A good workspace is worth its weight in gold, be it in a small town or a megapolis. Not all landlords, however, use the full potential of their commercial property.
Finding the best way of renting out an office space
One of the best ways to earn a solid income from your vacant office is to choose the short-term workspace rental model. This means leasing it on demand, for fixed time slots, or a day, charging $25-$30 per hour. The estimated earnings are $600 a month from just one tenant. Considering that you will have several different tenants daily, the forecast is bright.
The other benefit of renting out office space on demand is no lengthy contractual obligations. Yet the whole ordeal will still be absolutely legal and secure. Think of short-term residential rental platforms like Airbnb. Tenants who make bookings via that site don’t sign contracts, but Airbnb still protects them and landlords. It’s the same with commercial short-term rentals: only instead of Airbnb, you use platforms like Wellerz.
Depending on the type of control you have over the vacant property, you can choose one of the options:
1. Renting out the space entirely
This means the business within the office walls will be conducted by your tenants, and not yourself. The office may already be furnished and decorated for particular practices (e.g., mental health services, coaching, bodywork, etc.). Or you can decide who you want to lease the space to and equip it accordingly.
2. Subletting the space
This applies to an office that you already work at but don’t occupy all day long or even daily. You may own that space or may be leasing it yourself — either way, you don’t want it to go to waste, so to speak, when you’re away. So you can sublet it to someone with a similar occupation and earn extra money. (Note that if you’re a tenant yourself, you must consult your landlord first).
With both options, you can either choose a long-term tenant or go with short-term on-demand rents. As we mentioned earlier, the latter yields better income. In the US, UK, and Europe the average long-term rent is $500/month; short-term hourly rent income for a landlord, however, can start at $6000/month.
Who to rent your office space to ?
Wellness, lifestyle, and beauty practitioners are among the most flexible professionals work-wise. They often mix in-person and remote sessions; some of their clients meet them at home, and some prefer offices. By renting office space on demand to those practitioners, you’ll become their saving grace: they won’t have to build their schedule around a long-term lease.
Here are just some examples of tenants who can bring you extra rental income:
- Bodywork therapists: chiropractors, massage therapists, acupuncturists, Reiki practitioners. Booking an office by the hour allows them to grow their client base without losing rental money during downtime. It also helps them to cut maintenance costs, since they don’t have to buy or rent a treatment table: your space will already have one.
- Estheticians and beauticians: eyelash, waxing, nail, hair, or makeup technicians. Some practitioners in that field use it as a side hassle, and others are often on the move, preparing their clients for weddings, proms, photoshoots, and other events. Your hourly rental, already with make-up chairs, mirrors, and ring lights, will allow them to grow their practice and become even more productive.
- Mental health professionals, dietitians, nutritionists. Their practice requires a delicate and personal approach: some of their patients can only meet in certain locations, some won’t be able to leave their house, some, on the contrary, need discreet office meetings, etc. On-demand office rental like yours helps those practitioners to become as convenient to their clientele as possible.
- Life or career coaches and consultants. Those practitioners usually build their workflow around courses. This means they don’t need long-term rentals, but if your hourly office rental is convenient, they will book it in advance.
Tip: You can always “mix” tenants if the office is adequately equipped. E.g., esthetician workspace can be booked by bodywork practitioners.
Where to list your office space for extra income
As a landlord/space manager, you make the rules, and Wellerz allows you to do just that. Sign up to our platform as a space owner, post your listing, specify who you want to rent the space to, and name your hourly rate.
That’s all! We’ll bring the tenants: all you have to do is approve their booking requests online by checking their documentation. All bookings on Wellerz are charged in advance and are secure. So rent your space now, to whoever you see fit.