A vacant property without a good tenant can still fetch good returns for the owner if utilized creatively. If the property is vacant land, rent out the space for parking or create a mobile farm and list the place to be used for fairs, promotions, and concerts.
If it is a well-built apartment, find creative ways to earn rent, like allowing music or art classes to operate in the facility for particular hours.
Rent to Ad agencies for shooting commercials
Several ad agencies in the local market are looking for aesthetically pleasing, empty houses to conduct their shoots. Use an affordable property management company's services to get your home showcased to the local advertising boards.
APM property management will list your house to increase the house's exposure. A large hallway with minimal walls, good lighting, and neutral color tone walls is the basic requirements of these agencies, and they will compensate you generously for each ad shoot.
The home's rent increases if there are high-power electrical fittings, generator settings, and a good curb appeal with a simple garden.
Convert the house into a service apartment
A well-endowed service apartment with modern gadgets fetches much more than the regular rentals in many cities. Many families struggle to handle weddings, funerals, guests' sudden arrival, and festival time crowds. Hotels are expensive, costly and have several restrictions regarding how many visitors can stay in a room.
On the other hand, service apartments can house several people, be booked near the venue, and cost cheaper than hotels. The guests get a homely feeling staying with all the relatives in the service apartment, enjoying each other's company. Convert your apartment into one and advertise extensively to locals to gain good profits.
Rent out the parking space and a room for storage
If the property is vacant, advertise regarding space for storage and rent out the extra storage, closets, or rooms for people to store their things. Modify an additional bath, fit it with storage racks and rent it out as a small storeroom to make money from every square foot.
Rent out the extra garage or parking space for automobile parking or storing boxes full of things many homeowners struggle to fit in their house. Enlist your home in services like Store at my House to connect with people looking for extra storage in your area.
Become an Airbnb member
Airbnb services offering affordable and better-staying alternatives than the hotels are the first choice for tourists, frequent travelers, and many people who long for a unique experience. List your house on Airbnb and allow regular users to stay there to earn regularly without renting the property entirely.
Else, rent one part of the property, and reserve one room for such services, which will double the income as most visitors will be staying only for a day, or two and tenants won't feel crowded. Make clear agreements regarding such sharing with the tenants when they move in to avoid trouble later.
Rent out for parties and prayer meetings
Vacant properties are a boon for event management companies looking out for spacious halls to conduct prayer meetings, parties, business conferences, and many more events. Remove the extra walls between the kitchen, dining, and the hallway to make the hall big enough for holding twenty-five to thirty people at a time.
Arrange for proper seating and the basic amenities like surround sound speaker, attractive lighting, and a tabletop counter to serve food. The house will be continuously used for various gatherings throughout the year, fetching you much more than renting it to a regular family or tenant.