Are you looking for ways to make money on the side which require little effort? One of the easiest ways to do this is to rent your stuff out for money. Yes, you read that correctly. You can rent things for money and earn cash on the side. We all have items we use sparingly, or regularly sit idle.
The rise in the peer-to-peer culture allows you to use those items to make money. You can legitimately rent out items from an unused parking spot to clothes for spare cash. Think of it as helping someone by putting something you own to use.
With a little creativity, there are many things you can rent out to make money.
Ways to Rent Your Stuff out for Money
Do you want to make extra money without sacrificing a lot of time? Here are nine legitimate ways to rent your stuff out for money and earn hundreds each month.
If you own your own house or condo, Airbnb is one of the best options to make money on the side. The Airbnb platform is often a cheaper alternative to travelers looking for a place to stay when traveling.
Some hosts may even offer breakfast or kitchen access to help travelers save money on some meals. My husband and I like to use Airbnb when we travel and our host in Long Beach encouraged us to try renting out our space room.
She told us that her Airbnb profits practically paid for her mortgage each month.
Even though we don’t live in a large city or tourist hub, there could be several reasons why a person is visiting the area and needs a place to stay.
As an Airbnb host, you’re in charge of setting your own rates and rules. The average per-night price of an Airbnb room is $80. If you live in a larger city or rent out an entire place, it’s possible to earn considerably more.
You can choose who you rent your place out to or you can set your listing to automatically accept guests for a hands-off approach. If you provide an excellent experience, guests will typically give you high ratings.
This helps you attract more people to book a stay at your place.
It’s free to list your property on Airbnb. Check out our Airbnb host checklist guide to learn how to maximize earnings.
Getaround launched to the public in 2011 and has been a go-to for anyone who has a car they want to rent out. Drivers can rent a car from private owners like themselves who then earn extra cash in the process.
Getaround is a nice alternative to anyone who doesn’t want to use public transportation, taxis, or rideshare companies.
If you’re worried about someone putting too many miles on your car, Getaround does have a cap of 20 miles per hour and a total of 200 per 24-hour period. So, the cars aren’t meant for use over super-long distances.
If a borrower drives more than the miles allowed, Getaround charges $0.50 for each excess mile in a standard car. More luxurious vehicles like Teslas are a little different.
Borrowers may only drive these vehicles ten miles in an hour and 100 miles within 24 hours.
The average car owner can earn over $800 a month from Getaround, according to their website. This does depend on the make, model, and age of the car. The service does keep 40 percent of your earnings.
That aside, it’s one of the better passive income ideas on our list, especially if you don’t use your car regularly. Just make sure your auto insurance is aware of you renting the car.
Turo is another rent stuff app to use to rent your car. The Turo platform is a well-known car rental service and it saved me a lot of money when I visited Los Angeles last year.
Like Getaround, Turo lets you rent your car to drivers in the area for cash. Turo’s rates are cheaper than popular car rental companies and in some areas, it’s super popular.
Turo sets the rate for your car listing based on the time of year, market value, location, and other factors. Turo also pays by direct deposit within five days. You get to keep 65 to 85 percent of the earnings per request.
If you have a car that’s worth at least $28,000 that rents out 15 days per month, you can make at least $500 per month renting your car on Turo, according to their website. Like Getaround, Turo provides resources to help you list your car and market it to potential renters.
The service is in more cities than Getaround. You can find which cities they’re located in on their website.
Spinlister is another app to you to rent your stuff out for money. You can rent all sorts of items on Spinlister, including:
There is no charge to list your item on Spinlister. After a booking ends the company takes 17.5 percent of the fee you receive. Bike owners decide when they want to rent out, which is convenient if you want to reach a specific income goal.
You control when to accept or deny requests. After booking a rental, the renter and owner collaborate where the best meeting place is to exchange the item. Most of the time a lister can just wait at home and a borrower will come to pick it up.
Bikes are deliverable to a different destination, usually for a small fee. It’s good to be active on the app because depending on the area and weather, you can get multiple requests per day.
