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Getting into profitable ventures such as growing a project or business is a massive drain on your time and money. Plus, there’s the likely potential of incurring losses if your side business goes south.
Savvy Millennials earn cash on the side by scavenging through yard sales. For every cool stuff they get, they resell them on eBay. But not everyone would spend hours driving from one sale to the next to find the best items to resell.
Usually, the best way to make money on the side is to rent out stuff you own, but don’t use. Nowadays, that means to anything from your camera equipment to your car or storage rooms and extra space. There’s nothing new about making extra cash from renting out unused stuff.
The practice has been in existence since time immemorial. The only thing that changes, however, is the different approaches people use to sell their items.
Knowing the ideal methods to use can be beneficial to you on so many levels, especially if you have lots of stuff to rent out.
The most significant perk of sharing your belongings is that you earn a passive income without much hustle. Here is a list of items you can rent out for an extra passive income:
- Skills and time
- RV or caravan
- Parking Space
- Storage Space
Consider the following options when renting any of the stuff above and watch the money roll in from the comfort of your couch:
1. Renting Your Home
There are tons of reasons why anyone would want to transform their home into a valuable property.
The major one would probably be that they’re costly to maintain. Mortgage payments, utilities, and property taxes are a couple of the inevitable expenses for most homeowners.
With the emergence of sites like Airbnb, your home can pay for itself and double as an extra income source.
You don’t even have to rent out the entire house if you have a couple of unoccupied spaces such as a condo unit or extra room. When you hire a rental agent, you could turn either of these spaces into a full-time income source.
Going this route has several benefits. For one, you can reside in your home for rent and rent it out at random periods. For instance, if you fly overseas, visit Airbnb and enlist your condo for the days, weeks, or months that you’ll be away.
If you decide to rent your space for the long-term or short-term, first spruce it up a little. Clean it up accordingly and get rid of all your collector’s items, jewelry case, heirloom flower vase, and other valuables.
Even if you’re renting your home for a short time, some clients prefer that you furnish it accordingly.
If you agree to this, you may have to spend more in the form of interior designs. How much more you part with may depend on certain factors such as property and circumstance.
2. Renting Your Skills and Time
Millions of people rent out their skills and time via freelancing. Not only is it a broad creative field, it’s also a great way to earn more money from the comfort of your living room. There are hundreds, if not thousands of freelance skills you can rent out online and get paid for it.
The past few years have witnessed a rise in online freelance projects and lucrative opportunities. There are tons of sites you can sign up for and put yourself out there for potential clients.
If you’re a newbie freelancer, you need to kickstart your career on legitimate freelance sites. The ever-increasing pool of freelance sites gives scammers a chance to cash in on unsuspecting first-time clients and stay-at-home contractors.
There’s no limit to how many of your skills you can do freelance. Doing anything computer-related such as transcribing, writing, designing, or illustrating can earn you a hefty paycheck. If you’re a writer, start writing for clients or submit your work for notable publishing sites online.
Sites like Fiverr, Flexjobs, and Upwork are sure places to invest your time and make the most of your virtual skills.
Most freelancers overlook the need to follow the right channels. Having an independent contract can keep any legal complexities at bay and keep your freelance career fully intact. This applies if you plan to rent out your skills either as an independent individual or as a freelancer.
Safeguard your financial interests along with your business and get an independent contractor agreement. With the deal in place, it won’t be too risky to take your shots at different online freelancing jobs.
3. Renting Your Clothes
Renting clothes is a lucrative side hustle. Your biggest market are people who find themselves in a wardrobe emergency and need some last-minute change of clothes.
Just like Turo and Airbnb, you can rent your clothes for a significant price on these clothing rental sites:
This company provides a reliable income source from renting out your wardrobe of trendy clothes. You only need to make a list of your accessories (shoes, bags, etc.), submit them for approval, and you’re good to go.
People will borrow your clothes, and you get paid via PayPal or Venmo. Style Lend takes up 20% of your earnings, and the rest is yours.
Rent my wardrobe
Rent my wardrobe allows users to save on high-end clothes, and instead rent them online. Clothes you rent on this platform are completely safe.
Anyone renting out their clothes on the platform is provided with apparel assurance. This keeps your items safe from theft or damage.
This India-based rental site deals mostly with ethnic clothing. If you can’t sell any of your ethnic clothing pieces, rent them on Flyrobe.
According to the site, you can receive bookings from 7 stores as well as 25 cities from around the world. Members can make as much as $700 from doing nothing but sharing their clothes.
