Anything you own could make you money.
In today’s flexible digital economy there are more ways than ever before to make money. Best of all, often you don’t even have to leave the house to do it. Renting out items you own means that someone else gets to use your designer dress/parking space/lawnmower without going to the expense of buying their own – and you can make some cash on the side.
We asked the guys at the Solution Loans Money Matters Blog What kind of stuff can people rent out?
The answer is: almost anything. If there is someone out there who is willing to pay to rent something you own then you have a market. Some of the most popular examples of making extra money (more here) from renting out personal stuff include:
- Your car. According to Easycar Club you can make an average of $37 a day by renting out your car but this depends on where you are and how long the rental period is. If you’re keen to convert your car into an income stream, as opposed to a depreciating asset, then renting could be a great way to do it.
- Technology. The best items for rental tend to be those that cost a lot of money to buy. So, technology is an obvious candidate for renting, whether that’s games consoles, a laptop or an oversized TV.
- Home design, DIY and gardening equipment. From power washers through to carpet steam cleaners and paint rollers, you’d be surprised by how many of the tools and equipment you have at home are thoroughly rentable.
- Fashion and accessories. Even if you don’t have a wardrobe full of designer threads you may well still find you have pieces that are so covetable that others are willing to pay to borrow them. And if you do have a wardrobe full of designer threads, then you could make a lot of cash.
- Your home. Rent out a single room in your home for ad hoc nights or put your entire property up for rent for visitors and tourists. Your home is a very rentable asset no matter where in the country you’re based.
- Gardens, driveways and parking spaces. Rent out your garden to those who are looking for a safe urban camping spot, or your driveway or parking space to anyone with too many vehicles for their own plot. Even a relatively low daily rental rate can add up over time.
How to make extra cash by renting stuff out
- Use a website. For example, AirBnB for home rentals, JustPark if you want to rent your parking space and Rent My Items for everything, from a vacuum cleaner to a bicycle – there are plenty of websites you can use online find an audience.
- Make sure you know the risks. Anything you rent out could be damaged or even stolen if it’s portable enough. If you’re renting via a website you may have protection financially but if not then be aware of what you have to lose.
- Get creative. A lot of people browse rental sites and you can attract someone to what you’re offering with a creative description that identifies why they might need your item, as well as using some appealing images.