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Don’t let your unused belongings gather dust — make cash and rent them out instead!
Want to make extra cash? You might want to look in your home for any possessions that have been untouched for months or years!
Many of us have things we only use occasionally (kayaks, tents, fancy clothes). But did you know that you can rent out some of your items instead of letting these idly take up space?
Some Aussies have made thousands out of this as a side hustle. And you can, too!
Recently, the morning program Sunrise featured a few people cashing in on their assets without selling them.
One notable example is Melissa Howard. Melissa loves to shop for clothes, and her passion for fashion has resulted in a full wardrobe.
Most dresses only see the light of day a few times a year. But when you have as many dresses as Melissa, some may not even get worn at all!
The Volte lets owners of designer clothing profit from their possessions through ‘dress hire’. Credit: The Volte
Through The Volte, a designer fashion rental marketplace based in Australia, Melissa shares her love for luxury fashion in a sustainable way.
The rental platform allows borrowers to choose various designer pieces (from fancy to casual) and wear them without paying full price. Meanwhile, lenders can enjoy a return on their fashion investments while still keeping the items they bought with hard-earned money.
If you’re wondering just how much Melissa is earning from The Volte, you’d find that it is very lucrative. ‘I would estimate I’ve earned about $25,000 to $30,000 using The Volte and hiring my wardrobe,’ she shared through Sunrise.
But it’s not just clothing. You already know that homeowners can rent out their houses and apartments through platforms like Airbnb. But there’s also an equivalent for boat owners — through Book My Boat, lenders can rent out their boats when they’re not sailing.
According to Matthew Lloyd, founder of Book My Boat, boat owners in Australia only use their boats 28 days every year, which means that the asset is underutilised 96 per cent of the time.
‘We like to say we turn our boat’s idle days into paydays.’ Lloyd said.
Australian boat owners only sail an average of 28 days a year. Image Source: Open AI (AI Generated)
Jessica Dennis, who bought a boat for $60,000 in 2019, has already earned $100,000 through rentals.
The business is also a win for Aussies who can’t buy a boat but still want to experience a slice of marine life.
You are not limited in the possessions you can rent out. Popular options include cars that can be lent through platforms like Drive My Car and Car Next Door, and storage spaces that can be advertised on Spacer and Gumtree.
Do you have bikes, sports equipment, or photography gear? You can let others rent it for a fee, too!
For retirees, renting out belongings is a good way to earn income without exerting much effort, save for maintenance. You can also offset the cost of your investments and in turn, help others save money because they don’t have to buy items they don’t use regularly.
Would you be interested in renting out your possessions? Why or why not? We’d love to hear from you in the comments!
