MoneyMagpie

Feb 26

Make and save money from renting

If you’re working and have a busy family life but need some extra cash, it can be hard to think of ways to make money. There is a method that can help you make and save money, with minimum effort; renting. Everything you own is worth something, even the clutter in your garden shed or the garden shed itself. So keep reading to find out how you can make and save money from renting.

Rent your property

Most people’s biggest asset is their house. We’re not suggesting you give up all of your personal space, but what about the parts that you don’t really use? Everywhere from your garage and your garden, to your cellar and your attic can be rented out, you can even rent space in your freezer!

By clearing out spare rooms or garages, you can either sell the clutter you don’t need or put it into storage, and then rent your reclaimed space. As the price of living space increases, you can make money by just letting other people’s things sit there!

  • money from rentingRent your parking space

As the number of cars on the road grows, so does the demand for places to park them. If you don’t use your garage or driveway then there’s a good chance that someone out there will – and they’ll pay to avoid a nasty parking punishment!

While many people sell off their unwanted garages, this will devalue your house and in the current housing market this is the last thing you want to be doing! Use your garage instead, try Parklet or JustPark.  Both are free to advertise on and charge 15% commission and, depending on where you live, could make you up to £500 a month.

NB- Parklet also charges a one off admin fee of £25 for the first month.

If you live near a sports stadium, airport or congestion charge zone your parking space could be worth even more! See our article renting out your driveway or garage for more information.

  • Rent out storage space

Of course, cars aren’t the only thing you can keep in a garage and people will pay to use not just your garage, but also your cellar or attic space for storage – especially if you are nearer or cheaper than the closest storage warehouse. Spareground can advertise your space and is completely free.

If you are willing to spend a little in order to make more money, see how to make money investing in garages.

  • Rent a roommoney from renting

A classic way of making a bit of extra money from your home is to rent out a spare room. If you’re looking for a lodger, have a look at Easyroommate – it’s free to post an ad.

If you don’t want to commit to a full time lodger, check out MondaytoFriday. This website lets you sign up to rent to people who just want to stay with you during the week and will return home on the weekends. There are lots of professionals looking to cut their costs, and switching from their own flats or hotels to being a week day lodger is a cheaper alternative for them. This is great for you. MondaytoFriday prices start from £19.99 depending on how long you want to post your advert for.

What’s more, with the government’s rent-a-room scheme, you can earn up to £4,250 a year from renting a room without having to pay a penny in tax! Take a look at our article on renting a room.

  • Rent to a student

Alternatively, if you want a full time let but only for a short time, you can rent to students who will only need the room during term time – or only over the holidays – depending on the course they are taking.

With this year’s rush of students wanting to go to university before next year’s fees increase, there is even more pressure than usual on student housing, and likely to be a lot of people looking for accommodation.

UniHomeSwap is a website that organises home and room swapping so that people can live near their university for much less money, you can register your room on the website and then it’s a case of waiting for a student to match up with you.

Have a look at our article on hosting foreign students, too. This also opens up the opportunity to make a little extra money as a language tutor. For this a TEFL (Teach English as a Foreign Language) qualification would be a big help and may make it easier to find a lodger.

  • Rent your garden

money from rentingAlthough municipal allotments cost relatively little – up to £40 a year – the waiting lists for them are long. This means that there’s bound to be someone eager to use your garden for growing their vegetables and you can charge as much as you like!

So if your garden’s becoming too much effort to maintain, why not have someone else do it? For more information, try our article hiring out your garden as allotments.

Alternatively, you can rent out your garden as camping space, or perhaps as a place for people to hold garden parties. Once again, Spareground can offer you free advertising.

  • Rent your whole house

This may seem extreme, but your house is probably the most valuable thing you own and renting it will bring you a lot more money than just a room.

Whilst renting, you can either move in with friends or family, or rent somewhere smaller using part of the income from your house.

To rent for just a short time, if you live in a big or interesting looking house, it might be worth considering renting it as a film set. Find how to rent your home as a film set.

