Put your stuff to work for you by renting it, and turn your belongings or time into a source of income.
Do you have random things in your garage or home that you seldom use? If so, you can generate extra cash by renting your stuff. There are many different services and ways to make some cash by renting out items, everything from your house to your parking spot to even your own personal time! Find home to rent out your car or home, your time (professional experiences), furniture and more below.
According to various research studies, the younger generation, millennials, would much rather rent a home instead of buying. Seniors also rent out items for some extra income. This trend has many benefits since renting brings flexibility, it is budget-friendly and its cheaper to rent items in which you will only use once or twice. In fact, many material goods depreciate over time and renting items will help you to save or make money if you already have some belongings. The cash can be used to help pay some bills, build savings, pay for a trip, or anything.
The rental industry has been expanding and it not only reserved for homeowners. Today, you can rent your power tools, cameras, dresses, and everything else. Below are some options for renting your stuff.
Renting Your Vehicle
Unlike companies like Uber and Lyft, a peer-to-peer car rental company allows you to earn money from your car whenever you are not using it. It is estimated that over 250 million vehicles in the US sit idle for 22 hours a day. You can earn extra cash from your car while at work, at nights or during your day off. The money can be used to help pay your car loan and make the auto more affordable. Or learn how to save money be refinancing a car loan.
Here are two peer-to-peer rental options for your car:
•GetAround.com- A car-sharing company that allows car owners to potentially make thousands of dollars per year by sharing their car. Average owners have earned over $800 per month from their idle cars.
GetAround offers $1,000,000 liability coverage for your car and enforced policies for renters, which includes mileage limits, no smoking and more. Any earnings from the company are paid out on the 15th of every month on a 60% rate home rate.
•Turo.com- A peer-to-peer car sharing company. Average car owners are earning $500+ each month by renting their automobile. With Turo, you can earn more by offering for delivery services and setting your own price. You will also receive free professional photography for your ad listing and car maintenance discounts. Payments are made via direct deposit within five days, and you will earn 65%- 85% of each trip price.
Renting Your Home
There's always hidden costs of home ownership such as lawn work, maintenance, insurance, and property taxes. If you have an empty room in your home, you can rent it short term to travelers to make extra cash that can help to pay off your mortgage and cover other expenses. Or lease it out to students or someone in the corporate world.
Unlike hotels, many which lack amenities, visitors are always looking for a more unique home experience and to save money. In addition to Airbnb, a popular home rental service, here are some other options to consider. You can list your space on multiple home-rental services to guarantee bookings. Use the money to help pay a mortgage, property taxes, or other expenses tied to homeownership.
•Vrbo.com: A vacation rental marketplace. If you live in a high tourism area with a lots empty rooms, you can list your property on Vrbo and start earning.
•HomeStay.com: Unlike other home rental services, you have to be present during your guest's experience. This is a perfect option to consider if you are skeptical about renting your space to strangers. Your room will be booked by tourists, university students, volunteers, and travelers.
Being a host will allow you to meet new people from across the world who are looking for a real travel experience. As a person renting out your property, you can add value to their experience by offering insights and sharing your experience. HomeStay is excellent if you are retired, your kids are off to college or if you are looking to meet new people. On HomeStay, you can also set your own rules, prices and add arrangements for weekly, monthly or long-term stay.
•eVenues.com: A marketplace for event spaces. eVenues allows you to rent your space for a few hours or a day for professional meetings and events.
•Venuelust.com: Rent your backyard, home or property for weddings, birthday parties, corporate events or family reunions.
•Gamping.com: Rent your land to campers and make extra money. Gamping allows you to meet travelers from all over the world and an opportunity to help others discover your town while making a profit on empty land that you are not using.
Rent Your Time
There are some things that people hate doing. Maybe they are busy or just lazy, and there may be others who enjoy doing those activities. Below are some services in which you can "rent your time" to someone and earn cash.
•RentAFriend.com: A platonic friendship website that allows you to rent local friends from all over the world. There are people who are new to a city or locals that are looking for a friend to hang out with, going to the movies, shopping, party or event, a workout gym partner or someone to give personal advice.
Some people work full-time and make over $2000 per week, while others work weekends and make $300-$500. It is free to join, and you are simply getting paid to have fun, such as attending parties, concerts, sporting events and more.
•InstaCart.com: A same-day grocery delivery service. Turn your spare time into extra income and become a shopper. If you are good with grocery shopping, you can join the Instacart team and earn great money. On Instacart, you can become a full-service shopper, which involves shopping and delivering goods. You can even use coupons from free websites and find the best deals for the client. Or served as in-store shopper, where you shop orders within the store for busy customers.
•Bridesmaidforhire.com: Sometimes friends and family aren't always there when you need them, and some brides only have a few selected friends or estranged family members that may not be comfortable with the idea of being a bridesmaid. Or someone may be eloping.
As a result, there is an increasing demand for professional bridesmaids to offer on-spot advice and unconditional support. On Bridesmaidforhire.com, you can rent your time and become a wedding coordinator, wedding planner or a professional bridesmaid and earn up to $2,000.
Rent Your Driveway or Parking Spot
With ride-sharing companies like Uber and Lyft, there are now millions of drivers on the search for parking spaces. If you live in a busy area, airports or shops, you can rent your garage and private parking lots for cash. Below are some platforms to rent out your empty driveway and parking spaces.
•ParkOnmydrive.com: If you legally own a parking space, you can rent it on a daily weekly or monthly basis to drivers and get paid. There is a one-time yearly registration fee to advertise your space, and you keep all of your earnings with no commission fees. You can make a minimum of $25 per day or up to $700 or more, depends on location.
•Parklee.com: Founded by a Brooklyn resident in NYC, Parklee makes driving less stressful for drivers by saving time and gas from circling blocks looking for empty parking spaces. Download the Parklee app and list your empty parking space and earn cash. The company charges a 10% reservation fee to drivers and it is free for owners to use this platform. Payments are made on a bi-weekly basis via bank transfer.
The gig economy allows individuals or families to rent out many different things for some extra cash. Senior citizens, millennials, retirees and countless others are most active in this process. As noted above, there are many companies that allow consumers to rent out their possessions for a little extra money.