Most of us are taking advantage of the sharing economy one way or another. Perhaps you’re earning from your spare room through Airbnb, travelling via Uber or Lyft or sending odd jobs to Fiverr or TaskRabbit. What these platforms have in common is that they connect those with spare time, skills or stuff, with those in need of a service or commodity. Whilst we might be used to renting out apartments and even parking spaces, the trend of actually lending and borrowing our possessions has taken a little more time to gain momentum. However, UK and US-wide platform called Fat Lama is changing that.

Click here to get $25 credit to spend on Fat Lama.

 

A history of sharing

SnapGoods, Share Some Sugar, Ecomodo – just a few of the ‘stuff-sharing’ platforms which rose and fell in the early 2010s. There are probably a few factors why the idea didn’t gain traction then, but the main reason was that only a few sensible people would take on the risk of lending out, let’s say, their mirrorless camera or their road bike without knowing that they were insured in case anything went wrong. For that reason, getting insurance right was the first challenge that the founders of Fat Lama took on when setting up their rental marketplace.

 

Fat Lama: the insured rental marketplace

Fat Lama is a new website and app which covers lenders to rent out almost anything to others nearby. And people are earning up to $10,000 per month by renting out their underused equipment – anything from film drones to campervans. The platform automatically insures lenders for up to $30,000 per item, so if your stuff isn’t returned or is returned damaged, you’re covered.

 

  1. So how much is my stuff worth?

A quick look at Fat Lama’s lender leaderboard shows that individuals are already making thousands every month by renting out their underused belongings. But what exactly is it that generates the best rental returns? Where’s the demand?

 

Well, since filmmakers and photographers have always rented gear (previously from hire shops), it’s unsurprising that cameras, lenses and other accessories are high earners on the platform. If you’ve got a spare Canon 5D, it could be making you $50 a day, instead of collecting dust at the back of your cupboard. Other popular rental categories include:

 

 

Unsurprisingly, the data suggests that the more items you list, the more you’ll earn. According to a blog article on Fat Lama from a few months back, the top 5 earners had listed an average of 39.6 items each. So it could be worth having a root around to see what’s going unused in your home (or driveway!).

 

Never forget: one person’s trash is another’s treasure – you never know who in your neighbourhood might be in need of your spare pressure washer, mountain bike or Macbook… You can also get a clear idea of where demand lies in your local area by scanning the Live Search page, a feature which publishes searches in your area pretty much as they happen!

 

Join the borrowers saving $12M a month in non-purchases

Besides the obvious opportunity for lenders to earn a serious passive income, rental marketplaces like Fat Lama offer the chance for borrowers to save huge amounts of money by renting instead of buying, too. You no longer have to . Need a tent for Coachella? Rather than investing in a poor quality tent you’ll likely never use again, why not rent a better one for less?

 

Meet people like you

Do you wish your local area had more of a community feel to it? It’s a common problem, especially in cities, where many of us can live on the same street for decades without ever taking the time to say hello. For all the benefits of technology and all of the communication opportunities it opens up, it’s never the most social thing to bury your head in your phone.

 

However, by using technology to lend and borrow your stuff, you’ll naturally be meeting others in your area. And more often than not, you’ll have similar interests. Through Fat Lama, photographers and filmmakers are lending their spare kit to fellow pros or keen hobbyists; music lovers are sharing DJ equipment and cyclists are sharing road and mountain bikes.

 

Click here to get $25 credit to spend on Fat Lama.

By staff

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