While renting out rooms or your entire house for some extra cash has become quite popular in recent years, it’s not the only passive option to make money; there are plenty of other property spaces and goods that can be valuable too. From pools to power tools, people are certainly willing to shell out for short-term things that make their lives easier or more enjoyable. Below you’ll find tips for raking in dollars simply by renting out stuff you already have!
Rent your yard, pool or garden space
Lots of folks would love to grow their own spring vegetables, herbs and flowers, if only they had access to a yard. So, if you’ve got space in yours that you’re not using, you could rent it to these gardeners in exchange for money, a portion of their crops or both. And finding these renters is as easy.
Just open an account on YardYum, which is a free platform specifically designed to connect gardeners with people renting out their yard. Post a description of the land you have available, add photos, then name your price. Some homeowners charge between $30 to $100 per year for each 20-foot by 20-foot plot, but you could charge more depending on your soil, sun and ease of access.
Using your yard to grow your own greenery? You can earn extra cash by renting your plants, flowers and small trees to folks who need them, such as real estate agents who are staging homes and companies hosting events in your area. To get started, post photos of what you’ve got available for rent on social media platforms, such as Instagram, Facebook Marketplace and Nextdoor.
For events
Pride yourself on your beautiful backyard? You could share it with others who are looking for an attractive space to host birthday parties, baby showers, prom photos, film shoots and other activities by renting it on Peerspace. The site charges 15 percent to 20 percent of your booking fee and comes with $1 million liability insurance. To get started, create a free host account and describe your backyard. After your submission is reviewed and accepted, you can start renting. Be sure to include special amenities like a fire pit and pool to entice more renters
Pro tip: “Stick with the IRS guideline and rent out for no more than 14 days in a calendar year to avoid paying federal taxes on the income!” advises budgeting pro Andrea Woroch.
For active dogs
Love pups and have a secure fence? You can rent your backyard to fellow dog lovers who don’t have a yard of their own to play with their pooches by signing up at Sniffspot. It charges 22 percent commission and includes up to $2 million liability insurance. Describe your yard such as its location and size and dog-friendly amenities like drinking water and toys, then pick your price, which usually ranges from $5 to $25 per dog for each hour.
For those seeking a swim
Anyone in need of a refreshing dip on a hot day could be willing to pay for access to your pool. The online marketplace Swimply allows you to rent yours out by the hour, shares Woroch.
Hosts create a profile for their pool that includes photos, rules, pricing and any available amenities. You also can choose what days and hours you’re willing to accept renters.
Swimply does offer insurance coverage (along with liability waivers) for both hosts and guests so everyone has some peace of mind.
Turn your closet or garage into a side hustle
Many people need extra storage space while preparing to leave their current home or while looking for a new one. This is great news if you’ve got a spare room, closet or secure garage since you can earn between $50 to $600 a month from folks who are eager to rent it from you.
To connect with them, create a post describing the storage space you have available on Neighbor (which charges a processing fee) or Store At My House (which is free). Once someone lets you know they want to rent your space, confirm the details (like how many months the rental will last) and schedule a date for them to move in their belongings. Then you just collect the payments.
Tip: To help determine how much to charge, check out prices of nearby commercial storage spaces for similarly sized units in your area, then try to beat them.
Get paid for your parking spot
Have an empty driveway, garage or parking space you’re not using? Whether you’re in the country or the city, it can earn you more than $1,000 a year. That’s because there are people who need your spot for their vehicle, RV, camper or boat.
As a result, they’re willing to spend $50 to $300 a month to park in your space, and even more in high-traffic areas where parking is scarce. To find renters, post your parking spot on Neighbor (which charges a processing fee), Parking For Me (free) or Spacer (free).
Another option: “Rent out your parking spot via SpotHero!” says Woroch. “This is ideal for someone who lives in a busy town and near a popular attraction or event center.”
Pick your rate, then wait for a renter to contact you. You can rent by the day, week or month or opt to charge by the hour if you have an event happening near you or you’re near a popular destination such as a stadium.
Make money from your car
Equally as popular as renting out a parking spot is renting out the vehicle itself! Sites like Turo and GetAround.com make it easy to do so, and operate like AirBnb.
“This is a great way to offset the costs of owning a car and these platforms include liability insurance!” adds Woroch.
For Turo, you can specify preferences for anyone renting your car, like age restrictions and mileage limits, and have discretion about who you accept as a renter. After the rental period you receive payment (usually via direct deposit) and can even review the person who was driving your car.
Getaround, on the other hand, focuses mainly on short-term rentals with hourly rates and keyless entry. It’s a great option for those located in urban areas.
Get extra cash thanks to spare baby gear
Once the little ones in your life have outgrown their gear, you don’t have to sell it or give it away if you don’t want to. Those items can come in use for visitors in your area when you rent them out via BabyQuip.com.
“This site connects you with travelers with babies who are looking to rent strollers, cribs, highchairs, toys, etc,” explains Woroch. The platform handles customer support, payment and insurance for you. All you need to do is create the listing, coordinate delivery or pick up and make sure the gear is clean and safe.
If you don’t have any of these items still in your house or garage, you could even invest in strollers and other baby gear to rent out, or use items friends and family no longer want.
Earn from renting out power tools and equipment
Power tools, power washers and other home repair items can be expensive and often bulky, so many people don’t have them on hand. If you have underutilized items available that people may need for one-off projects, you can make money off them!
RentMyEquipment.com allows you to connect with people in the area who need to rent tools for a short amount of time. Owners are even able to select an Equipment Protection Plan that will cover the rented items against damage or loss.
