What’s Mine Is Yours – How to Make Money by Sharing

What's Mine Is Yours – How to Make Money by Sharing

Have you ever thought about renting out your personal property in order to raise quick cash or provide some income on a regular basis? If not, you may want to try it. Reported by ABC News, some Chicago families have done well by renting out everything from their bikes to their backyards.

One idea is to turn your home into a doggy hotel with the help of websites like DogVacay, a website that matches dog owners with prospective caretakers or “hosts”. One caretaker told ABC News that each dog she hosted brought in $35 a day and this helps pay her rent. Two top hosts for DogVacay turned their love for dogs into full time businesses. One is a woman from Orlando, FL who charges $25 a day and the other is a man in New York who charges $50. Location may have some bearing on what caretakers charge. DogVacay takes a cut of 15% but you get paid the first business day after the vacay ends.

Don't care for the boarding idea but you have a bike that is collecting dust? Or, maybe you have an expensive bike that you'd like to pay off. You may want to try SpinLister. On SpinLister you can rent out your bikes, skis and snowboards. Listing is free, but when someone rents your ride, they take a 17.5% service fee from the rental price. You're free to charge what you'd like and rentals that I saw ranged from $2 a day for a snowboard to $165 a day for a speed cruiser. Unlike, DogVacay, you get paid every 2 weeks when your account balance is over $50. But, they say you never have to wait more than a month to be paid.

Another money-maker for some is to rent out the family car through RelayRides. RelayRides suggest that you could rent out your car instead of letting it sit in a parking lot all day while you're at work. One family reported that, by renting their car out over the weekend, they are making about $3000 a year to set aside for their daughter's college education. Through RelayRides, the owner sets the price and the renter picks up the car directly from the owner. RelayRides also list cars that can be rented from various airports throughout the country. With RelayRides the car is covered with a $1 million insurance policy and 24-hour roadside assistance. They claim that the average user makes $250 a month upwards to $1,000 a month for their top earners. RelayRides car owners receive 75% of the rental price and any excess mileage charges. Owners are paid 3 days after the completion of a reservation.

Two other interesting money-making rentals include renting out your backyard or other real estate for campers and renting out your driveway. The referenced website for renting real estate was Airnb. Airnb lists a variety of accommodations in 192 countries anywhere from a single room to, would you believe, a tree house. They provide protection for up to $1,000,000 in damages to covered property in the rare event of guest damages. Airnb has a 3% service charge to hosts who get paid approximately 24 hours after the guest arrives.

The last and possibly the easiest of all is renting out your driveway, garage or other available parking space. Driveway and/or business parking lot rentals are common in my neck of the woods. During a special event, additional parking is always welcome. One website you can check out is ParkOnMyDriveway. One man living near a large stadium reports that he made $400 during football season renting out parking space in his driveway.

Before jumping online and signing up for any of these websites, it's important to be sure you aren't violating any local laws or ordinances.

So how much money can be made renting out your personal property? It seems that it's only dependent on what you own, where you live, and what you're willing to share with someone else.