Technology is allowing us to earn some extra income with surprising items you may already own. The race is on for each of these companies to grow their platform large enough to disrupt the old and break into the on-demand peer to peer sharing economy.
Listen as I help you discover if renting out your belongings is a fit and how others are making more money with this new form of passive income:
Rent Parking Space In Your Driveway
One of the most promising startups is about to grow from it’s roots in Los Angeles to spread across North America. Pavemint, lets you rent your driveway, an extra parking spot in your garage and carport. You’ll make the most by being located near popular venues like sports arenas, concerts, tourist spots, and congested neighborhoods. The beauty in Pavemint is that it has an eye on also cutting down traffic in communities and reducing emissions by getting people parked safely in a new way. Earning potential is a lot higher when you live in a high demand area where Pavemint says you could earn from $200 to $900 per month. In places like NYC, parking spaces are like gold dust. While some try to get on-road parking near them or a space in a garage, at quite a significant cost to them I should add, others opt for a solution like that offered at this Manhattan vehicle storage facility which is ideal for those living in the city who know they’re not going to need to use their vehicle for an extended period of time.
Rent Your RV
You’ve hit every highway of your desires in your big shiny RV. Now that recreational beast sits collecting dust and taking up room in your driveway. Outdoorsy connects RV enthusiasts with owners of RVs willing to turn their dream motorhome into a mobile airbnb vacation destination. RV owners get final decision on who they rent to and Outdoorsy provides $1M of extra insurance coverage and 24/7 roadside assistance for RVs. The Outdoorsy’s online tool estimates how much money you could make by selecting your RV make and model from a dropdown menu. Earning potential of a Class “A” motorhome is between $1200 and 2300 per rental.
Share Your Car
Turning your car into a profit center isn’t for everyone, but others comfortable offering their own ride for rent are connecting with both Turo and Hyrecar apps. A car valued at $32K could earn $7,341 in a year of rented 14 days out of the month. Each Turo rental is covered by a $1M policy and roadside assistance.
Let Them Ride Your Bike, Surfboard, Skis and Snowboard
Spinlister puts popular gear like bicycles, snowboards, surfboards and skis with active people looking to rent by the hour, day and week. A limited $10K damage and theft policy is available but does not cover overnight periods outside. For better results take clear photos of your gear for rent. A good tip is to look at how other people who are doing well are marketing on Spinlister. Depending on your location and demand, the earning potential could be $500 per month.
Turn Your Garage into a Storage Business
Extra space for a few boxes is where you could start. Spacer app also offers entire garages for rent. Insurance offers up to $5K in property loss coverage. You decide what level of access to provide the renter to your garage once items are stored. Average earning on Spacer $2,000 to $4800 for entire garage per year.
Rent a Room In Your Home
It’s a good way to see if you have the guts to open a bed and breakfast before you do it. Airbnb and Homeaway are the giants in the world of turning your home into a hotel. Entire home vacation rentals make the most money, and I’ve got a friend who covering most of her mortgage after converting her garage into a rental suite with a separate entrance. So far she has avoided having an Airbnb horror story and enjoys meeting vacationers who pass into her life. You could expand on this too. You might be one of those people with multiple properties! Or you may own a flat, or a cabin, or a house somewhere close by which you don’t use. Of course it may have already crossed your mind but, letting out properties brings you in a ump some of money each month. You will have to go through screening processes of your tenants through sites like https://www.american-apartment-owners-association.org/tenant-screening/, and come up with a contract of agreement to protect yourself and your property, but this could be a worthy investment for you.
5 Things to Know Before You Rent Out Your Belongings
1/ Check local laws in your community
2/ Have adequate insurance for damage and liability, and make sure it includes renters
3/ Control the calendar to rent only when you want, and that you can cancel
4/ Understand the rules and successes of each program fully
5/ Have patience as platform grows and to find the sweet spot in pricing