Do you want to earn passive income? Take a look at your house, garage, and yard – they may hold potential rental assets. You can rent out storage space, parking spots, and even a swimming pool.
There are now many platforms and applications that support renting out your assets. Some even provide limited liability insurance to protect your rental business. So, what assets can you rent out, and how much can you expect to earn?
If you are retired or working remotely, you may not need to use your car every day. Maybe you’ve inherited a car from your mother that has been sitting idle. Either way, you can make money with that car.
Turo is a platform that helps car owners rent out their vehicles to others, a model known as car-sharing. Turo’s data shows that the average annual income from renting out a car is $10,868.
Here is how it works. First, create an account and list your vehicle’s information, set a daily rental price, and specify the availability of the vehicle for rent.
Turo provides up to $750,000 in third-party liability insurance through Travelers Insurance and offers various customizable insurance plans to meet your needs.
You can choose to hand over the keys to the renter in person or use a lockbox. Turo also offers remote handovers through the app. Turo conducts background checks on renters, collects the rent, and then pays you.
Turo partners with Travelers Insurance to provide up to $750,000 in third-party liability insurance and tailored plans based on your needs.
Once the kids have grown up and left home, the pool sits unused. You can put that idle pool to use by renting it out by the hour.
Swimply is a platform that allows users to rent private pools. Users simply upload photos of their pool, set a price, and establish house rules.
All booking requests are approved by users. Upon completion of the booking, users will receive payment from Swimply within 24 hours, minus a service fee.
For caution’s sake, you should ensure that your insurance coverage is comprehensive. If needed, consult with your insurance agent about additional coverage.
In addition to swimming pools, Swimply can help you rent out facilities such as pickleball courts, tennis courts, and even your residence.
In simple terms, you can earn up to $5,000 per month by renting out your swimming pool.
If you have a large fenced yard sitting idle, you can transform it into a private dog activity area. The SniffSpot platform allows you to rent your yard to dog owners by the hour.
SniffSpot offers landlords $1 million in liability insurance, covering up to $5,000 in property damage compensation. The platform also requires all dogs to be vaccinated.
Guests are responsible for cleaning up after their pets, and SniffSpot provides customer service.
SniffSpot data shows that some landlords can earn up to $3,000 per month. Payments are made through monthly direct deposits.
Do you live in an area with tight parking spaces? Or perhaps near a large entertainment venue? You can rent out idle parking spots. This is the ideal passive income – earning money without having to do anything.
The SpotHero platform allows you to list your parking spot for rent by providing relevant information for evaluation. If it meets the requirements, SpotHero will add your parking spot to the rental platform.
You will receive a monthly direct deposit into your account for all completed bookings. SpotHero will help you determine the optimal rates for maximizing profits.
Families on the go may not always have baby gear with them. But they’ll need it once they reach their destination.
If you live in a tourist area with unused baby gear, you can make some money. BabyQuip offers rental and delivery services for parents in need of baby gear.
Apply online, and once accepted, an interview will be arranged to answer your questions. If you’re a suitable candidate, BabyQuip will start the onboarding process, providing training to equip you with all the knowledge needed to start a baby gear rental business.
BabyQuip offers up to $1 million in general liability insurance. You will receive a deposit before delivering the order. It takes about two days for funds to appear in your bank account after the customer pays the booking fee. Plus, BabyQuip’s secure platform ensures you receive payments, including tips.
Your potential earnings depend on how much baby gear you have.
Turn your idle space into passive storage services. If you have extra garage space or rooms, they can bring in revenue.
People may need to store business documents, boats, furniture, and more. The Neighbor platform connects users needing storage space with property owners who have space to spare. You can pre-approve or reject any clients and set your pricing standards.
Neighbor platform provides $1 million in comprehensive liability insurance, handles all payments, and deposits funds into your account monthly.
How much you can earn depends on the size of your space. Unlike platforms like Airbnb, storage services are more passive in nature.
Whether renting out your swimming pool or storing items for others, you can earn additional income. Before starting any business, review your homeowners’ insurance policy or contact your insurance agent to ensure your coverage includes commercial use.