Renting clothes to strangers is an option if you have lots of clothes in your closet you don’t wear. Provided they’re in good condition, you have the potential of making some serious cash from those apparels lying around your bedroom. You don’t have to be a fashionista to sell your clothes – though it won’t hurt if you were.
4. Renting Out Your RV
If you own an RV or caravan, you probably wish you could get a bit more out of your purchase. Most times, it spends a huge chunk of the time parked than it does on the road.
However, that’s no reason to regret buying it in the first place. If anything, the most fantastic way to explore your country is by a reliable motorhome.
A couple of years ago, no one could have imagined letting a stranger rent their car. With sites like Turo, RVshare, or Outdoorsy, your RV doesn’t have to be stationary while you’re away. Most people have heard about the idea of renting out their RV, but haven’t fully embraced it.
There are so many perks of renting out your motorhome. RV owners can make anywhere between $80 and $350 every night from renting.
That kind of money is more than enough to cater for a vacation to Disneyland or wherever you can afford to go. While your renter explores the country, you get to explore the earth’s happiest place. Win-win.
Outdoorsy provides a fast and straightforward renting process. A Class A motorhome has the potential to make more than $5,000 a year. This can easily cater to your annual RV payment.
When it comes to how soon you should rent out your RV, first consider your lifestyle and schedule. Most people prefer to rent out their RV during Christmas, Thanksgiving, and other notable holidays.
During that time, you can make extra cash while spending time with your family. As with all other start-up businesses, there’s a learning curve involved. You need to keep organized records and make time to contact prospective renters.
5. Renting Out Your Car
Wouldn’t it be nice if you could make money from your car whenever you’re not cruising around town or driving off to work? Rather than thinking about it, why not make it a reality?
With the ever-growing handful of services, it’s possible to rent out your car just as you would your house on Airbnb.
It costs approximately $9,000 annually to own a car, based on findings from the AAA. You can offset the total expense by renting your vehicle.
The following are some of the best car-renting platforms where you can make up $800 per month using your vehicle alone:
Dubbed the ultimate Airbnb for cars, Turo is available in select U.S cities and Canadian provinces. It won’t cost you a dime to list your car on this service.
Once you upload an image of your car, you’ll receive a notification once someone books it. This app hosts a liability coverage of up to $1 million in addition to theft and damage protection.
Getaround users make thousands of dollars on this app. If you join today, you are eligible for a $50 driving credit every month each time you rent your car.
Plus, you can also enjoy a primary insurance policy worth $1 million. You will be charged a one-time install fee of $99 once your one-month trial period is over.
This car-sharing platform lets you make money any time you park your car at the airport. As you rent out your vehicle, you enjoy privileges, including free parking space and cash for every mile covered by your car.
6. Renting Out Your Parking Space
If you’d rather not rent out your car, consider doing the same for your unused parking space. No one ever parks their car in their driveway or garage all day, every day. For that reason, do a quick check on how long your parking space stays unoccupied.
You’d be surprised at just how much you can make from renting your spaces. Did you know that Americans spend 17hrs on average every year searching for a parking spot? A massive chunk of this time could be spent helping out such people and gain something in return.
Drivers don’t mind paying for reliable parking spaces. To get to them, you don’t need to look for them in busy places and big cities. Drivers can now come to you, courtesy of the many parking spot apps.
How much car owners can make from their curbside, garage, or driveway largely depends on their location and how often they’re rented out. The more time your spot is available, the more money you can make every month.
Depending on the closeness of your spot to locations or events, you can rake in more than $7,000 every year. If your parking space has what it takes to be rented out, be sure to promote it by listing it on multiple sites for it to get more exposure.
It’s recommended to find more than one site that will make it possible for you to keep your availability status up-to-date. The faster you can do this, the less you’ll have to worry about losing potential renters.
7. Renting Out Your Backyard
Have you ever thought it possible to make money from your backyard without having to rent out your house?
Sites like Airbnb have paved the way for new renting possibilities – such as renting your backyard to short-term renters.
If your outdoor space has photogenic, wow-worthy features, rent it out as a photo shoot location. Photographers prefer such spots for film or TV shoots. As lucrative as it can be, photoshoots often involve lots of equipment and a crew of people.
