The internet has created so many new ways for you to make money that sometimes it’s hard to keep up. One of the fastest growing trends in new internet based businesses is to create a company to help you rent your things. These websites connect you with others who are looking to rent your personal belongings and take a small fee for their services. You may think you don’t have anything that you can rent, but there are dozens of things that you can make money on when you’re not using them. Check out this list of my top things you own that you can rent to somebody else and earn some extra cash.
- Tools, Sporting Goods, Bicycles, and More
You may have built a collection of power tools over the years that you use every so often for your next home improvement project. You probably also have a lawnmower, a leaf blower, hedge trimmer, and other tools to take care of your yard. Well, you’re sitting on a potential gold mine and you didn’t even know it. There are a handful of websites that allow you to rent out your tools when you’re not using them.
Beyond tools, you can rent out your bicycles, skis and snowboards, musical instruments and even video games all from your home when you aren’t using them. One site that I’ve used before is Loanables, which charges you 10% per transaction to rent your stuff through their site. Spinlister is a great website built specifically to rent out your bicycle. It’s free to list your bike through their site and they take 17.5% service fee when you book a rental. It’s easy to rent your stuff, but be sure that you have good insurance on your things before you participate just in case something goes wrong.
- Your Car
Renting my car to a stranger sounds crazy, you may be thinking, but it’s the foundation of a thriving business that is growing every day. Think about it for a minute and consider what happens to your car when you go to the airport and go on a trip. You pay for parking and your car just sits there unused and costing you money every day you’re gone. A new company called RelayRides thought about this problem and found a solution in hooking up car renters with your car while you’re gone. They include a $1 million liability insurance policy and screen potential renters so you know your car is in good hands. They’re also available in your city to help you meet potential car renters in your area. Just renting your car a couple days a month could cover your entire car payment, so keep an open mind about this because it could pay you well.
- Rent Your Extra Space
If you have extra space in your home that you aren’t using, consider renting that space as storage to somebody else in your community. Renting a storage unit can be expensive and a bit of a hassle and consumer are looking for other ways to store their extra stuff for less. This provides you with an excellent opportunity to make a few extra dollars each month without actually having to do anything. You can use websites like Craigslist to advertise storage space and rent for as long as you’d like.
If you have enough space to store a car, boat or RV, then you can charge a good bit more for your space through websites like JustPark. You might be surprised to find out just how many people have an extra vehicle but don’t have the room to store it on their property. Just like renting out room in your attic or basement, it’s space you aren’t using but that you can rent out and make some nice passive income
- Rent Your House or Apartment
No, I’m not talking about renting your vacation home or condo, I’m talking about renting your house that you live in right now. There is a growing demand from travelers who are tired of staying at hotels and want to stay in something that is homier and gives them an experience of living in the place they’re visiting. In cities like New York and San Francisco there are people living in one bedroom of a two-bedroom apartment and renting out the second room to travelers visiting from Europe looking for an authentic experience. If you aren’t into the idea of being there while a stranger stays with you, consider renting out your home or apartment the next time you go away for business or on vacation. Through websites like Airbnb you can easily find renters and review their profiles to make sure they’re a good fit to stay at your place. You get to set the price and if you live an are that is in demand can cover most or all of your rent or mortgage payment by renting your place out for as little as a weekend.