, from film shoots to baby showers, at $100 an hour. This experience highlights a growing trend where homeowners are discovering innovative ways to monetize their assets, turning their living spaces into sources of passive income.
Traditional platforms like Airbnb and Vrbo have dominated the overnight stay market for years. However, newer platforms now enable homeowners to rent out portions of their homes for even shorter periods of time. Swimply, for instance, launched in 2020 and allows users to rent private pools by the hour. One user in Houston charges $60 an hour on weekdays and $67 on weekends, netting thousands of dollars each summer.
This trend extends beyond pools and living rooms. Platforms like RentMyCourt offer private tennis and pickleball court rentals, SniffSpot provides backyard rentals for dogs, CurbFlip allows driveway and parking space rentals, and Vanly facilitates driveway and shower rentals for people travelling in camper vans or RVs. These marketplaces cater to a wide range of needs and preferences, providing homeowners with numerous options to generate extra income.
The opportunity to offset expenses with additional income is particularly appealing to younger generations. A Zillow survey from last year found that 55% of Millennial homebuyers and 51% of Gen Z buyers consider it very or extremely important to rent out part of their home while living in it. As a result, platforms like Peerspace have seen a significant increase in active listings, reflecting this generational shift.
Beyond the financial benefits, some homeowners find unexpected rewards in participating in these short-term rental marketplaces. For instance, renting out her backyard to dog owners via SniffSpot not only brought in extra income but also fostered a sense of community among fellow dog lovers. This experience illustrates how these platforms can provide more than just monetary gains, offering a way to connect with others and build meaningful relationships.
In summary, the rise of short-term rental marketplaces presents a valuable opportunity for homeowners to monetize their properties creatively. Whether it’s renting out a pool, backyard, or living room, these platforms offer a flexible and lucrative way to generate passive income. As the housing market evolves, these innovative solutions are helping homeowners navigate the financial challenges of homeownership while fostering new connections within their communities.
