I am yet to meet someone who does not love the idea of making some extra cash. Imagine all the things you want to buy or all the travel destinations you want to cross off your bucket list. The only thing standing between you and achieving all of this is your wallet- your empty wallet. Luckily, there are things to rent to help you earn some money.
In this digital era, there are numerous ways to make some extra cash. We have previously talked about freelance gigs you can make some extra bucks from. We also talked about some of the quickest ways to get those extra dollars. These might not be enough though.
All these methods of earning some extra cash will require a lot of dedication and in most cases, time. Take freelancing, for example, you need some quality time to work on your client’s orders if you want to deliver quality work. From experience, it can be draining especially when you have had a long day at the office. I am not saying freelancing is bad. I love and enjoy it.
The question I ask myself sometimes though is whether there are things I can do outside my office and freelancing jobs to make some extra cash. The good news is that it is as simple as renting out the things you already own! Imagine renting your stuff from the comfort of your couch or office desk and making the extra bucks you have been yearning for? Sweet, right?
So, without further ado, here is our list of things to rent to make money:
1. Real Estate
If you have an extra room in your apartment that you are not using, why not rent it out and make money out of it? Additionally, you can rent out your home if you are rarely there or have an extra place to stay.
Airbnb has redefined the definition of home away from home. According to research, the number of Airbnb users in 2016 was 44.8M, a figure that is expected to rise to 86.5M by 2021. Going by this research, you can see there is a lot of demand for non-hotel homes and rooms. All you need to do is register as a host, take pictures of your place and wait to make money.
VRBO is the other place to rent out your home especially to people looking for vacation homes. Just take pictures and show why your place is perfect, and relax while they get you clients and collect cash on your behalf. They will deduct a commission, of course, but it is as simple as that.
While we are on renting your home, you need to pay close attention to insurance and taxes. Try getting enough information the coverage policies for the company you are signing up with. For example, if you sign up with Airbnb you will get “Host Protection Insurance” for up to $1M in case a renter gets hurts while on your property.
For taxes, you will not have to pay income tax or declare the income to IRS if you rent out your home for a short period of time i.e. up to 14 days. Additionally, if you use your home personally for more than 14 days or more than 10% of the total days you have rented at a fair rental price you will not be required to pay tax on the income earned or declare the income.
If, however, the number of days exceeds 14, then you will have to pay income tax and declare the income to IRS. Lucky enough, these sites such as Airbnb will guide you on this matter.
Car rentals have been around for quite a while now. You can still use this method to earn some extra cash. With the increased use of Uber, Taxify and such App’s for taxi services, you can rent out your car instead of letting it sit idly in the garage.
If you have a recreational vehicle (RV), rent it out on those days of the year it is just parked in the garage. People traveling on road trips mostly prefer RV’s and you stand a chance of making money from yours, too.
With Bike Rental Central Park you can make better use of your bicycle and make some extra buck while at it. Just post your bicycle and get to choose when to rent it out according to the requests you get. The rates to charge will vary depending on the location and amount of time. It is important to check out the rates within your locality as well as any protection offered in case your bike is lost or damaged before signing up.
3. Delivery Services
In case you are traveling or you use some routes on your way to work, you might want to consider making money out of it. Why not rent your time out by doing deliveries while on your way to or from work or destination? There are a number of shipping companies you can sign up with.
Rent your precious boat instead of letting it waste away in the docks or your garage. There are people out there who would love to go out sailing but do not want to pay for cruises let alone buying a boat. You will be in control, actually, so you get to decide whom to rent it to and when.
Sometimes we have many clothes saved somewhere in the wardrobe but we rarely put them on. I know I speak for quite a number of people when I say, myself included. In case you do not want to give away these attires, rent them out.
If you are a fashionista and are always buying the latest designs this will be your perfect chance to make some extra cash. You can also rent your shoes, accessories, handbags or clutch bags.
Whoever rents your clothes, shoes or accessories will be charged the current market price of the item in case they lose it or fail to return it. You, therefore, do not need to worry. They also need to return clean items especially the clothes.
6. Camera and Video Equipments
Camera and video equipment are quite expensive. On many occasions, there are people who will prefer renting out a camera or video equipment if they need to take quality pictures or videos.
Take advantage of this and rent your camera or video equipment when you are not using. Or if you have any of this equipment that you rarely use.
Rental prices for a camera and video equipment will depend on the type of equipment you are renting out i.e. the make or model of the equipment e.g. a Nikon D850 or a Canon 5D. Before signing up with any company that promises to help you rent out your equipment, check out their insurance policies for cases such as loss or damage.
As you can see, making extra cash is as easy as using items you already own. All you need to do is sign up on various sites and rent your items for cash. You can rent your extra room in the apartment, your vacation home, your car, bicycle or clothes and many more. It is important, however, to consider insurance policies for the protection of your items as well as taxes. Don’t get in trouble with the IRS while making that extra dollar!