Borrow, Rent, Repeat: How To Make Money Sharing What You Already Own
You’re probably sitting on items you barely use around your house, which could be making you money if you rent them out. With dozens of platforms that connect owners with renters, you could turn this idle stuff into reliable income streams.
In fact, the peer-to-peer rental apps market is projected to grow at nearly 11% annually through 2034, according to Global Market Insights. The question is, are you leveraging these platforms?
Here are items finance experts say they’re in demand if you rent them out.
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Spare Room and Space
If you have extra space in your home, it can quickly become your biggest side income. You can rent out a spare bedroom, basement, garage, storage or parking space. Cody Schuiteboer, CEO of Best Interest Financial, said mid-term rentals, typically 30 to 90 days, are often the sweet spot. They attract travel nurses, corporate contractors and relocating professionals who want something more stable than a hotel but more flexible than a year-long lease.
“This type of arrangement allows owners to generate a significant sum each month by renting out either a fully furnished basement room or an upper-level apartment with its own bathroom, typically bringing between $1,400 and $2,400 a month to the table," Schuiteboer explained.
“A homeowner with a finished basement or a spare bedroom can bring in $8,000 to $12,000 a year renting it out without buying anything new,” added Brennan Kolar, founder of Atlas CPA Index. Short-term rentals on platforms like Airbnb and VRBO may earn more per night, but they also come with higher turnover and more hands-on management.
Car and RVs
Have a car or recreational vehicle sitting in a parking lot most of the time? “Turo and Getaround lets you rent it out when you're not using it and the average host earns $500 to $800 a month depending on the car and the market,” Kolar said. And if you live in metro cities where demand for rental cars is high, you’ll likely make more money.
Tools and Equipment
Tools and equipment are expensive and often underused. If you have a pressure washer, lawn mower, camera gear or snowblower sitting idle most of the month, you can rent them out on platforms like Fat Llama.
“If you happen to possess something expensive that you utilize for 20 to 30 days in a month, then it’s worth looking into renting it out,” Schuiteboer said. “The key calculation here is to measure the utilization rate, making the item a great asset or just another liability.”
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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