If you’re like most Americans, you probably have a collection of items or appliances sitting around the house unused, collecting dust.
Now, resourceful individuals and families are putting those unused items to work and generating extra income by renting them to their peers for a fee.
It’s known as the ‘Sharing Economy,’ a variety of internet platforms designed for peer-to-peer transactions that range from renting personal items from bicycles, automobiles, to even an empty garage for people in need of a secure place to park their vehicles.
Most Americans who own a car are probably unaware that their car sits idle 92% of the time. Now families like the Sakof family in Chicago are making roughly $25o every weekend by renting their car during those times when they aren’t using the vehicle.
For the Sakof family renting their car for extra money was an easy decision. “What did we have to lose?” says Justin Sakof, “for us the car is sitting idle for 25 hours every weekend and on Sunday, it gives us another opportunity to be a family and spend quality time together.”
And the process couldn’t be any easier. The Sakof family uses RelayRides, one of the largest peer-to-peer car-sharing companies in the United States to set the price, the availability, even the location of the pick-up. RelayRides in turn, screens the renter’s driving records and requires them to pass a background check. They even cover the vehicle up to $1 million in damage.
Justin Sakof says every time they rent out their car, they are able to put money away for their son, “we’re hoping to save a little bit for the college fund.”
The ‘Sharing Economy’ is growing extremely quickly throughout the United States, be sure to check your local laws regarding rentals before you sign up for these apps since regulations often differ from city to city.