Cash from your stash
HOW TO TURN YOUR IDLE ASSETS INTO AN INCOME STREAM
Australia’s cost of living squeeze is prompting more people to investigate ways to generate money from assets they don’t fully use.
Spare rooms, garages, clothing, cars, caravans and online marketplaces are among options for people using apps and platforms for profit.
“Australians are now under more pressure than ever due to the rising cost of living and increasing interest rates, so are looking for resourceful ways to bring in that extra bit of income to help balance the household budget,” says Mike Rosenbaum, CEO of Spacer and a director of other sharing economy businesses. “Often, asset sharing is passive and can be done with little time spent each month.”
Most sharing economy services are free to join but take a commission on bookings. Here are some of the options.
SPACED OUT
Storage space – such as garages, empty rooms, cellars and sheds – can be rented out on the Spacer platform, which delivers users average monthly earnings of $400.
If you have an empty car parking space, you can share it with others on the Parkhound platform, which has seen a large jump in bookings as workers return to the office. Parkhound users earn an average $300 a month.
“You can increase your earnings by offering additional features,” Rosenbaum says. “Garage spaces, for example, are worth more if there is CCTV installed.”
Spare bedrooms can also be rented out on platforms such as The Room
Xchange, which matches empty rooms with like-minded housemates using profiles and search algorithms. A spare room can bring in up to $1000 a month. It’s a way to cash in on the estimated 13.5 million unused bedrooms across Australia, and renters can reduce their cost by taking on household chores. “A spare bedroom is a wasted asset,” says
The Room Xchange
CEO Ludwina Dautovic. “You’re paying for every square metre in your house, whether you’re paying rent or a mortgage, and your wasted space could be providing you with resources that can positively impact your life.”
WARDROBE WINNERS
Fancy frock owners can use dress sharing platforms such as The Volte, which says some users make more than $100,000 a year and the average user earns $1500 monthly.
Sophie Thomas, 33, rents out her clothes on The Volte and says it has been “such a positive experience” and a good return on investment, earning her $3000-$5000 a month.
“I bought a dress for my son’s christening while I was on maternity leave one year ago and I really couldn’t afford it at the time,” she says.
“I had heard about renting out dresses on The Volte so I uploaded it after the christening – the next day I woke up to my very first booking request.”
Thomas says the money made through renting out clothes is paying for her upcoming wedding. “It’s amazing that the wedding costs are covered from a side hustle and not coming out of our income,” she says.
OTHER OPTIONS
Airbnb was one of the first and biggest sharing economy platforms, and other accommodation sharing sites such as Stayz.com.au and Booking.com offer similar services.
People can rent out their caravans and motorhomes on Camplify, which says users earn up to $10,000 annually.
Online marketplaces such as ebay, Gumtree and Facebook Marketplace have delivered some people the equivalent of a full-time job, and ebay says Australians made an average income of $4292 on the platform during the pandemic.
You can share your car for cash on platforms such as Car Next Door, which Rosenbaum says earns users an average $280 a month.
“Some members have turned car sharing into a side business, with a fleet of 10 cars making an average of $103,604 a year,” he says.
“We have several members who rent out multiple items or spaces simultaneously, so the earning potential is huge.”
Your skills and time are also valuable. Mad Paws offers pet-sitting services, Zoom2u is for delivery drivers, and Airtasker facilitates jobs ranging from earthmoving to business administration.