The company recommends people request rides from a few different owners at once. The first one to accept will have to lend out their bike so be on top of it to earn the most money.
A common starting rate when listing your item is $5 per hour, but you can earn up to $20 per hour according to their website.
A weekly rate just renting out a bike can reach $125 or more. This all depends on the quality of the bike and what type of bike it is.
5. Style Lend
One of the best ways to rent stuff online for money is Style Lend. This service lets you rent out fashion items for cash. Sometimes events come up and people need a quick outfit option.
You can also rent out shoes, bags, and accessories on Style Lend.
Style Lend only allows you to lend out women’s clothing. The site gives estimates for how much you can earn from lending clothes. All estimates are for seven-day rentals.
For a week of Chanel rental, the renter would have to pay $150. Name brands do matter when using Style Lend, but you can still earn extra cash if someone likes your clothes and wants to borrow them.
The first step is to list the items for approval. After a booking comes through, accept it and have it ready for shipping within 24 hours. The owners of the clothes keep 80 percent of all rental fees.
Style Lend offers repair coverage in the event of minor rips, stains, and tears up to $50. If the item is beyond repair or it happens to cost over $50 to replace, Style Lend provides another similar piece or compensate for the damaged clothing at the expense of the renter
6. Fat Llama
Fat Llama is a newer “rent stuff” app I’ve been watching. The Fat Llama app is a peer-to-peer marketplace for people to rent things for money. Not only can you rent on this platform, but it’s also one of the best apps to sell your stuff online.
Sometimes we only need an item for a small task, so buying it just for that can be a big waste of money. Fat Llama offers an alternative to having to buy items new that you’ll only use a few times.
Fat Llama holds borrowers to exacting standards. All items must come back in the same condition they left the shipper in.
The company covers U.S. lenders against non-return and damages up to $30,000. Average earnings range from $50 a week up to $3,000 a month depending on the items, according to their website.
RentAFriend provides a form of income for simply being a companion to someone. This website allows people to request a friend to join them at an event or simply go to a movie.
Some people may use it regularly and others may just need a one-time experience or outing.
You can be a friend for a variety of experiences, including:
- Going to a concert
- Going out for a meal
- Going to a sporting event
There is no physical contact required and friends are only there to rent your friendship. RentAFriend is not a dating site.
Over 650,000 people use the site and the fee starts at $10 an hour. Sometimes friends waive the fee if they get their ticket or entrance fee paid for an event. Friends can earn up to $50 an hour and get tons of free perks like a free meal.
Loanables is a one-stop-shop for anyone who wants to rent their stuff online for money. The service is free to use, and they keep ten percent of your rental as a fee.
You can rent virtually anything on Loanable, including party supplies, and home items like pet carriers, ladders, dollies, and carpet cleaners. Daily, weekly, and monthly prices can be set through the website.
AirGarage is a platform that helps you rent out parking spaces for money. Organizations like churches, businesses, and hotels use this software.
If you live in a busy area where parking may be a challenge, you can earn money by using AirGarage to rent out your parking space or garage. Even if you have a single parking spot, this can be great for charging electric cars and parking one or two passenger micro-mobility vehicles.
Rentals can last between one hour to one year. Spot owners can list the spots at their own price. You can consider things like location, how secure it is, the proximity to public transportation before setting a price.
It’s free to list your parking spot on AirGarage and they keep three percent of your reservation for a fee.
Things to Rent Out: Bottom Line
If you have something you don’t use or that sits around, you can rent your stuff out to make extra money. Giving the items away or donating them is great, but an alternative option is to earn a semi-passive income from renting out your items.
Many of these sites have insurance or protection plans to help cover your items if anything happens. If you want a legitimate way to make money on the side, don’t overlook this opportunity.
Have you ever rented out any of your items or have you rented stuff from others? What’s one thing you could rent out right now to make money? Would you ever rent your car out to someone else to drive?
Source: Frugal Rules