By Megan

I’ll be the first to admit that I am a huge pack-rat. I have tons of stuff that sits unused 99% of the time, and I hold onto it long after it is useful to me (if it ever was in the first place!). I’m sure there are plenty of others just like me. And for you fellow pack-rats who might be looking to make some quick and easy cash (who isn’t?!?), your accumulation of items might offer the opportunity. 

Online services are popping up that serve as a sort of bulletin board for those looking to rent out things they own – game systems, tools, electronics, fancy purses, you name it! – and for those looking to borrow items. Zilok.com seems to be one of the leaders in this field right now (see video), but there are several other similar sites out there: Loanables, Rentoid, and RentNotBuy to name a few. 

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These sites attempt to provide everything necessary between the item owner and the renter in order for a transaction to take place. Owners typically have the option to control different aspects of their transaction – the rental price, what kind of contract is used, whether or not a security deposit is required and how much, and even whether or not to accept a rental request – but this varies with the service. 

Typically, an in-person meeting between owner and renter is arranged through the site, and while the services generally provide good security precautions, there are a few extra steps you can take to ensure a safe and successful transaction: 

• Examine the renter’s photo ID, and take a picture of the ID to keep on file. 

• Zilok and most other services have a feedback system for owners and renters. Use it. Check the feedback status for anyone you deal with. 

• Always require a security deposit to ensure the protection of whatever you are renting out.

• Be sure to arrange the meeting in a public place, and even better, bring someone with you when you go to make the exchange. This is just general safety advice – use your head.

• Consider what can happen if things go wrong. If the rental item causes property damage or personal injury, are you at risk? A “waiver” of liability in the rental contract may or may not be effective. And your homeowners/excess liability insurance policies may have exclusions for property leased out to others.

You can always place an ad on Craigslist if you don’t want to use one of these services, but what’s nice about them is that they cover all your bases for you so there’s not as much effort involved on your part. 

And how about Mom, Dad, and other family members? Perhaps they would agree to allow you to rent out that extra drill set or pair of snowshoes, but make sure to ASK first. I don’t think they’d appreciate it if their things started to randomly disappear!