The Ultimate Guide to Earning Extra Cash by Renting Out Your Assets

The Ultimate Guide to Earning Extra Cash by Renting Out Your Assets

As people struggle to make ends meet, more and more are turning to the gig economy. Sadly, it has become necessary for many people to generate extra income to fight rising inflation and the cost of living. According to Zippia, about 45% of Americans have a side hustle, and the number rises to 49% for those under 34. It requires a lot of extra time and energy to make it successful. But, what if you could make money from things you already own? Read on to learn more about renting out your assets to boost your monthly income.

10 Ways to Make Money by Renting Out Your Assets

Renting Property

1. Extra Rooms

People have been renting extra rooms in their houses for years. With so many websites offering alternative accommodations, it has become even easier to rent out those bedrooms, garage apartments, and in-law suites.

And with more options to accommodate nightly, weekly, or monthly guests through sites like Airbnb and Vrbo, you can turn your home into a source of passive income. Plus, the sites also have free resources and tips to get you started. According to Airbnb, the average person makes about $924 a month through their site. But, you could use the Vrbo rental calculator to give you a better idea of your potential earnings based on your space and the local market conditions.

2. Storage Space

In addition to accommodations, there are other ways to squeeze value from every inch of your home. For example, there are many people looking to rent a safe place to store their things. So, why not make some extra cash by clearing out the attic, basement, closets, garage, shed, barn, or other store rooms?

Peer-to-peer options are much cheaper than renting a storage unit, so it’s beneficial to both parties. If you have the room, you can list your space on sites like Neighbor or Stache. The amount you can charge will depend on the size. But to give you an idea, a garage will for around $600 while a shed is closer to $200 per month. The sites make it simple to find renters. And, they offer payment processing and property damage coverage. So, you can rent out your space with some peace of mind.

3. Land

As cities become more crowded, it’s becoming expensive to rent open spaces where people can host events. If you have a large yard or property, then you have a significant earning opportunity.

Oftentimes, people need an open space to host parties, receptions, and other types of events. But depending on the size of your lot and the location, you could also rent outdoor spaces for camping spots, play areas for pets, or to local gardeners who pay a monthly fee and include a portion of their produce.

Of course, you will want to check local laws, but there is a wide range of ways to use your land and make money renting out your assets.

Renting Vehicles

4. Car

If you have an extra car, you may think about renting it out for people who need a private vehicle. They are usually cheaper than traditional rental car companies, especially for long-term rentals.

Using platforms like Turo, HyreCar, and Getaround, you list your vehicle for potential renters. Others like Fetch specialize in trucks for those needing to haul large items. All of them will require you to post pictures, descriptions, and all conditions of renting your car such as limits on mileage, rental periods, return policies, and delivery options. If they agree, people can book it directly through the site.

For a small fee, they will bring business to you. And, you have the added benefit that they provide insurance and protection on your vehicle as well. And according to HyreCar, this can bring you up to an additional $12,000 a year.

5. Recreation Vehicles

Recreation vehicles are in high demand during the summer months. Taking out the boat, jet ski, ATV, camper, or RV are popular pastimes for many Americans. But if you can’t afford it on your own, there are dedicated sites like Boatsetter, GetMyBoat, and RVshare where you can rent them.

So, if you have any recreation vehicles that aren’t getting much use, you can rent them out by the hour or the day. These have the potential to bring in hundreds or thousands in supplemental income.

6. Parking Space

Parking spaces are becoming a hot commodity, especially in busy urban areas. Homeowners who live near commercial districts, universities, and local attractions can easily make money by renting out their garage and driveways for parking.

You can list your space for long-term or event parking through sites like SpotHero and JustPark. But, keep in mind that how much you can earn depends on the demand. Spaces in Manhattan are going to be much more expensive than a small rural town in the Midwest.

Renting Possessions

7. Tools

People who prefer to do their own home renovations have a lot of tools. But, they don’t always have what they need for every job. Unfortunately, it can be expensive to rent them from the big box stores.

But if you own your own tools that other people might need, you can post them on Loanables to make some extra cash. Each item is rented anywhere from $10-$50 per day. And, the site will extend its coverage to ensure your tools get returned safely to you.

8. Outdoor Gear

We have a ton of camping gear and outdoor gear that are taking up space in the garage. If you don’t plan on using them much this summer, you can rent out your tents, sleeping bags, bikes, kayaks, and fishing gear to those looking to enjoy the great outdoors.

As you would expect, this is much cheaper than buying or renting them from a sporting goods store. It’s also a good option for first-timers and those who want to have fun without making a financial commitment.

9. Miscellaneous Household Items

You never know what you have that people might need. People are renting out anything and everything from electronics and photography equipment to designer clothes and baby items.

List your items for free on FriendWithA to connect with people who are willing to rent your stuff. You never know…you could earn anywhere from $20 to $100 per day, depending on the item. Their fees are much lower than most, only charging 10% for their services. And, you have added benefits of background checks as well as property and liability coverage to ensure your assets are protected.

10. Money

With interest rates on the rise, there has been a new trend of peer-to-peer lending platforms for personal loans. With these sites, you are essentially renting out your money to other people.

There will always be some risk, but no more than other types of investments. And, they usually offer a decent ROI. Sites like Prosper report an average return of about 5.4%. But others can offer higher risks and rewards. Real estate sites like GroundFloor often bring double-digit returns on your cash assets.

Things to Know Before Renting Out Your Assets

Although renting out your unused assets can generate passive income, there are some important things to consider.

  • Determine what you have that is valuable to others.
  • Look for the right platform to list your items.
  • Market yourself and list across multiple sites.
  • Always pay attention to the fine print in rental terms and protection policies.
  • Think twice before renting to friends and family.
  • Make sure you understand all the laws and risks.

This could be a great option for those who need supplemental income because it uses what you already own to make money. And if you find an untapped market, there is always room for growth. If you have success early on, you may even consider reinvesting your profits into your rental business. Side hustles become full-time careers every day. Could this be yours?

Read More

Posted in: Personal Finance

Top of page