Make Money by Renting Out Your Stuff

Think about how much stuff you own, and how little you use it.  Wouldn't it be nice to make some money on your "stuff" while it's sitting around?  These days, it's easier than ever and on the flip side, it's just as simple to get access to items you can't or don't want to buy but need for just a little while.

Kristin Campbell rents her car out all the time.

"I've had several really positive rental experiences," says Campbell

She just lists it as available on SnapGoods, one of a growing number of web sites that allow owners to post their possessions for rent.  You can find anything from cars to cameras to disco balls even.

"If you're the person who owns the items, the ability to deflate costs on something that you spent a good deal of money on is great, particularly If you're not using it," says Ron Williams, with SnapGoods.

And that's the key.  People have started to figure out that spending a ton of money on something they may only need every now and then is no longer practical. 

"If I don't have to buy a 15 thousand dollar HD red camera, and instead can get it for 500 bucks for the week or the day.  I win, you win," adds Williams.

And it's not just stuff you can rent out. On sites such as parkatmyhouse.com you can make money off your driveway or extra lot. 

"It's really popular if you live near a ball park or stadium," says Kyle Taylor with thepennyhoarder.com.

And, there's store at myhouse.com.

"People are renting out their extra closet space and attic space," says Taylor.

Even singlespotcamping.com.

"Where you can rent out your back yard to campers," says Taylor.

It's definitely not the stuff you'd find in a neighborhood rental store.

"Some of these products have never been rentable before so it's a whole new world," says Williams.

So what can you make by renting out your stuff? You could get over $200 a month for a driveway, $300 for your car for a week or $20 for your kitchen aid mixer for the day.  Typically prices vary depending on several variables, including the owner and renter.

"We let the demand side drive the initial request and parameters and then they can debate back and forth on this really simple interface that we give people," says Williams.

But you still need to follow some precautions.  Be sure the site you rent your stuff through offers you protection in case something goes wrong. And check your own insurance policies and zoning laws to make sure it's ok to rent out your car, or a parking space, for that matter.

Kristin had so much success in renting out her stuff, she is now looking at renting something, too.

"I would consider renting things like a bike for the day and biking to the beach," added Campbell.

One more tip: if you're considering renting your stuff or space, you may want to try being a renter first to get a good feel for the experience and understand what's involved before putting your property out there to others.