The cost of living in Canada has grown tremendously over the past few years and many are feeling the squeeze. The new reality is that many have to find alternative revenue streams to make ends meet.
According to the Survey of Household Spending by Statistics Canada, shelter remained the largest budget item for households in 2017, at 29.2% of their total consumption of goods and services. Households spent an average of $16,846 for a principal residence, which includes rent, mortgage payments, repairs and maintenance costs, property taxes and utilities.
The good news is that your property can help you earn extra income to mitigate the burden of living costs, and you don’t necessarily need to open your door to travelers looking for temporary accommodation. Consider easier and more private alternatives – like space sharing, but for “stuff.”
The sharing economy is experiencing an upsurge in people looking at their possessions in different ways. In fact, the global economy predicts that “sharing” will grow from $15B to over $335B in less than 15 yrs. Online platforms that allow you to share space provide a safer and more effective way to manage this specific opportunity. Think of any unused space in your home that is meaningless to you, but potentially meaningful to someone else. Think of that empty portion of your garage that could be the ideal spot for someone’s motorbike during the winter; or that extra closet in the basement, perfect for someone’s winter clothes; or your empty driveway, which could be the parking spot for many struggling to secure a parking space near a transit system (like BC Transit, TTC or GO train station).
Now you can even safely share storage or parking space in your home. What you can provide will be a more affordable or conveniently-located space to someone in your community. Listing is free and the easy payment system makes it an easy, simple process.
But how much you can really make? Well, that depends on a few factors such as the location of your storage space, the type of space and its size. In addition, how often will you allow the Renter to visit – daily, weekly, monthly or less? Is it climate-controlled? Do they have their own access? To make it simple here’s an easy calculator that helps you figure it out. For example, a 100 square foot space in Toronto could bring you over $1,200 a year. Not bad for just hosting some quiet boxes in the basement. That amount is enough to absorb the cost of home insurance and part of your utility bills, reducing your cost of shelter by 10%. Combining multiple spaces would, of course, multiply your opportunity. For example, offering your driveway as a parking spot could double that amount. Furthermore, SpaceiShare includes insurance coverage up to $5,000 on the belongings you store, giving you piece of mind when you rent space. It’s also important to ensure you sign legal documents with your Renter, ensuring further protection for you and your home.
SpaceiShare works as your space optimizer; helping you improve the efficiency of your home and ultimately reduce your cost of living. Remember: every corner counts.