Looking for some passive income ideas without doing much? Why not rent the stuff you already own? Here are some amazing rental business ideas that can help you increase your monthly income.
12 Best Rental Business Ideas – Make Money Renting your Assets
With a job that probably takes half of your day, who’s got time to look for another one? Not to forget, all the stress and long hours that’ll come with it. However, that doesn’t mean there’s no hope for getting another source of income.
There are always lots of options out there. You just have to look for the ones that are right for you. For instance, gig economy jobs offer flexible hours. Certain apps pay you to walk or for answering surveys.
If that still doesn’t sound like something for you, and you’re hoping for something a little more passive, we’ve got just the thing.
We’ve rounded up some of the best rental business ideas to help you make extra money.
If you’re hearing about this rental business model for the first time, you might doubt its success rate. However, rental businesses have been around for a while and are as trendy as ever.
Basically, in this brilliant side hustle idea, you make money renting your assets. This could include a wide variety of things, from your car to your wedding dress to even that extra room in your house.
Yes, this is what when we refer to the growing shared economy all over the world.
If you don’t believe us, check out these twelve best rental business ideas to make money renting your assets.
List of the Top Rental Business Ideas
Let’s get into the top rental business ideas to consider.
Rent Out Your Home or Real Estate with Airbnb
Do you love having people over at your house?
Do your friends and family often crash in that extra guest bedroom?
Is there an apartment or house that you own lying empty somewhere? Well, why not make money off of it now?
You must have heard of the popular room-renting service Airbnb. However, what you might not have heard is how much you can make renting your room or house on this platform. There is a reason why it’s one of my favorite money-making apps out there.
On average, an Airbnb host can make more than $900 per month. All you have to do is list your space. Treat your space like a business by treating your customers well. You’ll end up getting more bookings and more revenue.
You get to decide everything from the schedule to rates to even any requirements you have for the guests.
What’s more, with Airbnb’s property damage protection and liability insurance, you’ve got nothing to worry about.
It’s perfectly safe and authentic. Airbnb can pay you through PayPal, a direct deposit, or other payment methods.
Rent Out Your Car with Turo
Not everyone who owns a car necessarily likes to drive it. For some, their office might be within walking distance. Some people might prefer the subway. Some people just might not want to drive.
Either way, rather than just letting your car sit in the driveway like that, depreciating every passing day, why not rent it out?
If you’re wondering how that’s possible, we’ve got one word for you: Turo.
Turo is a famous car-sharing company where you can rent for yourself as well as rent out your car to others. Using this service, you can earn up to $700 per month, on average.
You can list your car for free and similar to Airbnb, as you get to decide all the rules. Furthermore, you get the chance to review who rents your car beforehand, and Turo offers 24/7 customer support in case of any problem.
Financial Wolves Hack: List your car on Getaround in addition to Turo to get more bookings and exposure.
Rent Out Your Clothes with Rent My Wardrobe
If you’re not the type of person who’s comfortable renting their car or house and prefer easy things to rent out for a profit, we present to you Rent My Wardrobe.
For those of you who are married, you might have your wedding dress or suit lying around for a while. If you’re single, maybe you’ve got clothes that don’t fit you anymore, or they’re not your style anymore.
Regardless, you can rent them to others through Rent My Wardrobe. Not only would you be helping out someone in need, but you’ll make extra money.
You can post pictures of your clothes online to create a virtual closet. If someone likes it, they’ll reach out to you.
You can pick a time and place to meet up and exchange the clothes. Once they’ve worn it and are done using it, they’ll drop it off at the dry cleaners, where you can pick it up.
The payment is issued to you on the second day of the rental.
See Related: Ways to Get Paid to Walk
Rent Out a Storage Space with Store At My House
Again, some people just don’t want strangers coming in and living in their spare bedroom. That doesn’t mean they have to lose out on this fantastic money-making opportunity.
If you’ve got an empty bedroom or even a garage or attic that you’re not using, you can rent it out as a storage space.
Compared to commercial storage units, spaces on Store At My House can cost almost half. Therefore, you can imagine why it’d be a popular option, and now you get to cash in on it too.
You can list your space for free, decide the rules, and start earning easy money. Moreover, when you get a renter, you can further hash out the details of your arrangement to make it convenient for everyone.
See Related: Turo vs Getaround – What is Better?
Rent Out Your Parking Space with Spot Hero
We all know how annoying it is to keep going around the block to find a parking space for your car every other day. You might be surprised to find out, but that’s precisely why many people prefer to rent a fixed parking space to save them their time and mental peace.
Therefore, if you’ve got an empty driveway or a parking space that you don’t use at certain times, you’ve got a golden opportunity to make some easy money.
With Spot Hero, you fill out a simple form stating the location of the parking space, the price for it, and the times it’ll be available. Spot Hero will confirm your space within two days.
