Getting an additional job is not the only way to make a bit of extra money on the side. For a passive income, you can rent out some of your possessions that you might not be using all the time. There are plenty of things you own that you may not be using fully, or at all, and you may be surprised at the demand there are for these things.
Here are ten things you can rent out to generate some cash.
1. Your Properties
Property is probably the most lucrative thing that you can rent out. If you are fortunate enough to own a second property, then renting it out is relatively straightforward. However, even without the luxury of a second home, you can still make money from renting out a spare room.
You can use sites such as Airbnb for short holiday rentals or advertise for a longer-term tenant. Renting out your property or a room through these options may have implications for your mortgage, so consult your lender beforehand.
2. Event or Party Spaces
This way of generating cash involves your property once again. This time, you’ll be renting your whole property out for a wedding, party, or some other kind of event. It can involve renting your entire property, along with your garden, for several days as it could be needed for setting up and taking down facilities.
3. Spare Parking Spaces
If you have a driveway at your property, you might be able to rent out parking space. This facility is a sure money-maker if you live close to a commuter transport hub, or near a city centre where public parking charges are high.
Beware of letting someone else use any local authority issued parking permits, as this can result in the user being fined, and you lose your permit.
4. Storage
Domestic dwellings are getting smaller, and people are collecting more stuff. This situation drives the need for affordable self-storage units. If you have some spare space in your home garage or shed, you can capitalize by offering the space for storage. Just be careful as to what your clients will be storing, though!
5. Your Car or Van
For many people, their cars spend more time parked-up than they do on the road. Advertising your vehicle for short-term rent, even by the hour, can bring in some extra cash. Before you let someone else drive it, make sure it is roadworthy, is insured, taxed, and has a valid MoT certificate.
6. Sports Equipment
Golf clubs, skis, kayaks, wind-surfers, and a whole host of other expensive sports equipment are things that many people buy and seldom use. If you’ve got some high-ticket sports kit lying idle, you could recoup some of its cost by renting it out for other enthusiasts to use.
7. Camera and Video Equipment
Decent cameras and video equipment usually come with a hefty price tag. These items might only be needed once in a while by some people, and they’d be prepared to hire them rather than buying for themselves.
8. Musical Instruments
Like cameras, a quality musical instrument will cost you. These are ideal for renting out to those who want to try an instrument before investing in one of their own.
9. Baby Equipment
Equipment for new-borns and toddlers are incredibly expensive, particularly when you consider they’ll only be used for a few months.
Hiring out your child’s old cot, high-chair, car-seat, baby monitor, and the like could prove very lucrative. Make sure everything is clean before handing it over.
10. Computer Equipment
IT equipment of all categories is always in demand, but not everyone can afford or want to buy it. You can rent out laptops, desktop PCs, and other equipment you no longer use or need.
Points to Consider Before Renting Out
Liability Insurance
You will probably need to adjust the insurance you have for your personal belongings. Similarly, for contents and building insurance, if you are renting out your property.
You will need to include liability insurance to cover you in the event of something going wrong with your property or equipment, resulting in injury, damage, or loss.
If someone stores their belongings on your property, you are liable for them. Make sure your home insurance covers you for this eventuality.
Security Deposit
There are third-party websites that will handle this for you. However, if you are going it alone, you’ll need a system to take deposits and return them.
Your Equipment’s Condition
Anything you rent out should be in a clean, safe, and usable condition – fit for purpose. Anything electrical needs to be PAT tested by a qualified electrician.
Advertising
There are plenty of options available for advertising your equipment for rent. Gumtree is one of the more popular sites. A few third-party sites that deal with the payment side of things include MyKitPlace, Fat Lama, Stashbee, and Hiyacar.
Summary
If you want to make a little extra cash on the side, consider renting out some of your spare stuff or things you no longer use. Hopefully, this short article will inspire you to renting-out success.