In today’s sharing economy, the possibilities for earning extra income through renting out your possessions have never been greater. From the conventional to the quirky, there are countless ways to make money by renting out items you own but don’t always use. Here are 51 things you can rent out to make money in 2024, ranging from everyday items to unique and specialized equipment.
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Things You Can Rent Out
Let us take a quick look at the things you can rent out and make money in 2024.
1. Spare Room
One of the most common things you can rent out is a spare room in your home. Platforms like Airbnb and Vrbo make it easy to connect with travelers looking for short-term accommodations.
2. Parking Space
If you live in a busy urban area, renting out a parking space can be quite lucrative. Apps like JustPark and SpotHero facilitate this process, connecting drivers with available parking spots.
3. Garage
Unused garage space can be rented out for storage or even as a workspace. This is one of the more practical things you can rent out if you have extra space at home.
4. Car
Peer-to-peer car rental services like Turo and Getaround allow you to rent out your vehicle when you’re not using it. This can be especially profitable if you own a desirable model or live in a high-demand area.
5. Bicycle
For those who live in bike-friendly cities, renting out bicycles can be a great way to earn extra money. This is an especially popular option for tourists looking to explore the city.
6. Camera Equipment
Photographers often need specialized equipment for short-term projects. If you have high-quality camera gear, renting it out can be a significant income source.
7. Drones
Drones are becoming increasingly popular for photography and videography. If you own a drone, consider renting it out for events or projects.
8. Tools and Equipment
DIY enthusiasts and professionals often need specific tools for their projects. Platforms like ToolMates and Peerby make it easy to rent out tools and equipment.
9. Camping Gear
Camping equipment is another one of the many things you can rent out. From tents to sleeping bags, outdoor enthusiasts are often looking to rent gear for their adventures.
10. Party Supplies
Party supplies, including decorations, tables, and chairs, are in high demand for events. You can rent these items out for weddings, birthdays, and other celebrations.
11. Costumes
Costumes for Halloween, parties, and theatrical productions are great rental items. If you have a collection of costumes, this can be a fun way to make extra money.
12. Wedding Attire
Wedding dresses and tuxedos can be quite expensive to buy, so many people opt to rent. If you have wedding attire, consider renting it out to those looking to save on their big day.
13. Musical Instruments
Musicians often need instruments for short-term use. If you have musical instruments, renting them out can be a harmonious way to earn money.
14. Baby Gear
Parents are always looking for baby gear like strollers, car seats, and cribs. These items are among the many things you can rent out to make money, especially if you live in a family-friendly area.
15. Sports Equipment
Sports enthusiasts often need gear for specific activities. Renting out items like skis, snowboards, and golf clubs can be profitable, especially in seasonal locations.
16. Formal Wear
Formal wear, such as suits and gowns, is often rented for special occasions. This is one of the more lucrative things you can rent out if you have high-quality items.
17. Designer Handbags
Designer handbags are a status symbol, and many people are willing to rent them for special events. This can be a chic way to earn extra income.
18. Jewelry
High-end jewelry can also be rented out for events. This is a glamorous addition to the list of things you can rent out for extra income.
19. Office Space
If you have extra office space, you can rent it out to freelancers and small businesses. Co-working spaces are in high demand, making this a profitable option.
20. Event Venues
From small meeting rooms to large banquet halls, event venues are always needed for various occasions. If you have space that can be used for events, consider renting it out.
21. Boats
Boats are a luxury item that many people are willing to rent for recreational activities. If you own a boat, this can be a lucrative rental opportunity.
22. Vacation Homes
If you own a vacation home, renting it out when you’re not using it can be a great source of income. Platforms like Airbnb and Vrbo make this process simple and efficient.
23. Storage Units
Extra storage space is always in demand. Whether it’s a basement, attic, or shed, renting out storage space can provide a steady income stream.
24. Event Equipment
Audio-visual equipment, lighting, and other event essentials can be rented out for various occasions. This is one of the more technical things you can rent out for money.
25. Art and Decorations
Artwork and decorative items can be rented out for events or home staging. This can be a creative way to make money, especially if you have a unique collection.
26. Garden Tools
Garden tools and equipment are often needed for landscaping projects. If you have these items, renting them out can be a practical way to earn extra cash.
