Melanie Stuart is one of many Aussies who are using their home to make extra money, as the cost of living and rental prices soar.
The 34-year-old has been renting out the garage in her Sydney rental for the past 18 months. She rents it out as storage space for $200 a week.
“I wanted to live by myself but, due to rent being so expensive, I needed a strategy to make it happen,” Melanie told Yahoo Finance.
“So, I advertised it on Facebook Marketplace as a storage space - it got snapped up in less than 24 hours.”
Melanie is using the extra cash to help pay her rent and save for a home, which is now taking longer than she had previously planned. Melanie has had to push back her home-ownership goals due to cost-of-living pressures, and to think more about the kind of property she will be able to afford.
“When I buy a home, I will likely buy an investment property in a location that I can afford and then look to rent it out,” she said.
“I will then continue renting in an area that I actually want to live in which is closer to the city, shops, restaurants and transport links with a social lifestyle being a key priority.”
Aussies using homes to make money
Melanie isn’t the only Aussie who is looking for ways to make money from their home as the cost of living soars.
New research from ING found more than a third (35 per cent) of Aussie families had considered renting or sub-letting parts of their home - such as their spare room, garage or parking space - or their whole home while they were away on holiday, to make some extra cash.
Aussies are also looking for ways to save around home, with more than a quarter (28 per cent) of the 1,015 adults surveyed saying they have considered growing a vegie patch to save on rising grocery bills.
A fifth (20 per cent) have added or requested that their landlord add solar panels to reduce their energy costs.