Renting out things can be a profitable side hustle. How often do you use your power tools? Do you have clothes you haven’t worn in a while? There are many platforms that allow you to rent items to people who are interested in renting them for a few days or weeks.
Things you can rent out for the most profit
Clothing
Clothing is one of the most profitable things to rent out. Some clothes are expensive and people are always looking to rent them so they don’t have to spend a lot of money to buy those expensive clothes. There are many rental platforms such as RentMyWardrobe and StyleLend where you can rent your clothes.
Rent a spare room
You can rent your spare bedroom on Airbnb or VBRO and make thousands of dollars monthly. You need to be comfortable having strangers come and go into your house. Platforms such as Airbnb do background checks on guests to ensure safety. That should give you some peace of mind.
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Internet bandwidth
Did you know that you can rent out your internet bandwidth to make money? Most people don’t use the bandwidth they pay for. Platforms such as Packetstream and Honeygrain let you connect your network to others. You will be paid for sharing your bandwidth. You can make up to $20 per month doing this.
Renting event space
If you have a great swimming pool and a deck or a great backyard, you can rent them for birthday parties, movie shootings, and other events. Platforms such as Peerspace, LocationsHub, and Splacer allow you to rent your place for events.
RVs and campers
Most people don’t want to buy RVs and campers because they only occasionally need them. These vehicles are expensive to buy and maintain. RVs and Campers are one of the most profitable things to rent. Platforms such as RVshare, Campanda, and RVnGo are good places to rent out your RVs and campers.
Music equipment
Music equipment can be expensive to buy. Artists and other creative folks always look for mics and other musical instruments to rent. You can use websites such as Sparkpug and Fretish to rent out music equipment.
Power tools
Have you ever started a home improvement project and later realized you don’t have one of the tools needed to finish the project? If you own any power tools, you can rent them on Facebook for decent money. Your tools remain unused most of the time. So, why not make some money from them?
Trucks
Traditional truck rentals are expensive. But people need trucks to move big items such as a TV or a fridge. If you have a pickup truck or a box truck, you can rent them on Fetch or Fluidtruck for some cash.
Baby gear
Families traveling with babies don’t want to carry all the baby gear on flights. You can make money by renting baby items such as strollers, car seats, and cribs to such families. Platforms such as BabyQuip make this easy.
Rent your money
You can use your money to make income. Platforms such as Fundrise allow you to invest in real estate (eg. multifamily homes) and generate quarterly income. Another option is to lend money to small businesses and collect interest.
Things to consider when renting things out
- Before you rent out things, read the terms and conditions of the website you are using to rent. Most platforms cover theft and damage. But there are always limits and fine print.
- Don’t rent to friends and family. Typically, renting to people you know is an informal arrangement. If something goes wrong, it hurts your pocketbook and your friendship.
Bottom Line
Renting out things you own is a great way to make income. While you may not make much money renting out things, it’s a nice side hustle and diversifies your income. If it goes well, you could buy more things to rent and increase your income. Remember to read the policies of the platform you are using to understand the terms and conditions.