Depending on what you own, you may be sitting on top of some stuff that can offer ways to make money while you’re not using it. From your car and bicycle to your house and even clothes, more and more people are looking to rent things when they need them instead of having to purchase them altogether.
With the rise of the sharing economy — or access economy — over the last decade or so, startup apps and service sites that connect you with people who want to rent your stuff are popping up more and more. And these third-party facilitators often offer insurance or protection in case your things are lost or damaged.
So, you if you want to figure out how to make money on the side, here are the common things you can rent out and the platforms that allow you to do it.
While rideshare companies let you earn cash with your car, they also require you to be the one driving people around. If that’s not your schtick, you can still rent out your car for others to use. Heck, you can even rent your parking space out. Why stop there? Have a bike? Yup, you can rent that out too.
Turo is a peer-to-peer car rental company that lets you rent out your car when you’re not using it. You’ll be insured by their $1 million liability policy, you can choose to set your own prices or let Turo determine the best price, and you have full control over requests to rent your car.
It’s a great way to earn extra cash if you don’t use your car much or you have a spare one. According to the Turo website, you’ll take home 65-85% of your car’s rental price and extra mileage charges.
Getaround is another carsharing platform, but it doesn’t require you to meet each renter to hand them the keys. With the Getaround Connect technology they install in your car, drivers are given keyless access, while you are provided with enhanced security.
If you rent out your car with Getaround, you’ll take home 60% of the rate set for your car. Getaround provides liability insurance up to $1 million and 24/7 support so you’re always covered.
HyreCar lets you turn your idle car into extra income as well, but it’s a carsharing platform specifically for rideshare drivers. You set the price and requests are still in your control, but you do have to coordinate where and when you will meet to hand over the keys.
Similar to the other carsharing platforms, HyreCar provides owners with up to $1 million in liability insurance, so you can rest easy knowing your car is covered.
If you’ve got a coveted parking spot, you can make a buck or two from it. Sites like SPOT, Spot Hero, and JustPark (UK) let you list your parking spot to rent them out, whether it’s curbside, your driveway, a garage, or a dedicated lot. You can choose your schedule and your rates.
SPOT takes a 20% commission on whatever you earn. SporHero, on the other hand, takes a 15% commission on whatever you earn for monthly parking and 20% for event parking reservations under $10. JustPark charges space owners a measily 3% of the amount you receive for renting your spot.
Spinlister gives you a platform to make extra cash by sharing your bicycle with travelers and other bicycle enthusiasts. List your ride, choose your price, and start accepting requests to rent your bike quickly and easily. You can accept and deny requests if you’re busy or can’t make the rental work, the safety of your bike is guaranteed up to $5,000, and listing is free. All you pay is a 17.5% fee on any rental.
If you’ve got great clothes you rarely wear, you might consider renting them out rather than getting rid of them. Here are a few services that let you do just that:
- StyleLend: Stylelend’s process is a breeze. Signup, list your item, ship it when it’s rented, and get paid. You get to keep 80% and a $6.50 dry cleaning fee and payout is quick and easy through Venmo or Paypal. Your items are also 100% insured and you set the price for each article of clothing.
- Rent My Wardrobe: Another marketplace for renting clothes, Rent My Wardrobe (RMW) gives women the chance to earn extra money renting exclusive fashion items to others in their area. You have full autonomy to set your own rental and cleaning prices, but an 18% fee is deducted from each transaction.
Whether it’s an apartment, house, or office space, if you’ve got extra space you’re looking to share, these platforms will help you do it:
- Airbnb: Earn money for hosting guests in your spare rooms.
- Vrbo: Stands for “vacation rental by owner” and focuses mostly on vacation homes.
- Homestay: Their thing is “host is present” rentals, where you have to be there to act as a local host for travelers.
- Evenues: You can rent out your loft or meeting space for professional events.
- Gamping: You can rent out your land for people to camp on.
Most of these services offer insurance coverage to help protect you and your property. Most homeowner’s insurance policies don’t cover injuries of paying guests. But if yours does, the insurance provided by the homesharing service then becomes secondary to yours.
Camera and video equipment are expensive, and there are a lot of folks out there who find it cheaper to rent than buy. If you’ve got camera equipment you don’t use often, consider sharing it for some extra cash. Here are a few services that let you do just that:
- ShareGrid: Listing your items is free, but a 15% fee is deducted from your profits. Each listing is guaranteed up to $20,000 for the replacement value. You set your own prices.
- Kitsplit: Rent out camera equipment and related gear for free. Free to join and free to use. Your gear is protected up to $20,000 and you set your own prices.
Really, there’s no limit to the things you could rent. Here are a few odds and ends you can rent out:
- Rent out your boat: With Boatsetter, you can make money by renting out your boat. You control availability, pricing, and boat rules, and you’re protected with up to $300,000 in liability insurance. While listing is free, Boatsetter does take a 35% commission.
- Rent to reduce consumption: Loanables connects renters with people who have stuff to rent with the goal of cutting down consumption in the US.
- General “stuff” rentals: RentNotBuy is a rental marketplace that doesn’t charge fees and doesn’t show ads. It’s simple, but it gives people a platform to rent whatever they have.
All in all, renting out your stuff is a relatively low-effort, passive way to earn extra cash, it's one of the best side hustles out there, and there are a growing number of options available to help you do it. Do your research into the platform of your choice and start making some extra cash by renting your stuff.