How renting your things can generate passive income

How renting your things can generate passive income

Making money with no effort can be a lot easier than you think. Renting out your stuff can help you generate passive income and bring down expenses or help you save.

Rent a Spare Room

If you have a spare room at home, you can rent it out to make extra money. People use Airbnb all the time to find better rates than hotels, and you could easily make a lot of money if you are willing to have guests regularly.
Signing up for Airbnb and listing your home is completely free. Once you receive a reservation, Airbnb charges a service fee for hosts, generally 3%, to help cover the cost of running the business.

If you have a spare room at home, you can rent it out to make extra money.

To be able to rent a room, you should:

1- Be able to provide a way for guests to access keys and check-in even when you're not around. 
2- Bulk-buy amenity items you offer guests. 
3- Buy a few sets of sheets and towels that will help you ready your space quickly without having to deal with laundry.

When you have signed in and prepared your house accordingly you can choose your own hours, prices and requirements for guests.

And you don’t need to worry about your home, Airbnb has a Host Guarantee that covers property damage and a Host Protection Insurance that covers civil liability, so, as a host, you have coverage throughout the process.

Having a permanent flatmate is another option, but this would mean living with someone else fulltime.

Rent Your Car

Just like renting a spare room on Airbnb, there are sites where you can rent out your car. Getaround, for example, is an online car-sharing or peer-to-peer carsharing service that allows drivers to rent cars from private car owners. It may sound like it's not worth the trouble, but you could make thousands per year by renting your car out when you don’t need to use it.

If you are worried about the risks, you needn’t be. The Getaround policy provides coverage for incidents that occur during a trip reservation, and both you and the renter are covered by their policy. 

This is how it works:

1- To register your car you add essential information about it, and Getaround will call you to schedule a day to install the Getaround Connect device.
2- After going through a verification process, drivers will be able to reserve your car when it becomes available.
3- Drivers can locate your car, and after having made the inspection round of the outside, they can open and close it with their mobile so you don’t need to meet with them.
4- You receive a bank transfer within 5 business days after the end of each rental, including compensation for fuel or mileage.

Rent Your Parking Spot

If you live in área where parking is difficult or very expensive, you can make some extra cash passively by renting out your driveway, garage, or parking spot to drivers in need. 

You can rent your space out, either daily or monthly, and make easy tax free money. Apps like JustPark. can help you do it. It‘s free to list and only takes a few minutes to get up and running.

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