8 ways that peer to peer rentals can save you money

Save Money with Peer to Peer Rentals

by Kristy Ramirez

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Peer to peer rental makes sense when you consider the savings you could have made if you hadn't gone ahead and purchased that lawn mower last summer. When you look back on it, you remember paying out $850 to buy it and you have only used it on three occasions. It would have made more sense to have rented a lawn mower using peer to peer rentals on the three occasions you needed. If you had, you would be close to $800 better off today.

However, all is not lost, as now you've got the lawn mower that you seldom use; you can list it with peer to peer rentals and receive $20 every time somebody wants to rent it from you. It has become a win-win situation for everybody concerned. That's how peer to peer rentals work and basically the sky's the limit as far as product demand is concerned. They are essentially online marketplaces that connect people who have a product they are willing to rent out to somebody who doesn't have such an item, but would like to have one in order to undertake a certain task without having to go to the expense of buying the tool or item they need.

There are many ways you can save money with peer to peer rentals. Here are eight examples:

  1. A do-it-yourself renovator may well need some equipment to carry out a certain task, such as a hammer, drill, and jack hammer. The cost of purchasing this equipment would be prohibitive on a one use only basis. The equipment was found to be available on a peer to peer day rental basis and big savings were made.
  2. A ride on lawn mower is needed for cutting a large grassed area at your local club, but the treasurer balks at the idea of paying the cost of $1,800. When checking out what is available on a peer to peer website, you find one is available nearby for a cost of just $30 a day. The treasurer beamed and the grass is now cut regularly.
  3. A father promised to take the family camping during the next school vacation period, but when visiting the local camping store, he discovered the cost for a tent that would be used once a year could not be justified. On returning home with a disappointed family in tow, he decided to look up what was available online on a peer to peer website. There was a family tent available, and the whole family experienced one of the best holidays they had ever had.
  4. A man was out of work but heard a job might be available in a city too far away for a day trip. It would require his staying overnight, but he couldn't afford an overnight stay in a hotel room. On starting up his computer, he came across a peer to peer website and found a bed for the night in another person's spare room. Breakfast was also thrown in at a fraction of the cost of a hotel room.
  5. A while back you bought an electric drill to drill some holes in your wall to hang up some new curtains. You haven't used it since so you listed it on a peer to peer website. You now rent it out regularly for $10 at a time and are picking up an extra $30 to $50 every weekend.
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  7. During your last vacation, you bought an inverter generator so you could run your computers and TV in your camper. You paid almost $2,000 for it but only use it once or twice a year. Ever since you listed it on a peer to peer website, it is hardly ever at your home, and it is out earning you a passive income.
  8. Peer to peer travel sites are becoming popular for people not wanting to pay big money at resorts, especially if you have two or three children. Peer to peer travel sites offer a cheap rental service for travelers in tourist areas. You can also place a "shout out," so that a potential host can find you.
  9. Another fast growing peer to peer rental is that of car sharing. People are finding they can make money by renting out their own vehicle when it is not in use. Renters can access a vehicle when they require the use of one without having to buy one of their own. They pay for the time they use the rented vehicle, but that's all. These are growing very popular especially in college towns for students who need a little help getting around.

Kristy Ramirez loves writing about saving money and personal finance. She is a freelance writer for Life Insurance Finder Australia, where she also helps people to choose the best life insurance or income protection insurance policy to meet their needs.

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