Peer-to-peer renting lets you rent out “that thing” you bought three years ago, used once, and swear you’re going to use again someday. Think about it. How many items do you have in your home that had a hefty price tag when you bought them, but you only used them once? How many of those items are still sitting around your house, taking up space?
What if they could earn you money instead?
What is Peer-to-Peer Renting?
Peer-to-peer renting is when one person rents an item (directly or through a platform) to someone else. Items rented online through peer-to-peer range from lawn mowers and generators to bouncy houses, boats, and costumes.
This slice of the gig economy has really taken off in the UK, with sites popping up that allow people to rent out mountain bikes, portable barbecues, and even extra parking spots and garage or attic space.
Where can I do Peer-to-Peer Renting?
Peer-to-peer renting in the United States is largely geared toward big cities. Rental platforms such as Loanables tends to have listings for larger cities, and fewer listings for medium and small towns. They have both individuals and rental companies listing items on their site, as well as a rental contract to protect both the renter and the person renting.
Rental contracts are especially important for those exploring the peer-to-peer rental route. Legally, if the person renting, say, your power saw from you gets hurt, they can sue you. A rental contract like Loanables’ is essentially a “hold harmless” agreement in which the person renting agrees not to hold the company or the owner of the item responsible.
Other platforms to check out are Zilok or Rentything.
How Do You Start Peer-to-Peer Renting?
Peer-to-peer rental ads read a lot like an eBay ad – they tend to list features, dates they’re available, and price per day or week. There is also usually a photo of some kind. For more expensive items, most renters require a refundable security deposit.
Sites like Loanables allow you to sign up for an account with your contact information and start creating listings.
Try Craigslist.
For those not in major metropolitan areas, you can always try the ever-popular Craigslist. They’re known for having some weird listings at times, and peer-to-peer renting opportunities are no exception. People rent out their garages, trailers, bouncy houses, even a mascot costume for Disney’s Frozen character Elsa.
Even if you’re in a bigger city and could use some of the other platforms, Craigslist might still be better. After all the site has over 40 million visitors each month. Because the peer-to-peer rental sites are comparatively unknown, Craigslist may end up generating more hits to your ad – and more income.
Another upside of Craigslist is that you won’t pay out a fee to the platform for your rentals like you would to some of the peer-to-peer specific sites.
Put Your Stuff to Work.
If you can rent out a room through Airbnb, extra seats in your car through Uber and Lyft, and a spot in your carrying bag through Postmates, then why not rent out what’s sitting around your house unused? You might be surprised what people are willing to pay to rent these days.