Also Read: Make Money Playing Video Games
27. Photobooths
Photobooths are a popular addition to parties and events. If you own a photobooth, renting it out can be a fun and profitable venture.
28. Furniture
Furniture rental is a great option for people who are moving or staging homes. This is one of the larger things you can rent out but can be quite profitable.
29. Video Game Consoles
Gamers often look to rent consoles for short-term use. If you have a video game console, consider renting it out to fellow gamers.
30. Computers and Laptops
High-end computers and laptops can be rented out for short-term projects or events. This is a high-tech addition to the list of things you can rent out.
31. Power Washers
Power washers are often needed for cleaning projects. If you own one, renting it out can be a practical way to make money.
32. Snow Removal Equipment
In areas with heavy snowfall, snow removal equipment like snow blowers can be rented out during the winter months.
33. Kayaks and Canoes
For those who live near water, renting out kayaks and canoes can be a great way to earn extra income. This is a popular choice for outdoor enthusiasts.
34. ATVs and Dirt Bikes
ATVs and dirt bikes are in demand for recreational activities. If you own these vehicles, renting them out can be a thrilling way to make money.
35. Portable Hot Tubs
Portable hot tubs can be rented out for parties and events. This is a unique and relaxing item on the list of things you can rent out.
36. Home Gym Equipment
With the rise of home workouts, renting out home gym equipment can be quite profitable. Items like treadmills, weights, and exercise bikes are in high demand.
37. Fishing Gear
Fishing enthusiasts often need gear for their trips. Renting out fishing equipment can be a great way to make money, especially in popular fishing locations.
38. Costume Jewelry
Costume jewelry can be rented out for events and photoshoots. This is an affordable and fashionable option for many people.
39. Paddleboards
Paddleboarding is a popular water activity. Renting out paddleboards can be a fun and profitable venture for those near lakes or oceans.
40. Segways
Segways are often rented out for city tours and events. If you own a Segway, this can be a great way to make extra money.
41. Electric Scooters
Electric scooters are popular in urban areas. Renting out electric scooters can be a convenient and eco-friendly way to earn income.
42. Rock Climbing Gear
Rock climbing enthusiasts often need gear for their adventures. Renting out climbing equipment can be a profitable niche market.
43. Paintball Equipment
Paintball is a popular recreational activity. If you own paintball gear, renting it out can be a fun and exciting way to make money.
44. Virtual Reality Headsets
Virtual reality headsets are in high demand for gaming and events. This is a cutting-edge addition to the list of things you can rent out.
45. Pop-Up Canopies
Pop-up canopies are often needed for outdoor events and markets. Renting these out can be a practical way to earn extra income.
46. Surfboards
For those living near the beach, renting out surfboards can be a great way to make money. This is a popular choice for tourists and locals alike.
47. Pet Equipment
Pet owners often need equipment like crates, carriers, and playpens. Renting out pet equipment can be a helpful and profitable option.
48. Sewing Machines
Sewing machines are often needed for short-term projects. If you own a sewing machine, consider renting it out to crafters and hobbyists.
49. Bouncy Castles
Bouncy castles are a hit at children’s parties. Renting out bouncy castles can be a fun and lucrative business.
50. Photography Studio
If you have a photography studio, renting it out to other photographers can be a great source of income. This is a professional addition to the list of things you can rent out.
51. Costume Props
Props for photoshoots and events can be rented out to photographers and event planners. This is a creative way to make money with items you already own.
How do I determine pricing for the items I want to rent out?
Determining the right pricing for the items you want to rent out is crucial for attracting customers while ensuring you make a reasonable profit. Here are some steps to help you determine pricing:
1. Research Market Rates
- Check Competitors: Look at similar items being rented out on platforms like Airbnb, Turo, and other rental services to get a sense of the going rates.
- Location-Based Pricing: Prices can vary significantly based on location. Items in high-demand areas or cities will generally fetch higher prices.
2. Consider the Value of the Item
- Replacement Cost: Think about the cost to replace the item if it’s damaged or lost. Higher value items generally command higher rental prices.
- Depreciation: Account for the item’s depreciation over time. More expensive items that lose value quickly may need to be priced higher to justify the rental.
