How renters can make money from the sharing economy

You don't need to own a home to have a sharing economy side hustle!

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What you should know

The sharing economy has had a big impact on how Australians make extra money. While side hustles are nothing new, online sharing services have made making money easier than ever!

Unfortunately, many sharing economy hustles are easier for homeowners. Whether it’s sharing a room or sharing storage space, the long-term certainty and lack of by-laws put homeowners in a more shareable position.

That said, there are opportunities for renters to cash in as well. Here are some ways renters can make money from the sharing economy – no deed required!

Share a room in your home

The biggest earners from services like Airbnb are those who own multiple houses, and can list holiday homes or investment properties they’re not using. However, there are other ways renters can make money by sharing their homes.

Airbnb has a room share feature, where you can list an extra bedroom to share with visitors. If you live in a central location you can make decent money from travellers, especially those on business trips.

Make sure you read up on the insurance arrangements of your chosen platform to keep yourself safe. Also, check your rental agreement to be sure you’re allowed to sublet.

Room sharing services in Australia: Airbnb, Homestay, Flatmates, WeekDay Space.

Share your driveway

Looking for a lazy way to make money from the sharing economy? Why not share the slab of concrete out front of your house?

Share with Oscar lets you list a spare car parking spot for drivers to book and park in. You can list the spot all the time, or just for certain days or hours. That means you can make money no matter how available your spot is.

Payments are made through the app, so it’s a totally hands-off process. If you live in a busy area you can make some serious money, potentially hundreds of dollars a month!

Learn more about renting out a parking spot here.

An empty driveway, which even renters could use to make money with share with oscar

Share your savings

If you’ve been renting a while you may have saved a few pennies as a result of avoiding years of crippling debt. Lucky for you, the sharing economy is producing a new generation of Fintechs to give you new investment opportunities.

Peer-to-peer lending services connect investors with individuals and companies looking for finance, with most of the interest charged going back to you, and the other investors that backed the loan. It’s a lot like what the banks do, but you get most of the returns, not a measly savings rate!

Investing does involve risk, so we can’t make any specific recommendations. Check out a few of the services below, and speak to a financial advisor before you make any decisions.

Peer-to-peer lenders in Australia: Personal loans: RateSetter, Harmoney. Business loans: Marketlend, Bigstone.

Drive with a rideshare service

The ‘classic’ sharing economy service is rideshare, having exploded in popularity with the rise of the modern sharing economy itself. With a good car and driving record, you can apply to be a driver today.

Keep in mind that the financial realities of rideshare driving are complicated at best, and downright awful at worst. Driving for a ridesharing service is probably best as a side hustle, rather than a full time job replacement.

Ridesharing services in Australia: Uber, Ola, Bolt (formerly Taxify), Shebah (all-female).

An uber driver and passenger

Share your time with an online job market

Your time is the most valuable resource you have, and combined with a marketable skill, it’s what makes work… work! The sharing economy has given freelancers and those with spare time the ability to put those resources back to good use.

Sites like Freelancer and Upwork help you find freelance gigs from around the world, while sites like Fivver and Airtasker let you take a range of different local jobs, from lawn mowing to setting up a home stereo.

Online job boards in Australia: Freelancer, UpWork, Fivver, Airtasker, Zoom2U (express couriers)

Share your car with a brand

Have you ever been tempted to a particular energy drink after seeing a certain type of VW Beetle? If so, you know the power of car wrapper advertising.

In Australia, Wrappli lets you share your car’s surface, by wrapping it in the advertising of a particular brand. If you have no qualms with this, it’s a great way to make a little extra cash (by doing almost nothing!).

Car wrapping in Australia: Wrappli

wrappli logo image, with multiple cars with advertising

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