Are you looking to raise funds to pay off your debts, increase your retirement savings, replenish your emergency fund or pay for an attractive vacation? Have you thought about renting the equipment you rarely use?
Right now, there are a plethora of websites with handy apps you can use to identify potential tenants, complete transactions, and get paid quickly. They’re similar to the Airbnb apartment rental app, only for items like clothes, parking, and power tools.
Here are six categories to start with. In either case, be sure to read the fine print. When renting out your property, look for insurance or a protection plan to lean on if you have a problem with a tenant or if your property is lost, stolen or damaged.
1. The bling in your wardrobe
Let’s say you’re a woman with a closet full of designer shoes, handbags, clothes, and accessories. Or you’re a guy with a killer tux. You can offer these expensive items for rent through StyleLend.
All you need to do is list your items, find a tenant, approve the person, and have the goods ready for shipment within 24 hours. You will be paid 80% of the fees via Venmo or Paypal. The clothes must match the customer, of course. It will be returned to you in a postage-paid envelope after seven days.
What if the goods are damaged? Customers pay a $5 insurance fee to cover repairable repairs up to $50. If the item suffers greater damage, or is lost, stolen or beyond repair, the customer will be charged the replacement cost or current monetary value of the item.
2. Your car
You like having a car but you rarely use it. Maybe you have a second vehicle that often sits idle. Try turning to Turo. This car-sharing platform, available in many major US cities, connects you with drivers in your area who may want to rent your wheels. Rental rates are attractive but lower than those generally charged by car rental agencies.
Turo prices your car based on competitive factors, lists and markets it, and vets potential drivers. It offers insurance coverage and roadside assistance. With Turo, you keep 65-85% of revenue per rental. Payments are deposited into your bank account within days.
The platform estimates you can earn up to $10,000 per year (depending on the car), suggesting you could use the earnings to purchase and lease additional vehicles and create a lucrative side business.
3. Your RV
Let’s say you have an RV that you love but only use for a few weeks a year – an expensive investment that is expensive to maintain. With RVShare and Outdoorsy, you can rent your wheels by the day or week and earn up to $50,000 per year.
Both platforms list your vehicle, but you set the rental rate taking into account the make, model, equipment and model year. RVShare and Outdoorsy verify renters in advance, offer insurance and provide 24/7 roadside assistance. They charge a commission or transaction fee. All payments go directly to your bank account.
