8 Things You Can Rent Out That You Probably Haven’t Thought Of
Written by
Angela Mae
Edited by
Chris Cluff
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The average U.S. household spends around $77,280 a year, according to the U.S. Bureau of Labor Statistics. Actual expenditure depends on a variety of factors, including household size, location, lifestyle preferences and individual needs.
Whether you’re spending more than you’d like or you simply want to find ways to increase your monthly income, you may want to consider renting out a few things to earn some extra cash. The rental industry is booming — and not just rental properties (though those can be quite profitable, too).
So, what kinds of things can you rent out for money?
Home Gym or Fitness Area
“You can rent out home gyms, fitness studios and pools to people who need a place to exercise or train,” said Ryan Barone, co-founder and CEO of RentRedi.
The average monthly cost of going to the gym is $40 to $70 a month, excluding any annual fees. If you’re a homeowner with a detached gym or outdoor swimming pool, why not rent out the extra space? You also might be able to do this if you’re renting a house. Just be sure to get your landlord’s permission or check the leasing contract first.
Landscaped Yard
Do you have a large, beautifully landscaped yard? Barone suggested “renting it out for parties, events, photoshoots or filming locations.”
Private venue rentals can easily cost $60 an hour or more, depending on the type and location. Depending on how long the event lasts, how many people are involved and your space, you could potentially charge more.
Party Decorations
Do you have party decor or equipment that’s sitting in your garage just taking up space? List it online as a rental.
“One of the easiest things you can rent out to make some extra cash is party decorations. I see this all the time on Facebook Marketplace,” said Erika Kullberg, an attorney, personal finance expert and founder of Erika.com. “Whether you’re a parent who hosts a lot of kids’ birthday parties or a good friend who threw an amazing bridal shower, chances are you have a lot of decorations left on your hands that you only used for a few hours.”
Other things you could rent out include outdoor tables, chairs, karaoke machines, bounce houses and party tents. A karaoke machine rental, for example, goes for about $200 in some places.
Cameras and Other Electronics
Plenty of people need electronics, but not everyone is willing to pay a lot for them. In some cases, the people who are looking for them need them only for a short period.
If you happen to have high-end electronics — whether that’s a camera, video equipment, spare laptop or otherwise — see whether you can rent it out. List what you have on a site like ShareGrid and charge by the day.
Don’t worry if you have an older or inexpensive electronic. On ShareGrid, for example, you could earn around $100 on average renting out an inexpensive camera kit.
Vehicle
There are many car-sharing platforms out there, like Turo and HyreCar, that let you rent out a personal vehicle for a price. So, if you find yourself with a spare car, boat, RV or trailer, consider listing it on one of those platforms.
As for earnings potential, it depends. On HyreCar, for example, you could earn more than $9,000 a year renting out a car to other people. Larger or recreational vehicles often earn more than that.
Note that most of these rental or sharing platforms charge a nominal fee, but they’ll usually take it from any profits you make. Don’t forget to consider other costs of vehicle ownership, like insurance and maintenance.
Specialty Gear
A lot of people are looking for specialty items, such as power tools and sporting goods. So, if you have some of these types of things lying around, why not put them to use?
On most platforms, like Neighbor, you can charge by the hour. While you might not make much — perhaps $20 to $100 a day — it’s often better than leaving these items to collect dust.
Spare Room
This one might come as a surprise, but renting out a spare room in your home on a site like Airbnb can be quite profitable. In fact, the average Airbnb host earned $13,800 in 2021.
“A lot of people are doing this now — turning whatever space they have available in their homes into an Airbnb or short-term rental,” said Seamus Nally, CEO of TurboTenant. “People are always looking for cheap lodging, so you can usually guarantee pretty consistent lodgers, especially if you live in a busy or tourist-heavy area.”
Other Space You Own
“You can rent plenty of spaces that you already own,” Barone said. “Bedrooms, of course, but don’t forget that storage and parking spaces are at a premium in many places; and, if you have extra space in garages, driveways, yards, attics, basements and storage sheds, you can rent those out. Extra rooms and spaces can also be used as workspaces.”
As for earning potential, it depends on the space you’ve got, as well as location and demand. You could charge by the day, hour, week or even month. As for where to list your space, options include Facebook, Craigslist, Neighbor.com and other online platforms.
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