Renting out vacant land has been a practice that’s been in use for centuries. Land has always been a valuable asset, and renting the land out offers ample opportunities to make money. You can rent vacant land in one of two ways:
- Develop the land.
- Rent the vacant, raw land.
I’m going to be discussing renting the raw land. Renting vacant land can be done in a variety of ways:
- Event rentals. A popular option, especially for large parcels of land, is to rent out the space for events. Wedding venues have been doing this around me, and all they offer is the land. You can rent tents, tables and chairs, or you can bring your own.
- Farm leasing. If you have a decent amount of land, farmers will also want to use your land for farming. These farmers will take care of all the upkeep and work, but they need your land to make money. You can sign multi-year agreements and have a secure source of income for years to come.
- Grazing land. Farmers may not want to plant and grow their crops on your land. Instead, some farmers or ranchers will prefer to use the land for grazing. This allows you to have free “maintenance,” as the animals will eat the grass. Grazing land doesn’t produce the same income as the former options, but you literally have no upkeep involved. making it all profit.
- Energy. Utility companies may offer to pay for solar panels on your land, and they may also be willing to pay for wind turbines. The idea is that you’ll be paid a monthly fee or commission on the energy produced. You can also request that you receive free energy from the deal, lowering your monthly electricity costs.
- Minerals. Land may have valuable minerals on it, and if it does, you can be paid a lot of money to rent the land. Oil companies often lease land and give the owner of the land royalties on the oil drilled. You may have struck “gold” if your land has valuable minerals, but there’s always the possibility that your land does have valuable resources on it.
- And don’t forget: you can rent out the land to campers if you want, too. There are ample opportunities to rent out your land. You might even be able to find renters willing to pay to hike on your land or use it for sporting, such as off-roading