Homeowners making a £40k a year living – out of their own bricks and mortar

Gone are the days when a mortgage becomes a ball and chain – now owning a home can be the perfect way to make an extra £40k income per year, thanks to a whole host of new sharing concepts.

The new ‘collaborative consumption’ concept is taking the nation by storm, with some homeowners earning up to £40K a year for renting out their spare space, driveways, homes during holiday season, their skills and much more.

The owners of ‘sharing homes’ are now turning their untapped assets into powerful income generators and in some cases have even become an alternative to conventional jobs. According to a recent study by HMRC, figures show that the £40.2k potential annual incomes earned through ‘peer to peer renting’ is the equivalent of the average architect or engineer in the UK.

The UK’s largest storage sharing website – Storemates.co.uk is urging homeowners to get on board and start earning today – check out the examples below: into key earning sections. These include:

  • Storemates.co.uk enable users to rent out their lofts, garages or spare space as storage for others generating an income of up to £4,000 a year
  • Parkatmyhouse.com help users to rent out a driveway in an area near a station or popular attraction, which can net a household £3,000 a year 
  • Anyvan.com gives users the opportunity to deliver goods by driving a car, and making regular journeys can earn a driver up to £10,000 a year
  • Rentmygarden.com lets owners of well-kept gardens rent their gardens for social occasions such as weddings, BBQs, garden parties throughout summer, making up to £2,000 a year
  • Wimdu.co.uk is a service to transform spare rooms into alternative hotel rooms UK earning £10,000 a year
  • Ecomodo.com encourages neighbours to rent their everyday household items such as power tools, kitchen equipment or lawnmowers for over £800 a year
  • Youpijob.com is for householders to share their unique skills such as guitar lessons, proofreading or even have a tutoring session for up to £10,000 a year

Shaff Prabatani, Co-Founder and Director of Storemates.co.uk comments on the new trend “Once residents start to see things they own as having a rental value, often far higher than the price paid for it in the first place, then the idea of sharing assets with strangers becomes very attractive financially – we see people give it a go, and the next thing you know, they’re looking for what they can rent out next.”

Homeowner and editor of EcoThriftyLiving.com, Zoe Morrison shares her experience of renting her garage space for £15 per week: “After leaving employment in November, my husband and I have been looking at ways to save and make money – Storemates is one of these.

“We rent out a third of our garage space to a local lady, who uses the space to store archive paperwork. We’re now making £65 a month out of space that was previously full of junk – how thrifty!”

Consumers gain the obvious benefits of paying far less for their goods and services through peer-to-peer renting rather than using commercial options such as expensive self storage warehouses, car parks and hotel rooms.

Significant benefits to the environment result from using a sharing service, as only existing assets are used with a minimum carbon footprint. Local communities report that experiencing an understated ‘feel good’ factor as customers, build bridges across diverse communities to help each other out for mutual gain.

Householders are increasingly turning to online peer-to-peer renting, loaning and sharing services both to earn and save money. This emerging trend is often referred to as ‘collaborative consumption’. Time Magazine refers to it as one of the “10 ideas that will change the world”, while The Economist recently heralded peer-to-peer rental as a major shift in consumer behaviour.

About Storemates

  • To find out more about Storemates and their terms and conditions, visit: https://www.storemates.co.uk/
  • Storemates is the UK’s largest online search site that enables its users to find cost-effective storage options, or, if they have spare space in their homes, they can make money by listing it for others to use. 
  • The Storemates team provides tips and advice on how storage owners can optimise their profiles and be found easily. The entire experience is simple and easy for both parties – within as little as 24 hours from the first contact, a storage owner could have filled their space and be making money. 
  • For Storemates, safety is paramount, and therefore it provides a standard set of terms and conditions, along with a compulsory legal contract between the storage owner and seeker to agree a value and safeguard both parties.
  • Simplicity is the key to everything that Storemates does, and the service it offers. As all of its contents are user-generated – the business model is extremely low cost, which enables the Storemates team to stay small, with very little overheads to pass on to the end user. 
  • Since its launch in 2011, Storemates now has 2,700 registered users and attracts 2,500 people who browse the site each month. 
  • The potential size of the market are all those homes that have spare space, which is 25 million – this multiplied by £1,000 (the average amount made by householders renting space per year), gives the total value that users can make – 25 billion.
  • Storemates was launched in 2011 by Co-Founders Shaff Prabatani and Ben Rogers, and are based in Hammersmith, London.
  • To see a full directory of ‘collaborative consumption’ sites, please look here: https://www.storemates.co.uk/collaborative-consumption
  • Storemates can be found on Facebook: https://www.facebook.com/Storemates.co.uk and Twitter: https://twitter.com/StorematesUK
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