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Please give a warm welcome to Angie, from the Work at Home Wife! Today, Angie is sharing 5 different items that you can rent out for extra cash, and they have me so inspired, I want to list #2 and #5 this weekend!
Even though online and local selling is one of the hottest money-making opportunities of the moment, many fabulous ladies tell me that they don’t have a lot of stuff lying around to sell – or the extra cash available to invest in goods to resell.
All is not lost. You don’t necessarily need to sell these items — you can rent them! What better way to create a passive income than letting people borrow the things you don’t use every day but can’t stand to part with at this time?
Here are 5 items to rent for extra cash right away!
1. Rent a Room
Most people find they are able to charge rates comparable to local hotels. Depending on the location, those I spoke with report earnings around $1,500 per month during the summer months. If you have a home in wine country or Italy that can easily jump up to $7,000 per week during peak travel season.
Check your local regulations for any restrictions and always check out your potential renters before accepting a booking. Most sites have a review system in place and allow owners to ask for references and a background check.
2. Rent Your Bike
Those who travel often want to continue their healthy lifestyle on the road, but its not easy to bring along a bicycle or surfboard. While traditional brick-and-mortar rental businesses may be available to rent these items, we have developed an affinity for the sharing economy, and that means we can capitalize on the demand to rent ours out!
Users of the site, Spinlister, are earning up to $500 per month renting out bicycles, surfboards, skis and more. And if your equipment is just taking up space in the garage anyway, why not take advantage of this?
3. Rent Your Car
While you may have heard about Uber or Lyft where people are earning extra cash driving people around, there is also a lesser-known “cash car” opportunity on the rise. Rather than leaving your car parked in the airport garage while on your next business trip or vacation, let another traveler rent it in your absence with Relay Rides or Getaround.
Even better news? Even if your car doesn’t get booked, you will likely get your parking fees covered. They may even clean it for you, too!
A lot of women I have spoken to about car rental opportunities have expressed concerns for safety. Unlike Uber or Lyft where you are contracted as a driver, you have very limited interaction with renters on Relay Rides and Getaround. You decide who rents your car and where the exchange will take place. In some locations you can even leave your car in a designated airport parking lot and the company will take care of the exchange for you.
4. Rent Your Money
Peer-to-peer lending has been on the rise in recent years. Rather than heading to the bank for a personal loan, many people are turning to sites like Prosper or Lending Club to finance their small business dreams or take care of emergency bills.
Rather than a financial institution providing those requested funds, a group of regular people like you and me pitch in to provide the cash. In return, you earn interest on your investment — sometimes up to 8%!
This one does come with some risk since there is always the possibility the borrower will default. Most sites recommend investing a small amount, say $25, in a number of loans as opposed to lending a big chunk to one person. Many sites now offer IRAs for your earnings so you can enjoy some tax savings as well.
5. Rent Your Tools
Does your husband buy every tool he needs for a small job even if you know he’ll only use it once? (No shame here — so does mine!) Why not make some of that investment back by listing it for rent on a site like Loanables? You can choose to rent by the day, week or month.
Like most third-party rental sites, Loanables does take a commission from each exchange. The rate here is 10%, so you'll definitely want to check that before you list.
While I’m sure there is some apprehension about letting other people borrow your personal stuff, rent a room in your home, or even take a loan with your money, most sites offer insurance and usually a release of liability is signed by the renter prior to handing over the item.
Renting might not be for everyone, but if the budget is tight, why not? It's at least worth looking into, and who knows, you might even find a new business venture!
Have you ever rented anything out for extra cash?
Angie Nelson has been a virtual assistant and serial blogger since 2007 when she took her future into her own hands and found a way to escape the corporate cubicle farm. Today she balances several successful online ventures and still manages to share her passion for making – and saving – money with others. Visit TheWorkAtHomeWife.com to learn about more opportunities to earn an income while keeping your personal freedom.
Disclosure: Some of the links in the post above are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. Read my full disclosure policy here.