You don’t have to be a real estate magnate to earn a healthy rental income. In fact, you can earn cash by renting out just about anything you own—and new technology makes it hassle-free.
If you’re looking for creative, easy ways to bring in more cash, consider renting your assets. If you’re worried about safety and logistics, have no fear—there are several websites designed to serve as the middleman.
Car: Your car is one of your biggest assets—and if it sits idle most days, you could be cashing in on some extra income. If you rarely use your car on certain days—or if you have an extra car—you can list it for free on a peer-to-peer car-sharing website, such as RelayRides or Getaround. You choose the daily rate and the availability and company takes care of the details, including insurance. You keep 60 percent of the fee and you can earn up to $600 per month on either site.
Home: Whether you have a second home that sits empty for most of the year or you want to rent out your primary home while you’re on vacation, websites like AirBnB or VRBO are an excellent way to monetize that empty space. VRBO serves as a vacation rental network and requires an annual listing fee of $349. AirBnB functions a little differently—you can list a room in your home or the entire home and the company charges a 3 percent fee for each rental. Either way, you can earn some extra income by capitalizing on what you already have.
Appliances, Equipment, Gear: We all have tools and equipment laying around the house that we rarely or never use. Now you can turn those dust collectors into cash cows. Sites like Loanables, Rentalic, Snapgoods, or Zilok allow you to rent just about anything—such as tools, skis, snow blowers, kayaks, movie projectors, music equipment, cribs, vacuum cleaners, clothing, and so much more. On most sites, it’s free to list your belongings and then they charge a small commission on each transaction.
Driveway: Even your driveway is worth cold, hard cash in some places, especially areas where parking spots are sparse. Some cities lack parking and require special residential permits. ParkingSpotter matches drivers with parking spots all over the country—whether someone needs a long-term spot or a one-time spot for an event. Depending on where you live, that empty space in your driveway could translate to a healthy rental income.