If you’ve recently been on holiday there’s a good chance that you might have rented out something a car to get around, sun lounger to soak up some rays or maybe some bikes. If you fancy a weekend break away you might have used Airbnb to find your home away from home.
You might even be going to a fancy do and decide to rent out a suit or dress for the occasion.
Renting from companies is nothing new, but recently there has been an increase in individuals renting out their own belongings to make a little extra cash.
Why would you rent out your belongings
Look around the house and you’ve probably got a number of items that are sitting around gathering dust, maybe you’ve lost interest in a hobby, bought or received an upgrade of your equipment or been given a gift that is of no use to to you.
No doubt your first thought might be to sell these items on eBay, get up at the crack of dawn and take them to your local a car boot or advertise them on one of the many classified websites. While de-cluttering is a good idea you might also want to consider renting out your belongings.
Not everyone wants to buy what you’re selling for numerous reasons, maybe it’s too expensive, they are looking to dip their toes into self employment and don’t want the expense of buying the equipment or it might be something as simple as not having the room to store the items.
All of these reasons are good news for you as someone thinking about renting out your belongings.
There is an opportunity for you to make a regular income on an item that you might have sold for some ready cash
What can you rent out?
As I’ve already mentioned there are a number of reasons why someone might choose to rent rather than buy which means that there is an infinite number of items that you might be able to list for rent.
Here are some ideas as to what you might be able to advertise for rent.
Good equipment is expensive have it and for whatever reason aren’t using it their might be someone out there that wants to try their luck as a wedding dj
Cars and vans
The cost of owning a car is forever increasing so it makes sense that someone might choose to rent rather than buy a car, especially if it is something that they might only need for a weekend or a day. I certainly wouldn’t recommend you rent out your pride. There might also be those that need a van to move friends and family to another part of the country.
Everyone might carry a camera with them on their phones nowadays but this isn’t something that you can start a business with or take professional quality images with.
Everyone it seems is on a health kick, but buying a good quality bike isn’t cheap. Whether it be a mountain, racer or chopper where there’s demand you can definitely supply it.
Whether established musicians needing to quickly get their hands on an instrument or a group of friends looking to be the next teen heartthrobs, renting out your instrument might lead to you indirectly being responsible for the next big musical phenomenon.
Websites that let you rent out your belongings?
What you rent out is going to affect which company is going to better serve your needs and provide you with the security that you need to ensure that your risk is minimised. Let’s not forget that their is a reliance on your security as improperly managed risk will mean that those looking to rent out their equipment will go elsewhere and that means no commission for them and consequently leading to the business model failing.
Fat Llama enables you to list your items and they will take a commission (15%) if you make a successful rental. All items are insured up to the value of £25,000. Fat Llama manages payment and should receive your fee 24 hours after the rental start date.
There have been a few other websites that have tried to offer this service including RentMyItems and StreetLend but as at writing they are not accepting listings
How much can you earn renting out your belongings?
How much you are going to be able to make is going to depend on a number of factors, but you should remember that no amount of money is ever going to be guaranteed.
The factors that will no doubt determine how much you might be able to make, include
- The item that you are listing for rent
- How much you charge to rent out your item for the day, week or month
- The number of people that might want that item
- The number of other people renting out the same or similar items
What are the risks?
There are two obvious risks in renting out your items to a complete stranger, damage to the item and of course worst case scenario, not getting the item back at all.
Lets not forget more importantly, your own personal safety, it would always be advisable to make the exchange in a public place, away from your home, and if at all possible take someone with you.
Therefore it is advisable that if you do decide to rent out your belongings to make some extra cash you are mindful of the associated risks.
Tips for renting out your belongings
- Don’t rent out items with sentimental value
Don’t rent out items that you are going to need back right away
Don’t make the exchange at home, if at all possible
Do remember this is a business transaction
Do consider what price other’s are renting out their same item for
Do let the tax man know about any extra income that you make
Would you rent your your belongings?
Renting out your belongings is not something that would suit everyone. If you’ve considered, or tried it and wouldn’t do it again, why not leave your experience in the comments below.