4 Ways to Earn Rental Income from Your Primary ResidenceInvesting in real estate has long been a way for average people to earn rental income from properties they own. In most cases, that income is derived from properties specifically acquired to provide it.
However, there are ways to generate income without acquiring a property separate from the one in which you live. Here are four ways to earn rental income from your primary residence.

Buy a duplex

This isn’t an unusual way to get a start on real estate investing. If you’re ready to buy a home for yourself, you might consider a duplex rather than a single-family home.
The idea is to live in one half of the house and rent the other half out to someone else. Depending on the area, you might be able to charge enough rent to cover your mortgage payment. In this case, you’d have a place to live basically at no charge.
If you can rent the half you don’t live in for even more than your monthly home loan payment, you’re turning a real estate profit on a home you’re living in for free.

Share your space

Another way to earn rental income from your primary residence is to rent a bedroom you’re not using. If you have, say, a three-bedroom home and only use two, you could advertise a room for rent and attract a tenant.
If your home can accommodate it, you might even be able to rent out space that you don’t have to occupy at the same time as your tenant. A basement with a separate entrance, or a living space above a garage, or an under-utilized attic could be converted to rental property without you having to cross paths with tenants in a common living area.

Look outside

If you have a garage and don’t use it all, or if you have a lot of land, there might be opportunities to rent space for parking or outdoor storage.
Parking and/or outdoor storage space is frequently in demand. Not everybody uses every car they own, and boats, campers, ATVs, etc. are often in need of storage. If you have available space, you can probably rent it out.
Even in urban areas, where parking is at a premium, you might be able to rent out a street parking spot if you don’t need it. If your city residence comes with a parking spot that you don’t require, someone else probably does. And you can charge for it.

Let someone live there when you’re not

Thanks to popular websites that market your property for you, short-term rentals have become all the rage. If you travel a lot, you might consider advertising your home as a short-term rental. It’s as easy as signing up online and listing your place as available when you’re not there.
Private residences are often more economical for travelers than hotels, and your furnished home might attract folks who will pay you on a per-night basis, which can be more lucrative for a property owner than long-term subleasing.
If you get a keypad-type door lock, it’s just a matter of texting guests a code. You can charge for a certain number of nights’ minimum, and even ask for cleaning fees. It’s easy these days to get paid for your home while you’re out of town.
Again, the common perception is that generating rental income involves purchasing a property specifically for that purpose. Plenty of real estate investors do that, but there are also ways to generate rental income from the place you already live.

Hot Key West Business Opportunities

101600 Overseas Highway $20,000,000

101600 Overseas Highway KEY LARGO, Florida

3 Beds 3 Baths 3,717 SqFt

139 Seaside Avenue $10,500,000

139 Seaside Avenue KEY LARGO, Florida

5 Beds 7 Baths 6,740 SqFt

517 Duval & 518 Bahama Street $7,500,000

517 Duval & 518 Bahama Street KEY WEST, Florida

4 Baths 7,854 SqFt

3428 Roosevelt Boulevard N 1,2,3,4,5,6 $5,995,000

3428 Roosevelt Boulevard N 1,2,3,4,5,6 KEY WEST, Florida

7 Baths 8,046 SqFt

112 Bounty Lane N $5,990,000

112 Bounty Lane N KEY LARGO, Florida

5 Beds 5 Baths 4,822 SqFt 0.180 Acres

3574 Overseas Highway 1-7 $4,800,000

3574 Overseas Highway 1-7 MARATHON, Florida

5 Beds 4 Baths 7,706 SqFt

100099 Overseas Highway $4,749,000

100099 Overseas Highway KEY LARGO, Florida

2 Baths 4,680 SqFt

30770 Overseas Highway $3,995,000

30770 Overseas Highway Big Pine, Florida

12,560 SqFt

919 - 921 Duval Street $3,750,000

919 - 921 Duval Street KEY WEST, Florida

9 Beds 6 Baths 4,173 SqFt

10 Ocean Drive E $3,699,000

10 Ocean Drive E MARATHON, Florida

5 Beds 3 Baths 2,832 SqFt 0.290 Acres

96180 Overseas Highway $3,600,000

96180 Overseas Highway KEY LARGO, Florida

3 Beds 3 Baths 1,445 SqFt 0.960 Acres

770 107th Street Ocean $3,500,000

770 107th Street Ocean MARATHON, Florida

33,977 SqFt

770 107Th St Ocean $3,500,000

770 107Th St Ocean MARATHON, Florida

101350 Overseas Highway $3,250,000

101350 Overseas Highway KEY LARGO, Florida

2 Baths 6,674 SqFt

155 Atlantic Circle Drive $3,100,000

155 Atlantic Circle Drive KEY LARGO, Florida

3 Beds 2 Baths 2,694 SqFt

Are You Looking for Commercial Property in the Florida Keys?

Use our site to search commercial real estate in Key West and all of the Florida Keys. Unlike the “big name” sites out there, our site is directly connected to our local MLS and is updated with new properties every HOUR. By creating a Property Manager account you can stay on top of the newest businesses that go up on the market and get Price Change alerts so you can stay ahead of other buyers and beat them to the best deals!
In the meantime, check out these 1-click searches:

Newest Key West Commercial Properties on the Market

Prime Commercial Real Estate in Big Pine Key. The property offers 125 footage on US1 and 200 feet deep. With access from the front of the building to the back. Back of the property is fenced with extra storage facilities. Metal building, metal roof, two half baths, two lofts, front office space. $1,545,000 Active

31133 Ave A Big Pine, Florida

2 Baths 2,460 SqFt

Come and Use this precious space at a prime location! There is so much foot traffic in this area. Your business here at 300 Southard Street Unit 103 is at a Great location. Parking space provided as well. Renting for $950. Ideal spot right by Truman Annex and in between Southard Street and Thomas Street. $950 Active

300 Southard Street 103 KEY WEST, Florida

5 Baths 135 SqFt

Hard to find office space available at Conch Harbor Retail Center. Suitable for office, at the corner of Caroline and Grinnell Streets. Men and Women's bathrooms, outdoor seating in courtyard. Neighbors include Prime 951 Steakhouse, Dante's Pool Bar and Restaurant and West Marine. Sales tax is in addition to rent quoted, minimum one-year lease. $4,328.33 Active

951 Caroline Street 207 KEY WEST, Florida

2 Baths

2,705 SF lot in X Flood Zone on White Street in Key West. Zoned HNC-1, see documents tab for land uses. Buyer to verify if any build back rights. Owner is a licensed FL Realtor. $499,000 Active

1212 White Street KEY WEST, Florida


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