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📉 What people think
Do you have unused things lying around in a storage room or the garage? Of course! Most of us do. But have you ever considered that those things could serve a better purpose by being rented out to others? On top of that, they can give you an extra income.
Warp News has conducted a survey where we asked people: How much money can you make from the things you own? Two-thirds answered "nothing". Only over one in ten believe earning more than $1000 a month is possible.
📈 Here are the facts
Sharing economics, also called peer-to-peer (p2p) economics, means that individuals can borrow and rent things from each other using various digital platforms. An example could be a person who has a drill that is unused most of the time, and therefore chooses to rent it out to people who don’t have a drill. A big advantage is that we can use different resources more efficiently. For those who choose to rent out their things, it can also generate a passive income.
So, how much can you earn? Of course, it depends on what you rent out and where. According to Fat Llama, a site where users can rent most things, users can earn up to 3 000 dollars/month.
- Rent your car on Turo: 10 000 dollars/year (gross, owning a car also costs money).
- Baby things can be rented out through BabyQuip for over 600 dollars/month.
- If you do not have a lot of things, maybe you can rent out storage space instead and earn up to 1000 dollars/year.
💡 Optimist's Edge
Tools, baby items, clothes, storage, vehicles, sports items, housing, farmland - there are platforms to rent out most things. Your things can be used more efficiently and create benefit for someone else and, as we have seen, also allow you to make extra money.
In the long run, this can open up opportunities for more specialized ownership. As an example, imagine a person who is interested in bicycles. They can choose to own and maintain bicycles that they can also make money from by renting out. But the same person might instead choose to rent a party tent for their 40th-anniversary party or a high-pressure washer to clean the patio and thus save money instead of buying those things.
This can also lead to us choosing to buy things of better quality. We can pay more for a camera or a pair of skis that provide a passive income - and that should withstand more use - than for something that remains unused most of the time.
👇 How to get the Optimist's Edge
Are you ready to let your high-pressure washer make money for you? Here are some tips:
- Make an inventory. What things do you have at home that someone might want to rent? Look through closets, storage rooms, and garages for things you rarely use. Here are some examples: Sports items, such as skis and tents. Tools and garden tools, such as a hammer drill or high-pressure washer. Everything you need for the party, such as party tents and extra chairs. Trailers are popular on rental sites. And maybe you have a boat or canoe that is rarely used? Or why not take the opportunity to rent out the summer cottage or the car when you are at it anyway.
- Find the right platform. There are many different apps and websites for those who want to rent things out. Start by googling "rent out your things". Choose the platform or platforms that suit you. Some, for example, specialize in renting out certain things, such as clothes, cars, or summer cottages. By looking at existing ads, you can get an idea of how active the platform is where you live, and approximately what price level is reasonable. Also, check what conditions apply when renting; today, many services have insurance in case something were to break.
- Start advertising. Take nice photos and write a fair description of your things. Then you simply wait for your first customer.
Here are a few examples of platforms and the things you can rent out there:
- Turo - the world's largest car-sharing platform
- Spinlister - bikes, surfboards, and ski equipment
- Fat Llama - rent out (almost) anything
- Neighbor - turn your extra parking and storage space into cash
- JustPark - rent out your driveway
- Rent my wardrobe - yes, you can rent out your clothes
- Airbnb - perhaps the world's best-known sharing site, for short-term accommodation
- KitSplit - share your camera gear
- BabyQuip - car seats, strollers, toys, high chairs, and everything else a baby needs
- YardYum - garden plots for rent
Because you - unlike most people - know that it is possible to make money by renting out your things, you can be one of the first to rent things out where you live. And keep in mind that summer is the high season for rentals!
You now have an advantage because you have gained this knowledge before most others –