One item they invested in early on was an £800 camera system. Renting it out for £45 a day, they made the money back within 17 days.They now list over 300 bits of equipment on Fat Llama and completed 1,400 rentals last year. On average they have around 30 borrowers a week.
Ed said: "A general rule of thumb is it takes an item being rented out 20 times to cover the original cost.How to make money renting out your unused itemsThe site allows you to rent out pretty much anything including power tools and your old bike.Even renting out an old tambourine could bring you £4 a day - over a week that's £28.But remember that how much you can make depends on the demand for the item, plus you’ll pay a fee to the platform.
He also said it's good to know your worth, if you're in a prime location for the thing you're renting out, such as a bike right near a cycle trail, then you'll likely have more keen renters.Lenders will want to build good relationships with potential renters by making sure they're reliable, then when they leave you good reviews you'll get even more interested parties.In Ed's experience most rentals tend to be for a day but this will differ from item to item.
That means that if you've only got one item, like an electric scooter or a sewing machine, then you could be out of pocket while you wait for it to be fixed. It's best to try it out before you depend on the cash - just in case it doesn't end up bringing in much.