Whether it’s renting an electric car charger, a designer dress, a camera or a carpet cleaner, a growing number of people are turning to the sharing economy to earn extra cash.
As the cost of living crisis continues to rage, many consumers are scrambling to find ways to supplement their normal income, and sometimes the answer is right there in the attic, under the stairs or in the garage.
Airbnb and Uber are the two best-known examples of sharing economy companies, but in recent years many other platforms have sprung up, allowing people to share their assets and withdraw money they have. much needed.
For some people it’s a few extra pounds, while for others it’s effectively provided them with a second paycheck.
However, before renting your items, read the fine print and think about how you would feel if your belongings were damaged, especially if they have sentimental value. Also, don’t overlook the amount of time that could be gobbled up in administration if you find that your goods or services are in high demand.
Rent your electric car charger
It was after finding a flyer for Co Charger – a company that allows electric vehicle users to rent their home charger to others – in the back of their electric car at an event that Emma Sherrington and her husband have since decided to give the service.
A year later, the couple – who, with two electric cars between them and solar panels on the roof, consider themselves staunch environmentalists – now regularly rent their charger from a local man unable to install a charger in his home.
“Once or twice a week he drops his daughter off at school and leaves the car in our driveway and then picks her up when he picks her up,” says Sherrington, 52, a community dietitian for the NHS who lives in Berkhamsted , Hertfordshire.
“It’s not a disadvantage for us; we have to know someone and have little talks with them every time, so it’s pretty cool, and we earn some money.
Sherrington isn’t sure how much they earn, but estimates it’s around £20 a week. “We like to think it pays off for the investment we made in solar panels last year.”
The couple also appreciate that it helps make the area more environmentally friendly. “If there are more chargers, it encourages more people to get electric cars,” she adds.
Rent his wardrobe
After renting an outfit through By Rotation, a website for people to rent their clothes, Lydia Epangue had the idea to look inside her closet to see if she could earn some extra cash through her clothing collection.
Epangue, 35, a digital project manager and lifestyle blogger living in Birmingham, has uploaded products ranging from bags and dresses to shoes and shawls.
She now earns an average of between £250 and £300 a month from the service, which indicates how much the items cost to rent.
“It’s a decent amount of money,” says Epangue. “Clothes that would otherwise stay in the closet end up making you money.”
She uses the extra money to treat herself. “I like to invest in a nice bag or some shoes, or something that I never thought I would buy, because I think, ‘Well, this money isn’t coming from my income – I can treat myself and save one. party, too.'”
Epangue is a fan of the environmental benefits of rental fashion, a growing industry whose other major players include sites such as Rent My Wardrobe and Hurr.
“There’s a really good sustainable message: instead of buying new clothes, you can reuse and wear lots of different clothes.”
However, Epangue says she puts a limit on certain delicate items and likes to reiterate the need for renters to be careful. “I had an item that came back damaged because some people don’t know how to care for expensive clothes with specific details like sequins or silk.”
Rent professional equipment
With average monthly earnings of up to £4,000, Mustafa Özkök has done well in the sharing economy. The founder of a digital agency, he rents camera gear and laptops from the Fat Llama Market, where users can list everything from bikes to tents. Its cheapest daily price is £10 for a lens accessory, while its highest is £120 for a Sony FX6 cinema camera.
Although his main income remains his digital agency, Özkök says the money has had a positive impact on his career.
“I can now be picky and use my creativity more,” says the 32-year-old, who lives in London. “Making a living as a creative isn’t the easiest – I’ve been doing it for 10 years, so I know how hard it is. Rather than doing cheap labor, I can use my time and creativity for greater things. I have the luxury of choosing my clients so I don’t have to say yes to everyone.
A tech fan, it’s no surprise to learn how Özkök spends some of the money he accumulates through Fat Llama. “I love little gadgets; they are like little toys for me,” he enthuses. “I always like to buy new products whenever there is a new release.” In addition, he can also rent them.
Like others sharing their possessions, Özkök is equally enthusiastic about the other benefits. “I meet other creatives and sometimes we even work together,” he says. “It opened doors for me.
He says one setback is the admin associated with item rental. “I decided to limit my hours,” he says. “Otherwise, people want to meet at crazy times, and it was becoming impossible. I limited the hours people could pick up and drop off goods so I could focus on my job. »
Rent household items
When Jenny Reynolds’ friend, Victoria Davidson, started a business called pa-rent to reduce the environmental impact of consumption, she started thinking about what elements of her own home she could add to the site, which encourages people to rent their resources in return. for money.
There was one item that slept 99 per cent of the time that she thought could bring in some extra money: her carpet cleaner, which the Edinburgh-based teacher had originally bought second-hand for £80.
She rents it for £10 for a 24 hour period and gets £8 from it after the site takes a cut. The day we speak she has rented it again and told me she has made a profit of £220 on the item so far. “It’s been great,” said the 34-year-old. “It’s really popular.” She also rented an electric car and a children’s tent.
“I’ve been on maternity leave, so the money has been an amazing little boost. When I get back to work, we talk about putting the money in a savings account and spending it on a night out without the kids.
She also used the site as a borrower, hiring a tow bar for a bike for £7 for the week. “It was an incredible saving. Otherwise it would have cost around £70 to buy.
Rent your car
Hesham Al-Surmi, 36, not only loves driving his Audi A4, he also loves when other people give it a ride. Indeed, Al-Surmi pockets a decent amount of money every time someone else gets behind the wheel when he makes a booking through car-sharing platform Karshare, with Manchester-based Al-Surmi charging around £85 £ per day. Karshare takes a 25% discount.
Al-Surmi has pocketed £10,000 since joining the site late last year. The delivery driver says demand fluctuates. “It was busy in December but calmed down at the start of the year. Now that’s completely insane.
The money was a game-changer for Al-Surmi: “It gave me a second salary and helped me with everything from food to bills.”
It has also given it food for thought when it comes to further cementing its position in the sharing economy. “I want to save a lot to buy a second car and rent it on Karshare and have another slice of income.”
Gets paid to take care of cats
Jane Foster loves cats but her sister, with whom she lives, is allergic to them. So Foster gets her feline fix by taking care of the cats when their owners go away.
“As a professional writer and filmmaker with an erratic lifestyle and a sister who loves her own space, just like me, this suits me just fine,” says Foster, who thinks she’s cared for around 75 cats through the Cat in has. Flat for the past 10 years.
Unlike some services where pet sitters receive free accommodation in exchange for custody, Cat in a Flat sitters charge for their services. Foster’s rates start from £30 a night. “I’m a nomad – I work from home, and as long as I have access to wifi and can get there, I can also become a longer-term house-sitter.”
Foster, who lives in London, thinks she earns around £5,000 a year caring for cats.
“What it does is keep day-to-day living expenses low,” she says. “Buying in London is extremely difficult, especially if you’re single these days, but it means I can save more on my screenwriting career.” She also enjoys exploring new neighborhoods. “I am a born nomad. I have always liked to travel.
Nevertheless, expect the unexpected when you stay under someone else’s roof. “I was once sitting on a small Siamese cat when water suddenly started flooding the ceiling at 3am. It was hardcore.
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