Rent your stuff

Space in your house isn’t the only thing you can rent out – you can also make money from pretty much everything you own.

  • Rent your car

This is perhaps not advisable if your car is your pride and joy, and your own family members get shouted at if they dare to wear shoes or breathe on the windows when you give them a lift. If you’re a little more laid back, and have times when your car just sits in the garage, why not make money from it?

There was a site called WhipCar which allowed you to register your car for someone to hire, or sign up to rent available cars in your area. Sadly it has closed down now which means that it may not be possible to do this formally now. However, there’s nothing to stop you doing it informally with friends, neighbours or family. So long as they are insured to drive someone else’s car, and you have an agreement in place about what happens if there’s an accident and who pays for petrol etc, you could cover some of the cost of ownig.

  • Rent your clothes

If you’re lucky enough to have some designer clobber that others might like to borrow, why not make back some of the money you spent on them? iRent2u is a site that lets you both lend and rent users clothes.

Alternatively, if you’re just looking to rent clothes, have a look at ThatDress, a website featuring carefully picked dresses and accessories for all occasions, saving you an expensive trip to the shops and ensuring you never have to be seen in the same outfit twice.

  • Rent just about anything!

Some sites will let you advertise everything from video cameras and chainsaws to bouncy castles and massage tables.

RentNotBuy lets you rent out absolutely anything without paying a penny! You can also try Zilok which is again fee free and covers a broad spectrum of items or Ecomodo which is currently run by volunteers. You can also search by area and find items for rent in your area making pick up and drop off much easier.

Renting not only saves you money, but helps the environment by encouraging people to share and reuse instead of buying new.

And don’t forget to save…

Whilst you’re making money renting out your stuff, why not save a bit by renting from other people?

Particularly popular are baby accessories, so next time you’re babysitting your nephews and nieces, instead of spending a fortune making your home baby-safe, just rent a stair safety gate for £8 a week!

Here are some examples of what you can rent out and how much they can earn you:

What you can make from renting

Item

Weekly Revenue

Website

Pushchair £12 RentNotBuy.co.uk
Triathlon Bicycle £60 RentNotBuy.co.uk
Cross trainer £20 RentNotBuy.co.uk
Underground Parking Space in London £120-£390 Parklet.co.uk
Trampoline £60 RentNotBuy.co.uk
Spare Room in London £150+ EasyRoomMate.co.uk

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WHAT DO YOU THINK?

12 thoughts on Make and save money from renting

  1. The best site to rent out stuff I have used is called hirejungle. It allows to post unlimited free ads, no commissions and it has a serious development behind.

    Reply
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    Reply
  3. I don’t think I could rent out my car to make a little extra money — but I do like the idea. The only problem I would say with renting out your stuff is damages; how can you insure renting out your own stuff?

    Reply
    1. That’s a good point Hasan and is a common query. The good news is that sites like WhipCar automatically insure your car during rental without affecting your existing policy, so there’s no need to worry about damages.

      Reply
  4. Have a look at RentMyItems.com which is currently offering free listings. Currently it’s for the UK only. You can list/rent most household items from tools and toys to coats and cars. With free listings currently it’s an opportunity to try before you buy.

    Reply
  5. Really good post! It is true people is looking more and more how to maximize their assets during recession times. I work in a website called flat-club and we are constantly seeing how our guests and hosts try to rent out their spare rooms and find alternative and cheaper accommodation when travelling.

    Reply
  6. This was the most interesting articles I read on the internet since I can remember. I am always thinking of ways to make a quick and easy dollar. I was always told that renting was one of the number 1 ways to make money or even yet get rich. Great article and thank-you for posting.

    Reply
  7. I have had may stuff to rent on rent not buy for about 8mths with no luck at all people seem to put things on to rent but people dont seen to use it to rent things .

    Reply
  8. Very interesting blog post thank you for sharing I just added your website to my bookmarks and will be back.

    Reply
  9. BigYellow I hope you are paying Jasmine a rental fee for keeping your blatent advert posted on her website.

    Reply

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