There are several things you can rent out to make money wherever you’re around the world. Many people today are in the rental business making huge profits passively.
But when you’re planning to get into renting out things that you have it is also better to understand the best practices. There are different terms and conditions for hiring out most items that you should put into play.
The properties or any other item you intend to rent out needs to be safe even when in the hands of another person. So, there should be terms of use for any item in order to stay in business.
Read – 5 Realistic Ways To Make $10k a Month in 2024
Anyone can start a rental business because many things around us can be hired at a charge. People are willing to pay to use them temporarily like clothes, cars, garages, shoes, and more as we are going to see.
If you think it’s hard to start renting out a property, you’re wrong. Social media platforms are making the commerce industry much better.
And again, if you think you have nothing to rent out it’s because you don’t know what it is and where to start. Just continue reading through the list of some of the things that you didn’t know could make you money renting them out.
Need Easy & Extra $300/Mo For Free?
Free Cash: Get paid for taking surveys & testing apps.
Ysense: Earn up to $100 on completing your first month surevies.
Paid surveys by Survimo: Paid over 35 Million. Earn up to $25 per survey
Simple Steps to Starting a Rental Business
Like any other type of business, with renting out things there are steps that you need to follow through to succeed in business.
Despite the best practices in starting up a rental business you’ll meet challenges since it’s part of the process. Let’s now briefly walk through the different steps that really matter when starting out to make money for a living the right way.
- Identify Things That You Rarely Use
You can’t rent out items that you don’t have hence it is wise to look around for easy things available and worth starting up with, consider stuff that you don’t need to use on a daily basis. This is the first step of how to start a rental business.
Related – Make Money on Amazon: 5 Ways To Make Up To $5000 Per Month in 2024
- Qualify the List of Items
You could be having a lot of items in the list but not all of them can qualify to be hired for money. Some may end up being scrapped or sold off.
Separate items that are worth renting out from those that are not. People need to see value for money from the items that you offer for you to earn.
- Register With a Renting Site or App to Start Marketing
Starting a renting side hustle you don’t have to open up a big store to make money. There are free and paid online renting platforms that people use, all you need is an internet connection or laptop.
Some online platforms that you can sign up with include Airbnb, FatLlama, Style Lend, and ShareGrid.
Having known a list of platforms to use to rent out items you have to understand how to market products online to get clients. And this would require making good use of your social media platforms with some optimization best practices that work.
Don’t Miss – 6 High-Paying Jobs That Pay $40 an Hour [2024 List]
Benefits of Renting Out Things You Own
Renting out things you own is a great side hustle business with no pressure at all. With the terms and conditions of use in place, the items are kept safe. However, like any other business, it’s hard to escape challenges but can be mitigated to be outweighed by the benefits as explained here.
- Earning Extra Income
Renting out things you own is another way to make more money on top of your day job without putting in much effort and time. Sure, just list items on an online marketplace and people start reaching out to you ready to pay.
- Promotes Sharing With the Community
When people hire things you own it promotes sharing within the community and you will also easily get what you don’t have due to connections. Sharing is a sign of community belonging through easing accessibility to items people would want to use temporarily.
Related – 5 Legit Ways to Earn Through Online Voice Acting Jobs in 2024
- Passive Income
It’s a great way to make money doing nothing. With renting out you can get paid while sleeping when things rented out are working for you. If you’re working a 9 to 5 job, this is one of the most convenient ways to side hustle year in and year out effortlessly.
- Puts Idle Items to Good Use
When you have a lot of things around the home that you’re no longer using, renting is one way to put them to good use. Instead of crowding the garage and stores, they can be rented out to make money and also make the home more spacious.
3 Things You Can Rent Out To Make Money Now
I don’t know about you but I guess there are lots of things that you no longer use at home yet they can make you money fast. There are different online sites where you can list any item for hire to earn passively.
Through online marketplaces, you can make up to $10,000 a month renting out stuff to people. Some people are really earning this much while working their day job renting a variety of things they had already scrapped off.
It doesn’t matter what things you have but as long as they can solve a problem, people are there to pay when the need arises. Without further ado let’s get into items to rent out to get paid an extra income.
- Rent Your Car or Van
Your car or van doesn’t have to just cost you all the time, use it to make money too using platforms like Turo renting it out. This is a great way to make the most out of your car when it’s idle to cover maintenance costs.
All that’s required of you is signing up on the platform to list the car or van that you own the right way including the photos, location, charges, terms and conditions of use, and others.
Getting an online presence with Turo gives you exposure to a number of clients who come to the platform interested in renting cars and ready to pay for the service.
It’s not as hard as you think, just be clear about your service and potential clients will reach out to you to rent the car or van on agreeing upon with terms of use.
However, when it comes to car rental there are some things you need to keep in mind that determine rental charges for example insurance, valuation, year of manufacture, and make. Most clients will pay according to these features at the time of renting.
Despite other costs being on you the car owner, Turo offers 24/7 roadside customer support and liability insurance to its users. How cool is that?
Research shows that people using Turo are making over $500 a month just by renting out their cars to strangers. This is some good extra income for a living to cover bills at the end of the month.
- Rent Out Storage Space
Any idle space that you have at home can be rented out as storage space to those who want to use it to keep things safe. However, the charges for storage space will depend on its size and location.
You can make thousands of dollars every year passively from storage space. And if you’re to sustain the side hustle you need to be considerate with tenant charges to keep earning.
One of the most common platforms to use to earn money renting out space is Neighbor.com, both the landlord and tenant are guaranteed with security of storage space.
When I talk about vacant storage space to rent out using Neighbor, I mean almost any storage space available like the basements and garages.
- A House or Room
Rent out the vacant house or room that you have to earn an extra income for a living using platforms like Airbnb marketplace. Every time people are looking for houses or rooms to rent and ready to pay at whatever rental costs.
But to have an edge over your competition you need to benchmark market rental charges to give a slightly fair value to make money. You can earn money from seasonal tenants or normal tenants, whichever works best for an extra income.
But the option you decide to take on will depend on the prevailing market conditions. Let’s say where your house or room is situated gets a lot of tourists, you’ll mostly need seasonal tenants compared to a place that isn’t busy.
Besides Airbnb, other online marketplaces where to list your room or house for rent are Rent Like A Champion and Vrbo. The good thing with these platforms you can register depending on your location and expectations.
You don’t have to wait for tomorrow to get started renting that spare room or house yet you need money now. To some people, this is a four-figure income-generating side hustle business every year.
You can expect to make around $45/hour on average, although experienced developers earn up to $100/hour. And the national average now lies around $119k/year.