Exploring Profitable Land Use Options: A Guide for Landowners

Around 17.7 million properties declared rental income last year, which means a lot of people are making money off of their land. However, they are doing this in the most obvious way. What about the other profitable ways you can earn money from your land beyond simply renting a home to tenants? Let’s consider some of the good ones…

Create profitable land with wind farms

Granted, this first suggestion requires a fair chunk of profitable land, like a farm, but if you have the space, this is a great idea. This can be a mutually beneficial arrangement for landowners and renewable energy companies, and you are helping to create a greener world! 

Wind energy is a growing sector, and as demand for sustainable energy sources increases, so does the need for suitable land to host wind turbines. Renting out land to wind farms can provide landowners with a steady and very attractive income stream while contributing to the growth of renewable energy. 

Adding a pole barn garage to boost income 

Pole barns, also known as post-frame buildings, are versatile structures that offer a cost-effective and quick solution for additional space. If you have the room, this can be rented separately as storage or a workspace. 

If local zoning regulations permit, you can use the pole barn for your own home-based business or set it up as an Airbnb if you are in a desirable location. This can be marketed as a boutique small home within proximity of a beach, a major city, or whichever benefit your location offers.

Add features that existing tenants may pay more for

Investing in versatile storage solutions for your rental properties can potentially increase the rent you can charge. Outdoor storage boxes, for example, provide practical and aesthetically pleasing ways to store items. 

You can provide outdoor storage boxes to tenants as an optional add-on and introduce a tiered pricing structure for storage solutions based on size or features. Larger or more feature-rich storage options can command higher rental fees. This allows you to cater to different tenant preferences and budgets.

Home swap when you travel and save

Saving money is just as good as making money. Home swap websites, also known as home exchange platforms, offer a unique and cost-effective way for individuals to travel by allowing them to exchange homes with others. This arrangement allows travelers to enjoy the comforts of a home while exploring a new destination while saving money on accommodations—which is often one of the biggest expenses when traveling. 

Create a listing for your home on a home swap platform. This listing includes details about your home, location, amenities, and other relevant information. High-quality photos and a detailed description can make your listing more appealing to potential exchange partners. 

After creating your listing, you can browse through the platform’s database to find homes in the destinations you plan to visit. Home swap websites typically have search filters to help narrow down options based on your preferences, such as location, size, and specific amenities.

Renting out your garage, off-street parking space, or driveway

Landlords earn around $97,000 annually through all of their income sources, according to the US Census and Landlordology. So, to get close to or exceed this figure yourself, you have to get as much as you can out of your property. The increasing demand for convenient and secure parking options, especially in urban or densely populated areas, is one way to do this.

People are often willing to pay for a reliable and accessible parking spot. Assess the local demand for parking and consider factors such as proximity to public transportation, popular destinations, events, and the overall parking availability in your area. You can offer hourly, daily, weekly, or monthly rates depending on the demand in your area and the flexibility you want to provide.

Pro tip: Make sure you communicate any rules or restrictions associated with your parking space. This could include specific hours of availability, vehicle types, or guidelines for entry and exit.

Looking for more ideas to get more out of your rental?

RentRedi exists to help landowners in many ways. Not only is our blog a helpful resource that offers tips to improve your property and income, but our rental software ensures that you can easily collect rent online with customizable payment options.

Being a landlord doesn’t have to be stressful or tricky, and we’re here to ensure that. Bookmark our site and use RentRedi as your trusty landlord support team.