3. Assess Usage and Demand
- Frequency of Use: Items that are rented out frequently might be priced slightly lower to attract more renters.
- Seasonal Demand: For seasonal items like winter sports gear or camping equipment, you can adjust prices based on peak and off-peak seasons.
4. Calculate Costs
- Maintenance and Cleaning: Factor in the cost of maintaining and cleaning the item between rentals.
- Storage: Include any costs associated with storing the item when it’s not rented out.
- Insurance: Consider the cost of insuring the item, if necessary.
5. Set a Competitive Price
- Competitive Edge: Your pricing should be competitive but also reflect the quality and condition of your item.
- Discounts and Promotions: Consider offering discounts for long-term rentals or first-time renters to attract more customers.
6. Adjust Based on Feedback
- Customer Feedback: Pay attention to feedback from renters. If customers frequently mention that your prices are too high, consider adjusting them.
- Market Trends: Stay updated on market trends and adjust your prices accordingly to stay competitive.
7. Use Pricing Tools
- Dynamic Pricing Tools: Some platforms offer dynamic pricing tools that adjust your rental prices based on demand and market conditions.
- Price Calculators: Utilize online calculators and tools to help you estimate rental prices based on various factors.
Example Breakdown
Let’s say you want to rent out a high-quality DSLR camera. Here’s how you might break down the pricing:
- Research Market Rates: Similar cameras rent for $30-$50 per day.
- Consider the Value: The camera is worth $1,000.
- Assess Usage and Demand: High demand during wedding season and travel holidays.
- Calculate Costs:
- Maintenance: $50/year
- Cleaning: $10 per rental
- Insurance: $100/year
- Set a Competitive Price: Start at $40/day.
- Adjust Based on Feedback: If bookings are low, consider lowering to $35/day. If consistently rented, try increasing to $45/day.
By following these steps, you can set fair and attractive rental prices for your items, ensuring you maximize your earnings while remaining competitive in the market.
What are the best platforms or marketplaces to list these rental items?
Listing your rental items on the right platforms is essential for reaching a broad audience and maximizing your earnings. Here are some of the best platforms and marketplaces for various types of rental items:
1. General Rental Platforms
- Fat Llama: A peer-to-peer rental platform where you can rent out almost anything, from electronics to musical instruments and sports equipment.
- ShareGrid: Ideal for renting out camera gear, drones, and other filmmaking equipment. It’s popular among photographers and videographers.
2. Home and Room Rentals
- Airbnb: Perfect for renting out spare rooms, vacation homes, or unique stays like treehouses or tiny homes.
- Vrbo: Similar to Airbnb, but focuses more on vacation rentals, making it ideal for renting out vacation homes.
3. Vehicle Rentals
- Turo: A peer-to-peer car rental service where you can rent out your personal vehicle.
- Getaround: Another platform for renting out cars, often used for shorter, hourly rentals.
- Outdoorsy: Specializes in RV rentals, perfect if you have a motorhome or campervan to rent out.
- Boatsetter: Ideal for renting out boats, from small sailboats to larger yachts.
4. Equipment Rentals
- ToolMates: A platform for renting out tools and equipment, catering to DIY enthusiasts and professionals.
- Peerby: Allows you to rent out tools, equipment, and other household items to neighbors.
5. Event and Party Rentals
- Rent My Wedding: A marketplace for renting wedding and event supplies, including decorations, linens, and lighting.
- Ruckify: Offers a wide range of items for rent, including party supplies, furniture, and event equipment.
6. Clothing and Accessories Rentals
- Rent the Runway: Specializes in renting out designer clothing and accessories, ideal for high-end fashion items.
- Lending Luxury: Another platform for renting designer dresses and accessories.
7. Sports and Outdoor Gear
- Spinlister: Focuses on renting out bikes, surfboards, and snowboards.
- KitSplit: Ideal for renting out outdoor gear like camping equipment, kayaks, and paddleboards.
8. Office and Creative Space Rentals
- Peerspace: Allows you to rent out office spaces, studios, and event venues.
- Splacer: Similar to Peerspace, it’s great for creative spaces like photo studios and meeting rooms.
9. Miscellaneous Rentals
- BorrowFox: A peer-to-peer rental platform for a wide variety of items, from drones to power tools.
