The rise of peer-to-peer rental marketplaces has allowed homeowners to monetize underused spaces in their homes, such as pools, backyards, and driveways. Platforms like Peerspace and Swimply offer opportunities for homeowners to rent out their spaces by the hour, providing them with a source of passive income. For example, Alexis Hammond, a psychiatrist, has rented out her Baltimore home on Peerspace for various events, earning enough to cover her mortgage payment for the month. This trend has been particularly beneficial for homeowners looking to offset the rising costs of homeownership and build wealth through these untapped assets.
Swimply, a marketplace for private pool rentals, has been a popular choice for homeowners looking to monetize their pools. Michael Kukuk, an executive in Houston, has made significant income by renting out his pool on Swimply for hourly rates. He has found it to be a lucrative way to utilize an underused asset on his property while also providing an opportunity to share it with others. Swimply has also introduced passes, allowing homeowners to charge users monthly fees for access to their pools or other amenities, effectively turning their homes into businesses.
As the costs of homeownership have increased, so have the opportunities to monetize properties through peer-to-peer rental marketplaces. Younger homebuyers see the potential to offset expenses with extra income, with a significant percentage of Millennial and Gen Z buyers expressing interest in renting out part of their homes. Marketplaces like Peerspace have seen a significant increase in listings for active residences, reflecting the growing trend of homeowners looking to generate income from their properties.
While the focus for many homeowners participating in peer-to-peer rental marketplaces is the extra income, some have found unexpected benefits in building community. Leslie Garabedian, who rents out her backyard for dogs on SniffSpot, has not only made money but also formed connections with other dog owners who utilize her space. The shared focus on dogs has created meaningful relationships, with other renters showing support for her during difficult times. For Garabedian, the sense of community and connection with fellow dog lovers has been just as valuable as the extra income generated from renting out her backyard.
The peer-to-peer rental marketplaces offer a variety of opportunities for homeowners to monetize different aspects of their properties, from backyards to driveways. Platforms like RentMyCourt, SniffSpot, CurbFlip, and Vanly cater to different needs, allowing homeowners to rent out spaces for various purposes. The rise of these marketplaces reflects a growing interest among homeowners, especially younger buyers, in leveraging their properties to generate income and build wealth. While the financial benefits are a significant draw, many homeowners also value the sense of community and connections that can be formed through sharing their spaces with others.
Overall, the trend of monetizing underused spaces in homes through peer-to-peer rental marketplaces has provided homeowners with a way to offset the rising costs of homeownership while also creating opportunities for community building. By renting out spaces like pools, backyards, and driveways, homeowners can generate passive income and potentially turn their properties into businesses. With a growing number of platforms catering to different needs and interests, homeowners have a range of options to explore in leveraging their properties for financial gain and building connections with others in their communities.
