How To Make Money Renting Out Your Car, House, or Tools
Written by
Laura Bogart
Edited by
Kristen Mae
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You need some cash, and you need it quickly. But there’s no time to take on another gig — not on top of the one or two you already have. You can’t go into your savings, and as far as you know, that tree in your backyard isn’t about to start growing money. Then you glance away from your yard to your car. You suppose you could rent it out to make some extra bucks. Or those tools in the shed. And while you’re at it, you keep a lovely home. No reason you couldn’t make some money off that too.
But how on earth do you get started? And how can you make sure you keep your car, tools, and home — not to mention yourself — safe? It’s not as daunting as it might seem. GOBankingRates took a look at some ways to rent out some of your prized property to earn extra income without the stress.
Car-Sharing Programs
Surely, you’re familiar with ride shares, but what about car shares? With programs like Turo, Getaround, and HyreCar, you can put your car to work for you — even if someone else is behind the wheel.
Turo and Getaround are peer-to-peer car-sharing services that let you rent your car out. They do have some notable differences: Turo operates across the U.S. and Canada, allowing people to rent out their cars at a daily rate, while Getaround focuses on hourly rentals and is currently available in just eight U.S. states.
Getaround is particularly useful if you want to leave your car in a parking lot near work and let someone borrow it for errands before returning it the same day. According to The Zebra, the average earnings for Turo is about $560 per month, while Getaround users can expect to earn about $250 monthly.
HyreCar is a unique option because it lets you rent your car to rideshare drivers who lack their own, well, rides. With HyreCar, you can set your own mileage limits and, according to The Zebra, earn about $635 per month.
Of course, you’ll need to keep your car clean, which, for some, is easier said than done. You’ll want to research the protection and reimbursement options offered through each service to make sure that it’s fully worth your time and effort.
Tool Sharing Apps
You can turn your toolbox into a source of income by using a variety of tool-sharing apps. For larger renovation projects, an app like Toolsharer is a great option. Other apps, such as Rent My Equipment, have a broader scope, allowing you to rent out a variety of items — including tools.
You could also turn to the Lindrs app to put your tools up for rent. The Lindrs platform allows you to upload pictures of your tools so renters can browse your inventory. Whether someone needs a specific hammer, drill, or saw, these platforms make it easy to help others turn “to-do” into “done.”
Ways To Rent Your Home
While Airbnb is the go-to for many people looking to rent out their space, it’s far from the only option. If you have a spare room, you can rent it out, whether on Airbnb or through other platforms. Likewise, an unfinished basement — especially one with a bathroom — can become its own little apartment suite you can put up for rent.
To price things out, you’ll want to get a sense of what rental rates are in your area and give an honest inventory of the amenities you have to offer. Ask friends and neighbors for referrals, or invest in a comprehensive background checking service to vet potential renters. If you live near a college or university, you can advertise with their campus life departments.
Even if you don’t want to share your space, you might be surprised to find that people are willing to rent out a spot in your driveway or garage — particularly in crowded areas where parking is hard to come by.
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