The Pros And Cons Of Renting Out Your Home's Lawn By The Hour

If the thought of turning your home into an Airbnb gives you the shivers, but you are still looking to earn a little cash on the side and capitalize off of your beautiful lawn, then why not consider renting it out? Renting out your yard can be a lucrative option without the hassle of having strangers milling about the inside of your home. However, before marketing your outside area to the world, you should know all the positive and negative aspects that come along with this venture. Depending on what you are renting your backyard out for, it could bring in a sizable passive income, plus allow you to meet new people and show off your outdoor space. On the flip side, there may be local laws that could limit you when it comes to large gatherings or noise levels at certain times of the day or night. There is also the unpredictability of the people who would be using the space and whether or not they treat your area with respect and care.

There are many ways you can offer up your back lawn for lease depending on the size, location, special amenities, and amount of effort or liability you are willing to put out there. From making your yard available for weddings, parking, and storage, use as a dog park, and even renting out your swimming pool; we'll take a look at some of these avenues you could choose from and the pros and cons of each idea.

The major upside to renting out your outdoor area is that you can earn a decent passive income if you're willing to put a little extra work into the endeavor. For instance, if you have the luxury of an outdoor pool area, why not splash a little cash in your pocket by putting it up for rent on Swimply, where you can earn up to $200 per hour? This can aid to offset the many expenses that come along with having a pool, plus help you to meet new people in your neighborhood. If you are immensely proud of your gorgeous yard, then renting it out as a wedding space can make it the perfect backdrop for such a special and memorable day. Pairing up with a local wedding planner can easily help to spread the word about your property as well as have someone you trust laying out any ground rules you may have.

For the avid animal lovers out there, you may find joy in making your backyard space available as a pay-by-the-hour dog park. This can be fulfilling as you are providing a play area for those owners who may not have the benefit of an expanse of yard. Depending on the size of your yard and where you are located, you could charge anywhere from $5 a dog per hour up to $20 a dog per hour or even consider a monthly membership package to your outdoor play area.

Renting out your lawn may seem like an easy way to earn some quick money, but there are plenty of things to consider which could put a damper on your plans. If you're renting your space out for weddings or as an area for people to store their boats, cars, or trailers, there's the risk of incurring damage to your property. Increased foot traffic or vehicles being left in the same spot may negatively impact your lawn. You will also have to consider added security such as fences, lights, and even cameras if you are providing a space for others' possessions.   

You should know that you're responsible for the clean-up as well as purchasing liability insurance if you are making a dog park on your lawn. Sniffspot offers $2 million liability coverage, as per Business Insider, through its program. However, when it comes down to major disputes, injuries, or even the death of a dog, the owes would be on the owner of the property. This can be similar if you are taking the plunge and having people rent your pool. There are big-time risks involved in this venture, as you could be liable for any injury or death on your property. Although Swimply offers liability protection of up to $1 million, that could just be a drop in the bucket as some injury lawyers could seek damages of nearly $10 million if anything catastrophic happened to a guest, according to the CBC.