You should, thus, be prepared for all kinds of havoc by setting a couple of rules well before the start of the photoshoot. For example, you could start by stating:
- The off-limit areas of the property
- Whether or not it’s safe for children
- Whether or not dogs are allowed
- When quiet hours should begin for campers
- If smoking is prohibited or not
Access to bathrooms is also worth considering. Whether you’re hosting a few campers or a big wedding, provide your guests with access to in-door bathrooms or better, purchase portable restrooms.
Other stuff to look into include water, parking space, and amenities such as electrical outlets or outdoor kitchens.
Your backyard could as well double as a wedding venue. If it has a significant lawn space with sufficient green cover, think of the money you can make in just a couple of hours.
However, you may have to work closely with an experienced wedding coordinator. He/she will help in smoothing out the hectic hosting process.
Keep in mind that not all weddings are huge. Smaller properties can also make for an utterly romantic wedding venue for small gatherings.
8. Rent Out Your Tools
There are lots of DIY-ers out there who need specific tools but can’t afford them. If you already have the essential tools and equipment, why not rent them out and get some cash in return?
If you’ve tackled personal repairs or renovations, you probably got the job done by renting out equipment. Some companies rent out tools, but at high prices. Seize that opportunity and provide your customers with better quality tools and services.
As with most side hustles, there’s nothing complicated about renting tools. All you need is to keep your most-used tools available for renters at all times.
There are so many reasons to start renting out your tools, the major one being that it’s not time-consuming.
At first, it may take a while to apply for the necessary licenses and permits. You also need to do some research upfront and draft a rental agreement. Once you get those out of the way, the only time investment you have to make is when you meet up with clients.
Agreeing on the rental price and other relevant issues doesn’t take up much time. Another reason to get into the tool renting business is that you don’t need a garage full of tools.
You won’t be expected to provide every tool that big companies do. Anything you have, including water pumps, can be rented out to those who may need them.
You can begin expanding your tool selection the moment you start making profits from your tools. Throughout your tool-renting business, ensure you properly maintain your tools. If an injury occurs from poorly maintained tools, you’ll be responsible for any arising medical issues.
9. Rent Out Your Bike
Far from ridesharing and vehicles, the transportation piece extends to bicycles as well. For most people, riding a bike provides a fresh way to see the world from another angle. Spinlister is one such startup that shakes things up a little via its attractive app and website.
People rent bikes when either exploring a new city or their bike is broken. If you have a spare bike, sign up on Spinlister and start making some cash.
Signing up on the platform is pretty straightforward. Once you upload an image of your bike it can be viewed by users in your area. It won’t cost you a cent to make a listing on the platform.
If you won’t stick around long enough to personally rent out your bike, drop it off at your local bike shop.
Among the first groups to sign up on the platform are bike shops. How much you can earn depends on multiple factors. However, the site clearly states that you can make well over $500 each month by sharing your bike.
There are lots of perks that come along with using Spinlister. For one, you get damage protection worth $10,000 for bikes that cover rides before 10 p.m. and 6 a.m. Users of the site are also offered theft protection with the same time limitations and cash amount as damage protection.
10. Rent Out Your Storage Space
That extra space in your home or apartment could turn out to be the ideal way for you to earn some cash on the side. A vast majority of property owners complement their monthly income by renting any available storage space.
If you own a home and you’ve never rented a space, check out your guest room, garage, or basement. Any of these spaces can accommodate several storage needs, and end up making money at the end of the day.
If you already have your storage space, you don’t need any extra set up costs. The moment your space has been rented, you won’t be required to do anything else other than receiving payments.
Obviously, the passive income earned from your extra space is a huge benefit, primarily if it hasn’t been used for quite some time. Before anything else, be sure to identify the perfect peer-to-peer platform to get paid for your space.
Most platforms mostly focus on a certain kind of storage. Some particularly focus on garages, while others consider backyards instead.
Whatever the site you settle for, boost your chances of success by ensuring that any listing you make has the right audience.
Most times, your customer may need to rent your storage space for months or even years. Avoid getting yourself into any disagreement by working with the right client.
Make Money from What You Already Have
This is the best way to earn some passive income without much effort. While there are thousands upon thousands of ways to earn extra money, among the fastest ways to earn money is by renting out one or more of your properties to renters in need of it.
Not only is it a means to make some quick cash, but it can also turn into a day-to-day side hustle. In the process, those items you thought had no value in your life get transformed into lucrative assets.
This post has outlined most of the items you may have that are currently in high demand. Look into these options, especially if you don’t have the time to handle a side hustle. As you may have noticed, there are several kinds of possibilities and all sorts of things to rent.