Side Hussle: Rent out your Car
Did you know you can rent out your car or truck?
You can join a few services to rent out your car for some extra cash. These apps/websites are similar to Airbnb but for cars. You can rent your vehicle on these websites and get paid to lend it. You no longer need to rent from the airport, such as Hertz or Enterprise. Depending on the value of your car – you can make up to and not be limited to an extra $100 per day.
We’ll go through all the sites allowing you to rent your car in Canada. Be prepared that you decide to register and list your vehicle for each place; the process will take 10 minutes per site. Currently, I only found two locations in Canada – where you can list your car to rent. ( The USA has tons more options, such as Getaround etc.)
Turo allows car owners to advertise for free on its website/app, and as soon as the car rents out – Turo’s insurance will kick in – This way, your car insurance isn’t affected by renting out your car. As the car owner – You set the rental fee – and Turo typically takes an average of 25% depending on the protection plan you choose to participate in. The company has been around since 2015.
You will be required to meet with the client to exchange keys ( this is the downfall). This program is in most cities across Canada.
*All owners outside Ontario, Alberta, Quebec and Nova Scotia must have commercial rental insurance for their customers.
Shift Ride is a Canadian company allowing you to rent out your cars to others. What is remarkable about this company – is you can lend it out by the hour. So If you’re at work – you can rent out your car. You’re asleep – rent out your car.
The Prime area they are desperately looking for more cars in Windsor, Ontario, but you can still sign up if not in that area.
You will get paid by type of car category.
- Entry Level: Cars $15K or less in market value
- Mid-Range: Cars ranging between $15K to $30K in market value
- Premium: Cars ranging between $30K to $50K in market value
- Luxury: Cars ranging from $50K in market value or higher
You will earn or take home 70% of your car’s rental.
Also, note there is a $195 cost for the Startup Kit, but you will get reimbursed when you quit renting out your car.
To list your vehicle, you must meet the following criteria.
- The owner of the vehicle must be at least 18 years of age.
- Your car must be less than 15 years old.
- Your car must have less than 250,000 Kilometers on it.
- For cars four years or older: your vehicle must pass our mechanical inspection process, or you’d need to present us with a copy of a valid safety if you have one.
- It would help if you had the required auto insurance on the car. (We need to provide separate insurance when your vehicle is booked).
Rent out your RV to Earn Cash!
Every RV owner wishes they could get a bit more of it for their purchase. But thanks to companies like Outdoorsy and RVezy, every owner can rent out their unit when not in use. This is a great way to earn a little passive income while parking your unit.
As an RV owner several years ago, I know from experience there are just some years you only get to use it for a single holiday.
I’m not promoting purchasing an RV to start renting it out! But if you have a tent trailer, RV, Motorhome or Park Model sitting there collecting dust the majority of our Canadian summer, you should consider trying to earn some cash by renting it out.
I found three places where Canadians are more than welcome to List their RV for Rent.
RVEZY.com lets you rent out your RV for Extra Cash.
There is No Listing FEE. If you have a booking, they will take 15% as a service fee (including insurance! It seems simple enough of a process. Anything from a tent trailer to a Park Model, Motorhomes etc., can all be rented out. You decide on the Rental price. They answer a lot of questions on their FAQ page, seen here.
Outdoorsy: It also lets you list your RV for Rent. Again it’s free to register, and the take a small service fee ( but I couldn’t easily find out the percentage they make)
RV owners receive 75% to 80% of the total reservation cost and any add-on charges.
Insurance only covers vehicles and trailers registered in Ontario, Alberta & Quebec and stationary non-registered vehicles (Park Models), permanently located in Ontario, Alberta or Quebec.
Wheel Estate is another option for you to Rent out Your RV. It’s again Free to list your unit, and they will charge you a 15% service fee. Like the others, they include insurance, and you get paid 48 hours after picking up the unit.
You also decide the price and can deny or approve the rental.
Rent Out Space for Storage:
If you have a garage, you’re not utilizing, or perhaps you have land that can store an RV or Boat for someone during the winter months. It can even be an empty bedroom. Maybe you have an unfinished basement you’re looking to find a use for: This could be it. Storage Rentals is a Huge Growing Business.
There is not a massive amount of Canadian Listings – but I did see a few; I think this is a Great Upcoming idea. If you have an empty garage, or perhaps you own land, you can rent out for parking an RV or Boat – this could be a nice little income or maybe you have an unfinished basement or bedroom you could rent out for storage purposes.