Are you looking to raise cash to pay down debt, boost your retirement savings, replenish your emergency fund or pay for a nifty vacation? Have you thought of renting the stuff you seldom use?
Right now there are a plethora of websites with handy apps you can use to identify potential renters, complete transactions and get paid quickly. They are similar to the apartment rental app Airbnb, only for items like clothes, parking spots and power tools.
Here are six categories to start with. In each case be sure to read the fine print. When renting out your possessions, look for an insurance or protection plan to fall back on should you encounter a problem with a renter, or your property be lost, stolen or damaged.
1. The bling in your closet
Let’s say you’re a woman with a closet full of designer shoes, handbags, clothes and accessories. Or you’re a guy with a killer tux. You can offer these pricey items for rent through StyleLend.
You simply list your items, get a renter, approve the individual and prepare the goods for shipping within 24 hours. You’ll be paid 80 percent of the fee through Venmo or Paypal. Clothing must fit the customer, of course. It will be returned to you in a prepaid envelope after seven days.
What if merchandise is damaged? Customers pay a $5 insurance fee to cover fixable repairs up to $50. Should the article suffer greater damage, or be lost, stolen or unfixable, the customer will be charged the replacement cost or the item’s current monetary value.
2. Your car
You enjoy having a car but seldom use it. Maybe you have a second vehicle that often sits idle. Try turning to Turo. This car-sharing platform, available in many major U.S. cities, connects you with drivers in your area who may want to rent your wheels. Rental rates are attractive but lower than those typically charged by car rental agencies.
Turo sets the rate for your car based on competitive factors, lists and markets it, and checks out potential drivers. It offers insurance coverage and roadside assistance. With Turo, you keep 65 to 85 percent of the receipts per rental. Payments are deposited into your bank account within days.