Do you have a bike that often sits unused? Would you like to make some extra money? Or maybe you would like to start a bike rental business? It’s a great time for both. The sharing economy is here: according to the statistics, the number of bike-share bikes more than doubled from 2016 to 2017. Want to be part of the sharing economy? Read our tips to learn how to rent out your bike and earn money.
Should you rent out your bike peer-to-peer or start a business?
When thinking about renting out properties, there are two main ways you can go about it: peer‑to‑peer services or starting your own business.
Peer-to-peer rentals mean that you will probably find a platform and post your rental property. Then, other people might become interested in your rental bike and book it. They are great if you have maybe one bike which you do not use all the time. They also take little time: it is perfect as a side hustle or a source of passive income.
However, if you have more than one rental property or plan to expand your inventory, you can consider starting your own business. Of course, it will take much more time and effort. Learn more about starting your own rental business here. Let us give us some quick tips about running a bike rental shop: first, keep your bikes well-maintained and clean them after every return. Have clear rules and agreements and remind people to return their bikes on time to keep your business running smoothly. Finally, bring your business online: you can get more clients this way.
How to rent out your bike for extra money
Starting a business can be a lot of work. You might also need to have better and more inventory. What if you just want to have some extra income? A source of passive income, so you earn extra money doing basically nothing.
What do you need to rent out your bike for extra income? Your bike and a bit of time. Usually, you only have to get the app or go on a website, post a photo of your bicycle, maybe add a short description, set the prices and perhaps dates, and that’s all! You then wait for someone to book your bike. Of course, the company whose platform you are using usually takes a commission when you rent out the bike so they can earn money too.
Spinlister might be one of the bigger bike-sharing apps. It is free to list the bike on Spinlister: instead, they will take a 17.5% fee on every rental you make. They also provide a guarantee of up to $1,000. You can decline requests if you do not have time or for any other reasons.
In Europe, there is the Donkey Republic. They say that they currently have 18,000 bicycles in 62 cities, mostly in Europe, and 27 partners. You can contact them at donkey.bike if you also want to become a partner. Another app popular in Europe that you could use to rent out just one bicycle is ListNRide.
Regarding some small, local bike-sharing communities, there is some like Cycle.land. Cycle.land, founded by a Lithuanian, is focused on the community in Oxford, UK, but you may also use it to list your bike even if you live elsewhere. It is free to list the bike, and they do not charge service fees. Many companies focus on sharing bikes in one geographical region, so it might be easier to search for bike shares in your particular place rather than searching for one global app.
Consider also renting out your bike or bikes on XRental. Our motto is allow partners to make money so we will not rip you off in commissions. Of course, we care about providing a good experience to the clients: your bike should not be too worn and cannot have issues. Otherwise, we would be happy to have you as a partner! Contact us if you wish to post an ad.
How much can you earn
If you want to make extra cash, it matters how much you can make, right? The earnings very much depend on various factors, including the location, the market value of your bike, the duration of your rentals, how many days a month you plan to rent out the bike. Of course, the better your bike and the more popular the location, the more rentals you can get. Shorter rentals tend to be more expensive, but you have to spend more time doing them. For most people, it is easier to rent out the bike for a whole day or several days.
Prices for the bike rentals depend too. For example, on Spinlister, you can rent out a bike for $13 an hour and $50 a day. But those are some of the higher prices. $30 a day would be pretty typical. You could also list $5 per hour and $20 a day to be on the cheaper side.
ListNRide has a calculator that lets you approximately count your possible earnings depending on the market value of your bike and the number of days you are planning to rent it out. Check it out here.
Tips for bike rentals
There are some things to keep in mind if you want people to be interested in your bike. First, of course, it must be in good riding condition. Then, you should set the right price. The easiest way to do it is to look at how much similar bikes cost in your location. The better the bike, the more it will cost. Check out different bike types here.
To make your advert appealing good photos are very important. Smartphones today take pictures of high enough quality, so this shouldn’t be a worry. Just make sure you take the picture in a good light: avoid direct sunlight and darkness. The whole bike should fit. The photos look best when ¾ of the background is the wall and ¼ is the ground.
When you post an ad, it’s good to include as many details as possible. You can list your bike’s specifications and any extra features if you offer them.
Also, be responsive. Whether you accept or deny a request, do it quickly. Be helpful and answer people’s questions. It can help you get better reviews and rankings.
Perhaps you are also interested in renting out your car? Learn more about it here!