If you’re anything like me, you probably have some household items that are only used rarely, perhaps for special occasions. The rest of the time, they’re confined to storage.
Could you be making thousands of pounds from items that you’d otherwise be storing away? Here is everything you need to know.
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Which household items can be rented out to make money?
Financial services comparison site Confused.com has conducted a study to find out the items that the average household has lying around that can be rented out for money.
Some of the most common things that a good number of households own and that can be great to rent out include:
- Bikes
- Laptops
- Cameras
- Sleeping bags
- Designer bags
- Tents
- Designer dresses
- Designer suits
How much can you make by renting out these items?
Confused.com went to two platforms, Fat Llama and Hurr Collective, to find out the average rental costs of these household items. As a result, they were able to calculate the amount of money that you could make by renting them out.
They found that the highest value item to rent out is a designer dress. If you have a designer dress at the back of the wardrobe, waiting for the next ball you’re invited to, renting it out could bag you up to £255.50.
Another pricey rental item is a marquee, which can be rented out for an average of £252.50. The third most valuable item to rent out is a speaker system, which can bring in just over £200.
Here are a few other items that can be rented out and the average rental income for each.
- Campervan – £187.50
- Drone – £141
- Designer suit – £140
- Projector – £114
- Laptop – £101
- Camera – £88.50
- Bike – £88.50
- Amplifier – £81
- Camera lens – £58.50
- DJ deck – £52.50
- Guitar – £51.50
- Electric keyboard (musical) – £51
- Microphone – £36
- Electric scooter – £32.50
Ultimately, renting out the top 23 items from Confused.com’s list could earn you £2,024.50. You can see all the 23 items on Confused.com.
For some of these items, there is a likelihood of any given household having more than one of them. For example, you could be a musician with two or three guitars, meaning that you could get double or triple the average rental income for this particular item.
As part of the study, the boffins at Confused.com investigated the average number of these items per household. They calculated that if you were to own the average number of each item on the list, the amount you could make by renting them out rises to £4,235!
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What precautions should you take before renting out items?
When renting out your belongings, you’ll need to take steps to secure your personal information – especially when it comes to tech.
According to Jessica Willock, home insurance expert at Confused.com, you should ensure that any passwords, sensitive information, private images and documents are wiped from tech items such as laptops and cameras. This can help you avoid potential instances of fraud or theft.
Furthermore, your belongings can be of financial and even sentimental value in addition to earning you money, so make sure you have the right insurance cover for them. Check your policy carefully to ensure that renting out your items does not invalidate your home insurance.