The so-called “gig economy” is creating all kinds of new income streams for those who have marketable assets that lie unused too often. For example, services that provide the ability to rent your private home to strangers for short term accommodations and the ability to offer your owner-driven vehicle as a ride service have turned the travel, tourism and taxi industries upside down in a matter of years. After all, it makes sense to investigate generating an income from something that costs money, especially when it’s not being used by the owner.
Consider newer enterprising organizations that market rentals of privately owned trailers and recreational vehicles (RVs), and even backyard pools and barbecue areas by the hour! Vehicle group or club ownership is also on the rise, as members recognize the benefits of collectively sharing vehicles that can be booked for short periods of time, with maintenance and insurance costs covered. Even the traditional concept of time-sharing properties has evolved into a system where users earn points-based credits for renting out their house or condo and can redeem those points for accommodations around the world. Is there any reason to think that other concepts are not on the horizon?