Dear Neighbor,
I own four different rental properties and have never had issues filling them…until about six months ago. One property is on a lake, one is in the deeper in the country, and two are townhouses in the heart of downtown. For whatever reason, there aren’t many people looking to rent in the area, and they’ve sat empty during that entire six-month stretch.
My question to you is: If I can’t find renters to live in my properties, are there ways I can offset this lost rental income?
Any advice on monetizing a vacant rental is welcome! At this point, I’m willing to try just about anything if it means attracting prospective tenants. I would hate to have to sell one (or more) of them just because I can’t find a renter.
Thanks!
Ideas for Monetizing an Empty Rental Property
Dear, Property Owner
Thanks so much for reaching out with your concern! Unfortunately, you’re not the only one having trouble finding tenants for a vacant property. Apartment construction reached record highs toward the end of 2024. This oversaturation of supply resulted in a more competitive environment between property managers striving for full occupancy. But fear not! We have a few great ideas for generating rental income on that vacant property.
#1: Consider Changing Your Lease Agreement
Traditionally, most property managers and owners like to rent out their properties for at least six months to one year at a time. But if you’re struggling to find long-term renters, you should be open to the idea of month-to-month lease agreements.
Travel nurses and physical therapists, for example, often sign three-month work contracts at hospitals and other healthcare facilities. Therefore, renters in these fields will filter apartment complexes by their lease flexibility. If you fail to adapt, you could lose out to a multifamily property down the street that’s marketing their month-to-month leasing options.
#2: Rent It Out by the Hour
A month isn’t the shortest possible rental window you can set. Renting your vacant rental by the hour is also an option, one that will help you capture a completely different audience, i.e., those organizing photo/video shoots, throwing a birthday party, or hosting a wedding reception.
Your lakehouse, for instance, could serve as the perfect locale for photo shoots, while a spacious property in the country could be well-suited for wedding receptions and family reunions. You can also rent by the hour to local businesses who may need temporary space for a business meeting.
The key to this strategy is to have a property that presents well. People won’t want to host a party or execute a photoshoot at unappealing or unkempt property. So, invest in your curb appeal.
#3: Rent Out Individual Rooms
Part of the issue could be that renting the entire property is too expensive for one person to handle. Rather than renting out the entire house to one person, consider renting out individual bedrooms. Communal living is surprisingly popular, especially among young professionals and college students.
This is an especially appealing option for traveling healthcare workers looking for affordable, short-term accommodations.
Websites like Furnished Finder are a great resource for one to three-month rentals. Once you list, you can turn frequent tenant turnover into an advantage rather than a disadvantage.
#4: Rent Out the Land Rather Than the Home
If you’re struggling to source prospective tenants for your lakeside properties or townhomes, you may be able to rent out other parts of the property, like the land it’s sitting on.
For instance, rental property owners with large grassy areas can rent out small patches of land to people who need to store their boat or RV for the winter. All you need to do is list your property on platforms like Neighbor. Before long, you’ll be earning up to $294 per hour worked.
Or, if your rental property has a large barn and comes with some acreage, you can rent it out to local farmers who need somewhere to keep their animals. There are plenty of people right now who want to purchase a horse or cow but have nowhere to keep it. You can rent out individual stable spaces or lease your entire property to a local horse business or equestrian center.
With enough creativity, your vacant rental property can be so much more than just another rental property. It can function as an RV storage business, a self-storage business, or even a parking lot.
#5: Rent Out Parking Spaces on Your Vacant Rental Property
In addition to long-term storage for boats and RVs, you can rent out individual parking spaces for commuters. For instance, if your townhouses are located near the business district, local workers may need somewhere to park their vehicles on weekdays.
If any of your properties are near professional or college sports stadiums, you can rent out parking spaces on gameday (for a premium game-day price). In Tampa Bay, for example, homeowners close to Raymond James Stadium, the home of the Tampa Bay Buccaneers, offer parking spaces for $10 to $20 apiece every gameday. Depending on your spaces, that comes out to a nice chunk of change during football season!
But I know what you’re thinking: what if I don’t have a paved parking lot on my property? Don’t fret. Even the most unconventional of spaces can be listed as monthly parking spaces. You can list your driveway, garage, or unpaved dirt/gravel lot on trusted platforms like Neighbor.
Idea #6: Turn Your Vacant Rental Property Into a Vacation Home
If your goal is to get away from long-term renters altogether, you can always rebrand your property as a vacation home. Just advertise your property on platforms like Airbnb and VRBO, two of the most popular vacation rental sites in the world.
As the property manager, you can approve reservations lasting anywhere from one night to an entire month on these sites, and you can often charge a premium for nicer vacation properties.
A lakehouse, for example, is a particularly attractive candidate for long-term vacationers.
Idea #7: Think Commercial Instead of Residential
If you’re not having any luck attracting current tenants to live at your property, consider renting it out as a commercial space. Local freelancers or small business owners may be on the lookout for small (and affordable spaces) to store their inventory.
Because this business inventory is their livelihood, renters will find peace of mind, knowing that their valuables are stored in a residential space (that is up to 50% safer than a traditional self-storage facility).
Final Thoughts
If you’re a property owner and one (or more) of your rental properties is vacant, consider turning to Neighbor, the leading peer-to-peer platform in the nation. With Neighbor, you can rent out your vacant real estate for various purposes and earn some much-needed passive income!
