Eight years ago, I wouldn’t have thought I’d be getting into strangers’ cars to go around the city.
But now, I can’t count the number of times I’ve ordered an Uber or Lyft car to get from place to place. Plus, I’ve stayed in random people’s apartments all over the world, thanks to Airbnb.
Companies like Uber and Airbnb help people make money from sharing goods and services with one another, for a fee. If you have a car, apartment, or something else to rent out, you could get in on the sharing action.
Here are six ways to participate in the sharing economy.
1. Rent out a room or an experience
As the pioneer of vacation rentals websites, Airbnb makes it relatively easy to rent out a room, apartment, or house to people from all over the world.
The process for signing up as an Airbnb host and listing your home is pretty straightforward. Airbnb offers insurance coverage of up to $1 million, so your property can be protected. And for all this, it deducts a 3% service fee.
Airbnb’s earnings estimator gives you a sense of how much you could earn on your listing. In New York City’s Manhattan area, for instance, renting your apartment to two people for a month could generate $2,078. The estimator, however, does not indicate whether the earnings include the service fee or not.
You also can make money hosting an Airbnb experience, instead, depending on your area of expertise. Such “experience” hosts might guide visitors on a tour around their city or lead a cooking class to make money.
2. Turn your home into a dog hotel
Dog-sitting app Rover lets you open your home to canines. Through Rover, you can offer boarding services for dogs when their owners are away.
You can set your own schedule and rates, as well as determine how many dogs you wish to watch. You’ll keep 80% of the earnings while Rover takes a 20% commission.
If you want extra support, such as professional photographs and advice on how to book four to six stays per month, you could sign up for the company’s RoverGO program. RoverGO sitters can keep 75% of the earnings, and the company takes 25% for the extra benefits, the website says.
Some pet sitters can make $1,000 or more per month after Rover takes its share of the earnings, the company says. Rover’s insurance policy covers pet and personal injuries or damage to personal property.
3. Drive for a ride-sharing company
You can make money driving for a ride-hailing company such as Uber or Lyft if your car meets certain requirements. To drive for Uber, for example, most cities mandate that your car’s model year should be 2007 or later.
After going through an interview process with the company, you can start accepting rides via its app on your phone. Ride-share drivers set their own hours, so there are no typical schedules or earnings.
Neither company is particularly clear about the commissions or fees it charges. Both suggest the fees vary and sometimes are even different from trip to trip.
4. Lend your car to neighbors
You can list your car on the websites and set your price. Both companies let you select a drop-off and return point. If you don’t want a customer to come to your house, for instance, you could meet at an airport or a custom location.
Both companies offer liability insurance and roadside assistance. Getaround takes a 40% commission on your earnings, and Turo takes between 10% and 35%.
According to Turo, you could make an estimated $2,968 per year if you rented a $20,000 car for a week every month. However, it’s not clear whether that amount is before or after Turo takes its commission amount.
You can use the company’s pricing calculator to determine how much you could make, based on the value of your car and the number of days you rent it out each month.
5. Rent your boat to a fellow mariner
With people renting out their cars and homes, it should be no surprise to see websites for boat sharing.
GetMyBoat has thousands of boat rental listings in more than 180 countries. You’re responsible for setting up your listing and screening potential renters.
Although GetMyBoat provides some sample rental agreements, it’s your responsibility to complete the paperwork.
Plus, you’ll need to make sure your boat owner’s insurance covers any potential issues because the company doesn’t offer coverage to owners.
6. Lend your trendy outfits
Many people might not have a car or boat to rent, but you don’t need either to get in on the sharing economy. The clothes in your closet could be a money-making asset.
If you have a trendy collection, share your fashion love with those in need of an outfit. Style Lend lets you lend your clothing for a fee to people who need an outfit temporarily.
When someone orders an item, Style Lend will send you a free shipping label and return label. You also can request a free box for your item. All you have to do is pack up your article and drop it off at the post office or a postal collection box if it fits. You’ll get 80% of the rental fee and $6.50 toward dry cleaning.
If Style Lend doesn’t accept your listing, you could sell your clothes online on websites such as thredUP or Tradesy.
What can you share to start making money today?
You don’t have to sell your possessions to make money off them. Instead, you can rent them out for a preset period of time through peer-to-peer sharing companies.
The companies let you set your own schedule, so you can work out an arrangement that fits your lifestyle. If you decide that sharing your stuff isn’t for you, check out other creative ways to make $500 in 30 days.
Interested in refinancing student loans?Here are the top 6 lenders of 2019!
|Lender||Variable APR||Eligible Degrees|
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1 Important Disclosures for SoFi.
2 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.50% APR (with Auto Pay) to 7.27% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of April 17, 2019, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 04/17/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on our student loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
3 Important Disclosures for Laurel Road.
Laurel Road Disclosures
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
All credit products are subject to credit approval.
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.49% effective March 10, 2019.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.50% – 7.27%1||Undergrad & Graduate|
|2.50% – 7.12%3||Undergrad & Graduate|
|2.81% – 8.79%4||Undergrad & Graduate|
|2.50% – 6.65%2||Undergrad & Graduate|
|2.55% – 7.12%5||Undergrad & Graduate|
|3.00% – 9.74%6||Undergrad & Graduate|