Services like Airbnb have paved the way for peer-to-peer sharing, but you don’t have to be a homeowner to profit from the sharing economy. If you’re short on time and strapped for cash, consider renting out these five items.
1. YOUR CAR
Uber and Lyft let you play chauffeur and taxi passengers around town on your own schedule—but that requires a time commitment on your part. Services like Turo and JustShareIt, meanwhile, let you rent out your car while you’re not using it. Simply list your vehicle, review requests from potential renters, and decide on a meet-up location with approved renters.
Turo includes a $1,000,000 insurance policy and 24/7 roadside assistance. Keep in mind, though, in case of an accident, the law can be tricky in deciding who’s at fault. As AutoTrader points out, it’s probably worth beefing up your liability coverage if you’re going to rent out your car.
Your earning potential depends on location and demand, but users generally list vehicles from anywhere between $30 to $250 a day, depending on the ride.
2. YOUR BICYCLE
If your bike is just collecting dust in the garage, you might as well use it to make some extra cash. Spinlister makes it easy to rent out your bike; like Turo, you just list your ride and potential renters send you requests when they want to borrow it. You can list your bike for rent by the hour, day, or week, and you get paid at the end of the rental period (most bikes are listed at $25 to $50 per day). Worried about handing your handle bars over to a stranger? Spinlister comes with bike insurance.
3. YOUR CAMERA EQUIPMENT
If you're a part-time photographer or filmmaker and have a studio full of expensive equipment that doesn’t get much use, a service like CameraLends or KitSplit can help you turn a profit between gigs. Both companies connect you with nearby borrowers or arrange for you to ship your equipment to those farther afield. Both services vet renters and include insurance policies for if your gear is damaged or stolen.
Your earnings will depend on what kind of equipment you’re lending; listings include everything from standard DSLR cameras to light kits. On CameraLends, a Canon 5D DSLR camera rents for about $50 to $175 a day.
4. YOUR TOOLS
Maybe you’ve got some power tools that aren’t getting much use, or maybe you’ve got a ladder someone could use. NeighborGoods allows you rent these household goods to neighbors in a pinch. While the site seems focused on tools, you can rent out pretty much anything, from music equipment to party supplies.
Once you list your stuff, you review any potential renters. Should you accept them, just pick a place to meet to lend your equipment. Prices will vary quite a bit, depending on what you’re renting out and what demand is like.
5. YOUR WEDDING DRESS
Most wedding dresses don’t get much use beyond their walk down the aisle. As long as your dress has a value of $600 or more and was purchased within the past five years, you can hand it over to Borrowing Magnolia to give it a second life. You’ll submit an application that includes details about the dress, including pictures. If accepted, the company will work with you to set a rental price, and they’ll also take care of shipping and cleaning the dress.
Again, your earnings will vary, depending on the dress, but most of them are listed from anywhere between $500 and $2000 (with the option to buy for more).