Best Things To Rent Out To Make Money

If you are short on cash, consider whether you might already have the solution to your problem. Things you own but don't need or use on a regular basis could be rented out. It might take a bit of lateral thinking, but you'll be surprised at what you can rent. Let's take a look at the best things to rent out to make money.

1. Property

If you own an empty second home, then this is one of the best things to rent out to make money. If you don't own a second home but you have a spare bedroom where you live, then you could rent this out instead.

Options that might be open to you include a short-term vacation let or a longer-term agreement.

If you have a mortgage, you will need to take this into consideration when deciding to rent out your property .

2. Event space

This involves renting out all or part of your property for events such as parties or wedding receptions. If you have a large enough garden, this could also be an option for someone looking to have a summer garden party.

3. Parking space

If you own a private driveway, you could rent your parking space. This is a useful option especially if you live in a city or near transport links such as a railway station.

Bear in mind that this is an option for off-street parking spaces only. You are prohibited from the 'transferral' of your residents' parking permit.

4. Storage space

Self-storage is big business, so if you have excess space, this is one of the best things to rent out to make money.

The excess space could be anything from a basement, attic, or spare room to an outbuilding or shed. As long as it's clean, dry and free of pests, it could be an ideal storage space.

5. A vehicle

This includes your car, van, truck or even your caravan . You should ensure the vehicle is clean, roadworthy and in good working order. Make sure you have the appropriate insurance and up-to-date vehicle tax.

6. Sporting equipment

If you are one of those people that has tried and tested many different sports, then chances are you will have the equipment to prove it. Anything from snowboards and skis to kayaks and canoes will have renting potential.

7. Camera equipment

If you are a camera enthusiast with good quality equipment, then this is one of the best things to rent out to make money.

However, make the distinction between equipment you are renting and equipment for your own for personal use. That way you can continue with your hobby if the rented equipment is damaged or lost.

8. Musical instruments

If you are an accomplished musician then chances are you will still have the instruments you played when you were just starting out. If they are in good working order and you don't use them regularly, they are ideal for renting.

9. Baby equipment

This includes toys, bottle sterilisers, travel cots and baby monitors. You need to ensure that all equipment is entirely clean and bacteria free.

10. Computer equipment

Unused computer equipment that is in good working order can be rented out for a fee. This includes laptops, chargers and even laptop bags or stands.

Things you will need to consider

Insurance and liability

Insurance and liability are very important considerations. The type of insurance will vary but you will need to make sure you are covered for accidents and property loss or damage.

If you are renting out storage space, you will be legally responsible for anything stored on the premises. You will therefore need appropriate building and contents insurance.

Check the websites of professional storage companies to see what items are inappropriate for storage.

Security deposit

If you are not using a third-party website you will need a system in place for the receipt and return of deposits. It might be worth opening a separate account specifically for this purpose.

Equipment condition

When thinking about the best things to rent out to make money, they should be fit for purpose and safe to use.

Check to make sure they are in good working order. All electrical items should be PAT tested by a qualified electrician.

Clean them if necessary and be critical. If you would not pay to rent your own equipment in its current condition, then chances are no-one else will.

Where to advertise

You can advertise rental equipment on websites such as Gumtree .

If you would rather rent out items through a third party, then there are number of p2p kit rental sites where you can advertise things to rent out. Such websites include Fat Lama , MyKitPlace , hiyacar and stashbee .

Take Home

There are plenty of options for renting your possessions for extra cash. All you need is a little bit of time, effort and imagination.

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About the author

Fiona is a freelance writer specialising in personal finance. She has a particular interest in helping people struggling with debt, and finding new and interesting ways to travel on a budget.

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