If you’re in need of some extra cash to pay the bills or boost your savings, remember that lesson you learned in kindergarten: the value of sharing. By lending out what you already have lying around — power tools, old college textbooks, even your home — you can bring in that extra income you need with minimal time or effort.
Nowadays, startup apps and service sites can connect you, the generous property owner, with people who want to rent your stuff. And they often offer insurance or protection in case your things are lost or damaged.
Here are five common things you can list for rent and the sites that’ll help you do it:
1. Your home
While you’re away on vacation or taking a weekend getaway, your home sits empty. Why not fill it with short-term renters? Through a range of service sites, you can rent out your home to visitors who want an authentic local experience at an affordable price. In turn, the money you get can help you with monthly bills, rent or even your mortgage.
Airbnb, the reigning peer-to-peer home rental site, gives you the option of renting out a shared room, a private room, an apartment or an entire house. You set the price, then choose who you rent to. It’s free to list your place, and you pay 3 percent to Airbnb when a stay is successfully booked. Each booking is protected by $1 million in coverage.
Other sites, such as Wimdu and 9flats, operate similarly to Airbnb. HomeAway allows you to list your home at an annual subscription or a percentage per booking. FlipKey and Roomorama offer free listings with a 3 percent booking fee. Each of these services offers either an insurance policy or suggests setting a security deposit.
2. Your car
After a long week, you’re just going to take it easy around the house, leaving your car in the driveway. Meanwhile, someone across town is looking to get away for a few days — and needs a car to do so. It’s a perfect match. Renting out your vehicle when you don’t need it can potentially cover all costs associated with owning a car, including monthly payments, gas, maintenance and repairs.
Peer-to-peer car rental sites such as RelayRides, Getaround and JustShareIt let your set your own prices and availability for all trips. Each service offers theft or damage coverage for rentals, as well as a $1 million liability insurance policy. Drivers are screened, and you pick the renters.
Depending on the service, you may need to arrange to meet the renter to hand over your keys. GetAround and RelayRides also offer devices that can be installed in your car so users can access the car remotely via a mobile app. Using the app, renters can navigate to your car and unlock it to access the keys, which you leave in the vehicle for them.
With RelayRides there are no sign up fees, you list your car for free and you keep 75 percent of the total reservation charges. Getaround allows you to keep 60 percent of your rental profits, whereas JustShareIt lets you to keep 80 percent.
3. Your space
Your unused space has untapped money making potential. Sits such as Store At My House and ShareMyStorage allow you to rent out extra storage space such as attics, basements, garages or extra rooms for any length of time.
If you have an empty driveway or parking space, rent it out on sites such as JustPark, ParkingPanda and CARMAnation for as little or long as you like. JustPark charges a 25 percent commission on parking revenues; ParkingPanda charges a 20 percent commission; and CARMAnation charges a 15 percent commission fee.
4. Your textbooks
Most textbook rental sites, including Chegg and College Book Renter, only allow you to sell your books, not rent them out. RentBack by CampusBookRentals let you rent your textbooks through its service. You just send in your book and receive payment every time the book is rented.
Renting out textbooks can be problematic, since professors often require the newest editions. However, CampusBookRentals claims that while books are in demand, students can make two to four times as much by renting out books than by selling them back to campus bookstores.
5. Your stuff
Really, there’s no limit to the things you could rent out. Your power tools, lawn mower, bicycles, ski gear, video games, musical instruments or boat all can be put to good use through sites such as Loanables and Zilok.
Loanables listers pay a 10 percent fee per transaction, whereas Zilok requires a commission for each transaction on a sliding scale, based on the total amount you make.
On Spinlister you can list bikes, surf equipment and snow equipment. Listings are free, items are protected against loss or damage and the company takes a 17.5 percent service fee from each booking.
With Boatbound you can list any type of boat, from canoes and rowboats, to powerboats and yachts. Boatbound retains 35 percent of each reservation. The company offers $1 million in liability protection and up to $2 million in hull damage protection during each rental.
Remember, no matter what you decide to rent out, make sure you’re aware of all fees, insurance policies and risks involved. After all, when you’re done sharing your things, you’re going to want them back in good condition for your own personal use.
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Top 5 Things You Can Rent for Extra Cash originally appeared on usnews.com
