Home Mortgage Alliance Corporation (HMAC)

Dog parks. Pool parties. Art studios. Earn extra money with your home

___

Published Date 2/29/2024

Backyards are great for a lot of things. Alfresco kitchens and barbecues. Playing catch with the kids. Swimming. But it’s especially golden for dog lovers, where a pet can romp and play in blissful abandon.

But what if you live in an apartment? Or a townhome with nothing more than a concrete patio? With more apps popping up to help owners leverage their homes in creative ways to earn extra money, the latest is one that rents out yards as private dog parks to people with pets.

Realtor’s Melissa Dittman Tracey reports on the phenomenon telling the story of Elizabeth Morton, a homeowner in Candler, N.C., who charges $11.50 an hour per dog and earned $36,000 last year renting out her yard. “She says she often has 10 bookings a day from pet owners eager to rent her fenced-in outdoor space. She plans to use the extra money to purchase undeveloped land and add to her real estate portfolio,” says Tracey. Morton’s goal was to offer a fun place for dogs and owners, realizing that many dog owners admit their dog hadn’t been off leash in years because there was nowhere safe to take them.

The app she uses? Sniffspot. Clever name for a service that offers an Airbnb-like booking experience. “Users can search for nearby homes that have fully fenced-in yards, agility obstacle courses or “dog water parks”—which typically means the property has a pool or is on a waterfront,” says Tracey. “Only renters and their dogs are allowed in the area during the privately booked visits. Hosts seldom have any contact with their guests. And the big rule: You must clean up after your pets before you leave.”

Homeowners are getting creative, renting out their backyard pool or extra parking space in their garage to make additional income and a growing number of apps are making the process easier.

Swimply is a platform enabling homeowners to rent out their pool by the hour. And in recent years, homeowners warmed up to the idea of renting out their homes. According to Tracey, nearly 40% of homeowners surveyed last year said they have or would consider renting out part of their primary residence as a short-term rental, cited by a study by realtor.com® and Censuswide. “Owners say they want to put the extra income toward their current mortgage or a future home purchase, the survey showed,” says Tracey.

She admits house hacking does have some limitations depending on where you live. “Municipalities and homeowner associations have been cracking down on short-term rentals,” says Tracey. “Besides land-use limitations, homeowners also may run into problems with guests, including noise complaints and property damage. Many of the rental platforms offer liability coverage to hosts, but extra insurance coverage may be necessary.”

Despite this, more companies are popping up to accommodate renting out just about any area of a home — like Neighbor, that enables homeowners to list extra space in their home for rent, from a spare closet to extra garage space. Or platforms like PeerSpace and HomeStudio, for purposes of filming and photo shoots.

So now it’s more than “Go West, young man!” to find that pot of gold. If you’re a homeowner, that guy can go everywhere.

Realtor, TBWS

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

View the full disclaimer and licensing details at https://homemac.com/mortgage-banker-disclaimer.