- What to know before renting anything out
- 10 profitable things to rent out
- Frequently Asked Questions
Spare rooms… old tools… unused decorations… we’ve all got plenty of things around the house gathering dust. Wouldn’t it be great to turn them into a source of income? Items that are reusable for others and expensive to purchase are the most profitable things to rent out. Whether you have the equipment already or need an instant loan to purchase an in-demand asset, we’ve put together a list to give you some ideas to start earning extra cash.
What to know before renting anything out
Before deciding whether or not to rent anything out, consider if there is demand. If you know what you want to rent out, see if there’s a demand and if anyone else is already meeting it. This is especially important if you plan to purchase something for the specific purpose of renting it out, rather than using something you already own.
Protect yourself
Some things in this list, like power tools or vehicles, carry a lot more risk when renting them out than things like clothes or decorations. But before you start, look into what, if any, licensing and insurance you might need to protect yourself if anything goes wrong.
10 profitable things to rent out
There are so many different types of investments that can make you some extra money to help pay off your bills or get out of debt. Some are in an oversaturated market, and some have lower competition and can be highly profitable. Here is our list of 10 profitable things to rent out.
1. Car park in a CBD location
Parking in the city is expensive, and many on-street car parks have a short maximum time limit. And since the city is always bustling with people shopping, relaxing, or working, a car park in the city can quickly turn into a money maker.
People will be willing to pay for the convenience of a private car park throughout the week, and the weekend sees no shortage of people streaming into the city for a night out.
If you’re lucky enough to already live in a CBD location with a car spot, you might be able to rent it out yourself without any investment. Or if you’re thinking of purchasing a car spot to rent out, do your research to make sure it’ll actually be profitable in the long run.
2. Camera equipment
Renting camera equipment is a perfect opportunity to make money because it’s great to own, but you probably don’t use it every day. Aspiring photographers or videographers who want to try photography will look for rental equipment.
Camera equipment can include the camera, lens kits, ring lights, natural lighting, bags, SD cards, reflectors, and spare batteries. You can even include some complementary items like SD cards and bags. Remember to ask customers to copy and delete their work from the SD card before returning it.
3. Wedding or event decorations
Decorating for a wedding can be costly, which is why hiring decor is a very popular alternative. Decorations such as tablecloths, centrepieces, drapery, or garden arches may only be used for one day. And since buying them all outright can quickly blow any wedding’s budget, many people decide to rent these decorations rather than purchasing them.
Investing in high-quality wedding decorations may mean they last longer, keeping your side gig running for longer. An online loan can help cover the initial outlay once you have determined the demand and decor style that will rent out regularly.
4. Spare room
Renting out a spare room is a great way to make money at home. Currently, the rising cost of living is putting financial pressure on people, and the rental market is getting more and more competitive. This provides an opportunity to rent out a room to family or friends, or even through an online platform for short or long-term stays. It’ll give you a steady income each week while helping someone out with a place to stay.
Remember to protect yourself from potential damage. The risks might be lower if you rent to someone you know, but it’s still a good idea to include a bond or cleaning fee for peace of mind.
5. Turning a garage into a room to rent
A creative way to make money is to convert your garage into a mini-flat. Then you can rent it out on popular sites like Airbnb. You can build the garage into a guest space that is completely separate from the house, so your privacy and security are maintained.
The advantage to this is you can rent the room out for an entire week at a time for friends or family trips. Depending on the location of your house, you could charge more over particular dates. And you’ll also have a place for friends and family to stay when they’re in town.
Converting your garage requires an investment that will pay back over time in accommodation fees. You may want to sell things to get money to put towards renovating your garage or shed, or consider a fast loan to help you get started.
6. A vehicle
Think about how many times you’ve wished you could skip the car rental line at the airport, or that you had a bigger car to help move some furniture or do a trip to the dump. There are also plenty of people without cars who might need one for a special trip or particular occasion.
Car share companies like Turo allow you to rent out your car, van, or ute on an hourly or daily basis. Renting out your vehicle can be a great way to make some money on days when you aren’t using it.
7. A holiday house/shack
A holiday house can provide a source of income when it’s not filled with your friends and family. In Australia, shacks are very popular as a weekend getaway, but not everyone owns one. Renting these out, even just on weekends, is a fantastic way to make extra money. As long as you can make the time to go to the house to do a quick clean-up between guests, renting out a holiday home can give you the extra income you need to take a trip yourself!
8. Baby gear
Every growing family knows just how expensive new baby gear can be. If you have no use for your car seats, strollers, high chairs or changing tables you may be able to rent them out to make some extra money.
Whether it’s for a longer period like a few months or a shorter period for a family that’s just visiting or new to the area, young parents will be grateful for the chance to use second-hand baby gear.
Baby equipment is often only required for a short phase of the child’s life and falls into disuse as the little one grows. So this revolving market is bound to have demand as long as the equipment is current and in good condition.
9. Clothing
Renting out clothes is a very popular way to make money. People may not want to purchase expensive clothing they only need for one night, so your unused or unwanted clothes could be exactly what someone else is looking for. You could rent out formal clothing like beautiful dresses, expensive dress shirts, skirts, festival outfits or even suits. Make sure that the cost of dry cleaning is included in the hire fee.
10. Power Tools
Power tools are another fantastic item that can be hired out. They can be expensive to buy outright, and people may only need them for an odd job around the house. Charge an hourly or daily rate, and include those useful drill bits and other attachments that accumulate over time to build rapport with happy customers. Your power tool hire service could grow through word of mouth!
Why rent things out?
Advantages of renting things out
The advantages of renting items out are:
- Potential income stream
- Can create a long-term side hustle
- Earn from items that are not being used
- Flexibility in the prices you charge with higher pricing over peak seasons
Disadvantages of renting things out
The disadvantages of renting items out are:
- Initial investment required
- Ongoing costs such as insurance, electricity, water or any potential licences
- Wear and tear of items
- Hard to control people damaging the item or house – especially for a holiday home or shack that may not be your primary residence
- Could have higher competition or be a saturated market
Need some financial assistance to help get you started?
You might have some of the things in our list just waiting to be turned into passive income. But if you need a little help getting started, Red Tree Finance offers same day loans that can help you get the things you need to start renting out today! If you have any questions or want to enquire, please contact our team.
Frequently asked questions
What is the most popular thing to rent?
Some of the most popular things to rent out are:
- Camera equipment
- Baby equipment
- Wedding decorations
- Clothing
- Power tools
Some more expensive items that are fantastic to rent out are:
- A vehicle
- A holiday home or shack
- A room in your house
Can you make money renting items out?
Yes, renting items out can be profitable and create a steady income stream. Depending on the item, it can bring in income without having to put too much effort into maintenance and marketing.
When deciding whether to rent anything out, remember to factor in any costs associated, such as utilities.
What equipment is most rented?
Some of the most common equipment rented out is wedding equipment, like flowers, drapery, carpet and centrepieces. Wedding items have a specific niche and are popular because weddings are held year-round.
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The information provided in this blog is of a general nature and is provided without considering your specific objectives, financial situation, or needs. It is intended for informational purposes only and should not be relied upon as financial, investment, or other professional advice.
Before making any financial decisions or taking action based on the information presented, you are strongly encouraged to assess its appropriateness in light of your individual circumstances. Red Tree Finance does not intend to provide personalised financial advice, and you should seek independent financial, legal, tax, and other relevant advice tailored to your unique situation.