Once rented, you’ll get your check or deposit every month.
Rent Out an Event Space with LocationsHub
We’ve talked about your spare bedroom, garage, and driveway to make money. However, did you know your garden is also one of the best rent assets to make money?
Yes, that’s right.
If you’ve got a lush, green front yard, or a big, open garden, it makes for an ideal location to hold various events. Even a beautiful rooftop with a view can be a perfect event space.
So many people are on the lookout for nice, open outdoor spaces where they can hold small weddings, film or photo shoots, corporate events, and other similar events.
For a small fee, you can register on LocationsHub and connect with all these people to start earning rental income. You can set your rental rates, and you get to keep all of it. LocationsHub doesn’t charge any commission.
Rent Out Your Boat with Get My Boat
Remember that boat you bought a while ago, that’s been tied at the pier for quite some time now? Well, it’s time to untie that beauty and start using it to earn some extra income. You don’t believe us? You will in just a second.
Available in a wide range of destinations and more than 180 countries, Get My Boat allows you to list any kind of boat you have.
With your listing confirmed, interested people can contact you directly, and you can decide the price and timings accordingly. There begins your easy rental income.
Additionally, you can give tours or lessons to earn even more money with your boat.
Precisely how much you receive depends on various factors such as the type of boat, your location, the competition in that area, how often it gets rented, etc.
Rent Out Your Musical Instruments with Spark Plug
If you’re wondering what equipment to buy to make money, we’ve got the answer. Musical instruments and their related equipment is some of the best equipment to make money without doing much.
It happens with all of us. We get all passionate and get that guitar or set of drums. Then, we play it for a while, and then job and life.
In general, life often doesn’t leave us much time to continue.
Well, there’s no need to get sad about it because now you can rent it out and earn extra money.
On Spark Plug, you list your instruments, gear, or whatever you have for free. The renters contact you, and you have the choice to review them and approve or decline accordingly.
If you accept, the renter can either pick it up from your place, or you can drop it off for an additional fee.
After 24 hours, the payment is issued to you, and once the renter is done, he drops the gear back at your house.
Rent Out Your Surfboards and Snowboards with Spinlister
Whether you go to a beach or up north for some snow, the experience is incomplete if you don’t do a little surfboarding or snowboarding.
However, not everyone wants to buy it just to use that one time.
Therefore, if you do happen to own any of these things, it’s the perfect chance to rent it and make extra money through Spinlister. Other than surfboards and snowboards, you can even rent out your bike if you own one.
You can list it on the website for free. If you’re worried about any damage or theft, Spinlister provides up to a $5000 guarantee.
What’s more, you can specify what dates and times it will be available on. When you meet the renter, you can discuss other details and instructions to use as well.
See Related: Can You Make Passive Income with Laundromats?
Rent Out Your Baby Equipment with BabyQuip
If you have had a baby when traveling, you know exactly what kind of a nightmare it is. You not only have to manage the baby but all the equipment as well, from the stroller to the car seat to what not.
Now imagine how easy it would be if you could just rent all this equipment wherever you go without having to travel with your own. If that doesn’t sound like an excellent rental business idea, then we don’t know what will.
With BabyQuip, you can rent your baby equipment and gear to traveling families, and earn quick rental income.
If you’re not sure how this whole thing is supposed to work, don’t worry. When you apply to join BabyQuip’s community, they tell you all about the process and procedures.
Rent Out Space on Your Car with Wrapify
If you’re not comfortable with someone else using your stuff, then this option is for you. With Wrapify, you can rent the space on your car to be used for advertising. There’s absolutely nothing extra you have to do.
You get your car wrapped, either entirely or partially, with an ad, and drive around. That’s it.
With a full wrap, you can earn more than $400 per month. Just sign up, and complete your profile. When there are campaigns for your area, you’ll be notified, and you can start earning.
See Related: How to Make Money with a Van or Truck
Rent Out Anything with Fat Llama
Out of all the assets we’ve mentioned, if you’ve got none of those, not a single one, don’t be disheartened. The world is a big place, and someone is always in need of something.
You can just look at the stuff you already have lying around your house. Whatever you think is in good shape and might come in handy for someone, rent it out.
The way to do this is through Fat Llama. Old party supplies, antique china, costumes, you name it. Just list it on the website, state your price, and start earning.
You’ll be surprised to learn what people are willing to rent. Additionally, you’ll get the payment in three or four days, so you don’t have to wait long, either.
See Related: How to Make Money for Doing Nothing
We’ve all got things just lying around the house. Some of it may be junk, but some of it could be a mound of cash, waiting to be discovered.
More importantly, with this list of rental business ideas, you now know the best things to rent out to make money.
So, what are you going to rent out first?
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Beta financial perspectives entail being more of a follower with making money. You can conduct these tips on making money by learning from what others have done successfully. Use Personal Capital to monitor your cash flow and net worth.