- Streetbank: A neighborhood-based sharing platform where you can list items for rent or borrow from neighbors.
By utilizing these platforms and following best practices, you can effectively rent out your items and maximize your rental income.
What legal or insurance considerations should I be aware of?
When renting out your items, it’s crucial to be aware of various legal and insurance considerations to protect yourself and your assets. Here are some key points to keep in mind:
Legal Considerations
- Local Regulations and Permits
- Zoning Laws: Check local zoning laws to ensure that renting out certain items (like a spare room or a car) is allowed in your area.
- Permits: Some areas may require permits or licenses to rent out certain types of property, such as short-term rental licenses for Airbnb hosts.
- Contracts and Agreements
- Rental Agreements: Use written rental agreements outlining the terms and conditions, including rental duration, payment terms, and responsibilities.
- Liability Waivers: For items with higher risks (like boats or power tools), consider having renters sign liability waivers to limit your liability in case of accidents.
- Tax Implications
- Income Reporting: Rental income is typically taxable. Keep detailed records of your rental income and expenses for tax purposes.
- Deductions: You may be able to deduct certain expenses related to your rental activity, such as maintenance and insurance costs. Consult a tax professional for advice.
- Consumer Protection Laws
- Refund Policies: Be clear about your refund policies. In some jurisdictions, you may be required to offer refunds under certain conditions.
- Fair Business Practices: Ensure your rental practices comply with consumer protection laws, such as providing accurate descriptions of the items and honoring rental agreements.
Insurance Considerations
- Homeowner’s or Renter’s Insurance
- Coverage Limitations: Standard homeowner’s or renter’s insurance may not cover rental activities. Check your policy to understand what is and isn’t covered.
- Short-Term Rental Insurance: If you’re renting out a room or property on platforms like Airbnb, consider additional short-term rental insurance to cover potential gaps.
- Automobile Insurance
- Rental Car Coverage: Standard auto insurance may not cover rentals through platforms like Turo. Look into specific insurance options provided by the platform or a third-party provider.
- Commercial Coverage: If you’re renting out vehicles regularly, you may need a commercial auto insurance policy.
- Liability Insurance
- General Liability Insurance: This can provide coverage for bodily injury or property damage claims made by renters.
- Umbrella Policy: An umbrella insurance policy can provide additional liability coverage beyond the limits of your other policies.
- Specialized Rental Insurance
- Equipment Insurance: For high-value items like camera gear or tools, consider specific rental insurance to cover theft, damage, or loss.
- Event Insurance: If you’re renting out items for events (like tents or audio equipment), consider event insurance to cover potential damages or cancellations.
Platform-Specific Protections
- Platform Insurance Options
- Airbnb Host Guarantee: Airbnb offers a host guarantee that provides some coverage for property damage, but it may not cover everything. Consider additional insurance.
- Turo Protection Plans: Turo offers various protection plans for vehicle owners, providing different levels of coverage. Understand the details of these plans and any exclusions.
- User Reviews and Verification
- Background Checks: Some platforms offer background checks or identity verification for renters. Utilize these features to minimize risks.
- Reviews and Ratings: Pay attention to user reviews and ratings to gauge the reliability of potential renters.
Additional Tips
- Regular Maintenance and Inspections
- Maintenance: Keep items in good condition through regular maintenance to prevent accidents and ensure a smooth rental experience.
- Inspections: Inspect items before and after each rental to identify any damages and address them promptly.
- Security Measures
- Security Deposits: Require a security deposit to cover potential damages. Clearly outline the conditions for refunding the deposit.
- Tracking Devices: For high-value items or vehicles, consider using tracking devices to monitor their location and usage.
By addressing these legal and insurance considerations, you can protect yourself and your property while renting out items, ensuring a safe and profitable rental business.
Final Words
In conclusion, the sharing economy offers countless opportunities to make money by renting out things you already own. From everyday items like spare rooms and parking spaces to unique items like drones and paddleboards, there are many things you can rent out to earn extra income in 2024.
Whether you’re looking to supplement your income or start a new business, these rental ideas can help you achieve your financial goals. So, take a look around your home and consider what you might be able to rent out – you might be surprised at the earning potential of your possessions.