Rent your stuff
Have you got a car, or room or garage that you don’t use all the time? Why not rent your stuff out and make some extra income.
Got a room
If you have a spare room you don’t use, why not rent it out. Anyone that has ever rented a place of their own knows how much help it is if you get a flat mate to share the expenses.
Rent out your room to a permanent room mate and half your expenses such as rent, power and internet costs.
You can increase your income if you decide to rent out your room through say Airbnb on a short term basis.
Airbnb has 4 requirements for hosting guests, be responsive, accept trip requests, avoid canceling on guests and maintain a high overall rating.
Other sites like Airbnb are Vrbo, Homestay, SimplyOwners and FlipKey. Checkout each of these alternatives to find the best one suited to you.
Got a car to rent
There are many companies that you can share your car through.
Car next door, Drive my car, Drive Mate and Karshare are a few of the car sharing companies that you can use to rent out your car when it’s not being used.
Cars can be up to 13-20 years old, well maintained with up to date servicing, priced below $75,000 and insured correctly.
Seating up to 12 people and privately owned are other criteria for renting out your car. Some sites have a minimum rental period of 7 days, while other sites will rent out cars on an hourly basis.
Average income from renting out your car 50% of the time is $2,500 per year. Although if the car is available more often, income increases.
Got a shed or garage to rent
Spacer is a site that you rent your shed or garage for cars or storage. Parkhound is a site where you can rent out a parking space you have. Great for people in the right locations, such as near the city or sporting and entertainment venues.
Another space rental site is Neighbor, most of these sites are free to join, but incur fees once you start to share your spaces.
Earning are around$4,000 a year for space you no longer use.
Got tools to rent
ToolMATE is a site to rent out your tools, commercial vehicles and machinery. Rent my equipment is another site to rent out your machinery and tools. Sparetoolz is a tool renting app that you can register your tools with.
Items which are ineligible to rent out are guns, knifes and any illicit items.
Earnings are determined by what you have to rent out and the availability of the tools or machinery you have.
The share economy has made it much easier to earn extra income from a variety of rentals you can make available. Spaces such as rooms, sheds, garages or parking spaces that aren’t used all the time plus tools and machinery that you use occasionally can be turned into a side hustle to help earn extra income.
Although most sites are free to join they all incur some sort of fees to cover admin costs etc.
There are systems in place to cover damages and unpaid rentals which you can delve into when joining a share site.
These are a great way to utilize your idle spaces or tools.