5 Easy Ways to Make More Money in the Sharing Economy (Starting This Week)

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You’ve heard the saying “sharing is caring,” right? But what if sharing could also make you more money? In today’s interconnected world, there are more and more ways to make extra money with very little effort. Right now.

If you want to make more money, you don’t have to moonlight as a babysitter, or hustle to find a part-time job that likely doesn’t fit into your already-busy schedule. You don’t have to wait to work on other people’s terms.

You can use the sharing economy to your advantage—help people out and make money in return. That’s a pretty sweet deal, huh?

Here are some great ways that you can benefit from the sharing economy and make more money.

1. Rent out Your Apartment

If you’re like most people, rent is the biggest expense in your budget. When I lived in New York, my rent for a one-bedroom apartment was 50 percent of my income. It was brutal.

Luckily, there is a way to cash in on your digs and recoup some of that money. You can rent out your apartment or home on AirBnB. It’s a win-win situation really, as visitors and vacationers don’t want to pay steep prices for a hotel and you can make extra money.

You can make a couple hundred to a couple thousand dollars per month, depending on where you live and how often you are willing to host. Use their tool to get an estimate of how much you can make. As an example, I can rent out my one bedroom in Portland for $1,080 for two weeks, which comes out to about $77 per night. Not bad!

2. Rent out Your Car

Next to housing, transportation can be a huge chunk of your budget, especially if you have a car. Between car loans, gas, insurance, and maintenance, you’re likely to spend thousands of dollars each year on an item that depreciates quickly.

But what if you could recoup some of that money, with little to no effort? Luckily, you can with car sharing services like RelayRides and Getaround.

When you are not using your car, instead of it just letting it take up space and get dusty, you can make extra money by renting out your car to local drivers. If you aren’t using it, why not make some money off of it?

RelayRides lets you control the price and availability and also lets you decide who can rent your car. Not only that, but they also provide liability insurance in case of damage or theft.

You can make money by keeping your car in the driveway and have renters come to you. The website claims you can make up to $1,000 per month. As their slogan says, you can “list it today, rent it out tomorrow.”

To make money with RelayRides, your car must be a 2005 model or newer and have fewer than 100,000 miles.

Getaround is a similar service that allows drivers to share their car with the community and make a little extra cash. They state that the average driver makes $6,000 a year. Getaround also offers insurance as well as 24/7 roadside assistance.

Their terms are a bit more lenient than RelayRides—your car must be a 1995 model or newer, so if you have an older car, Getaround is a better option.

3. Make Money Driving

If you want to make more money using your car, but want to take an active role, you can become a driver for a variety of companies.

Uber and Lyft are leading the way in peer-to-peer rideshare services. You can become a driver and work on your schedule, your time.

Uber, which is gaining popularity, claims drivers can make between $20-$35 per hour—and get this, up to $1,200 per week! In order to be eligible, you must have a four-door car and your car must be a 2005 model or newer. You also get paid weekly, so this is a great way to make some extra cash in your free time.

You can also try out Lyft, which claims you can make up to $35 per hour. Using Lyft, you can keep your tips and make more money with Prime Time pricing during peak hours. To be eligible, you must have a four-door car with five seatbelts. In addition, your car must be a 2003 model or newer.

If you don’t want to give people rides, you can deliver food and other items through Postmates. Users can use Postmates to request delivery of their favorite food (Chipotle, anyone?) or even general items like cold medicine or toilet paper—you know, for those moments when you really need it.

Delivery drivers (cyclists and bikers can get in on the action, too) can earn up to $25 per hour and keep 100 percent of the tips. Earnings are deposited weekly.

4. Rent out Your Stuff

Have you ever bought a bike or a snowboard, swearing up and down you would use it all the time, and then it ends up just sitting in the closet? Well, now instead of letting your items take up unnecessary space, you can actually rent out your bike, snowboard, and get this, your surfboard, too.

On Spinlister, you can list your bike, snowboard, and surfboard to make more money. The Web site says you can make up to $500 per month and that you have control of who rents your stuff and when.

5. Work as a Pet Sitter

Do you love dogs, but feel like you can’t commit to owning them full time? Then you can work as a pet sitter and make more money by watching dogs in your own home using DogVacay. You can choose the type of dog you want to watch and set your own rates and times.

If that sounds like an awesome side gig, you could make up to $1,000 per month, according to their website.

Get Started

If you’re looking to make more money and don’t want to do typical side gigs, these opportunities offer unique, hassle-free ways to earn more, which can help you pay off debt and reach your financial goals.

Some people have even made full-time careers out of it. Whether you are looking to earn more on the side, or replace your full-time income, the sharing economy offers a little something for everyone. The best part? You can have the freedom to do it on your terms and your schedule.

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Published in Income, Making Money, Smart Tips for Saving Money

  • Jennifer McKervey

    If you have spare outdoor gear taking up space, you can rent it out and make money using GearAroundHere! Think about what you have that others may want to rent. Maybe you have a fancy 10 person tent or a backpack that can haul food & gear for 15 days. GearAroundHere is sure those cost you an arm, a leg and then some. Get a list and pictures of the outdoor gear that you have (maybe you purchased it on an impulse) and list it on GAH. List just one item, or list them all; the choice is up to you! Right down to how much it costs to “rent” the item and when it’s available. By adding in when the item is available, you have the flexibility to block out dates when you know you will be using the item, say for a family camping trip or a trek in the Alps, but it’s still available for those who would really love to use it for an adventure.

  • Joel Cacciotti

    Or maybe you have some spare space around your house? Perhaps your place isn’t up to scratch for Airbnb or you don’t want people living in your house while your away? Storagebuck allows you to rent out storage space to others in your community!