7 Ways to Make Extra Income From Your Property, Ranked by Effort

Housing is the largest expense most Americans carry. If you own property, you are already paying for it. Any incremental revenue you can extract from the same asset is nearly pure upside. Below are seven options, ranked from lowest to highest effort, with realistic Phoenix metro monthly numbers as of 2026.

1. Rent a spare room (lowest effort)

Monthly income: $650 to $1,300 in Phoenix metro. Effort: low once a good roommate is in. Best for: empty nesters, single homeowners with unused bedrooms.

This is the simplest way to earn recurring income from property you already own. A spare bedroom in Chandler or Mesa rents for $700 to $1,000 per month. Private bath adds $100 to $200. See our spare room guide for the full playbook.

2. Rent an ADU or casita

Monthly income: $1,200 to $2,200 in Phoenix metro. Effort: low to medium after construction. Best for: homeowners with detached accessory dwelling units, converted garages, or casitas.

Arizona municipalities have relaxed ADU rules significantly since 2020. Phoenix, Tempe, and Mesa all allow ADUs by right in most residential zones. A finished 600 to 900 square foot ADU in Chandler rents for $1,400 to $1,800 per month. You keep your primary residence private and the unit is legally separable, so lease management is the same as any standalone rental.

3. Convert unused space into storage

Monthly income: $100 to $400 per 100 square feet. Effort: very low. Best for: people with an empty garage bay, unused shed, or basement.

Platforms like Neighbor.com (the "Airbnb of storage") let you rent out unused space to neighbors for storage. Zero build-out required. Not life-changing income but close to zero effort.

4. Long-term rental of the whole property

Monthly income: $1,500 to $4,000 depending on city and size. Effort: medium. Best for: people who are relocating but want to keep the home.

The reluctant landlord path. You upgraded to a new home but kept the old one. A well-priced 3-bedroom in Gilbert rents for $2,300 to $2,800. Long-term leases (12 months) mean one tenant search per year. DoorStopper handles listing, leads, screening, and signing.

5. Short-term rental (Airbnb, Vrbo)

Monthly income: $2,000 to $6,000+ in peak season. Effort: high. Best for: experienced hospitality operators, homes near Scottsdale resorts or spring training.

STR revenue per night is higher, but factor in platform fees (14 to 17 percent combined), cleaning between guests, furnishing cost, and city permit requirements (Scottsdale, Paradise Valley, and Sedona all regulate STRs heavily in 2026). Income is also volatile and taxed as self-employment if you provide substantial services.

6. Medium-term rental (30+ day furnished)

Monthly income: $1,800 to $4,000. Effort: medium-high. Best for: snowbird markets (Scottsdale, Chandler, Mesa).

Medium-term rentals target traveling nurses, relocating professionals, and snowbirds. No STR licensing in most AZ cities. Higher yield than long-term but with annual turnover. Furnished Finder is the main platform.

7. Sell and redeploy capital (highest effort but sometimes highest ROI)

Not technically "income from property" but worth mentioning: if your home has appreciated materially, selling and redeploying into a dedicated rental might generate more after-tax income than converting your primary into a rental. Do this math with a CPA.

Which one should you pick?

For most accidental landlords in the Phoenix metro, the answer is option 1, 2, or 4. Option 5 and 6 are fine if you enjoy hospitality. Option 3 is a nice side of $200 to $400 per month that requires almost nothing. Option 7 is a full financial decision that belongs in a separate conversation with a CPA and a real estate agent.