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This amazing service lets you 'rent out' your tools to people who need them — and make lots of money doing it

Rent My Equipment is a service designed to allow tool owners to rent their instruments out to anybody who needs them.

Rent My Equipment, rental tool

Photo Credit: iStock

Garages and closets the world over have at least one thing in common: There's likely at least one tool (if not dozens) that only gets touched once a year. 

Maybe it's a landscaping pickaxe purchased for a specific yard-work project that's long since been completed, or perhaps it's a wrench set only used for seasonal oil changes on a vehicle. 

There are thousands of quality tools taking up valuable space, some of which end up in landfills after having served their one intended purpose. 

Rent My Equipment is looking to change all of that, by turning dust collectors into money makers.

What is Rent My Equipment?

Rent My Equipment is a service designed to allow tool owners to rent their instruments out to anybody who needs them, all for an hourly, daily, weekly, or monthly fee. The scheduling, payment processing, and communication are all through the company's website, making it a simple process from beginning to end.

Home Owner Explainer from Rent My Equipment on Vimeo.

How does Rent My Equipment Work? 

Users will create an account that undergoes a verification process. As a tool owner, you can list the tools you have lying around for a reasonable hourly or daily rate, and as a tool renter, you can search for tools in your area.

Renters and owners can then use Rent My Equipment's platform to communicate about the transportation of the equipment, and pick up or drop off can be done by either party.

After a renter has paid for the rental and finished their project, the tool is returned to the owner, and it's ready for personal use or rental once again.

The company requires everyone renting equipment to purchase its Equipment Protection Plan (EPP) so that if something goes wrong while the equipment is being rented, either the plan or the renter's home/liability insurance can cover the damage. 

Is the platform worthwhile?

There are several reasons why this app is worthy of your consideration.

For starters, using Rent My Equipment can bring in passive income despite little personal involvement from you, beyond coordinating when a tool is to be used, how it'll be collected, and for what price.

Additionally, there is often a considerable amount of resources that are used to create these tools, especially power tools like drills and chainsaws. We owe it to our wallets and the planet to use these items as much as we can. And for the times we don't need them, there's someone else who does.

For those who don't have the tools they need and don't want to spend money on brand-new equipment, especially for just a one-time use, it just makes sense to seek out a cheaper alternative with the added perk of contributing less plastic packaging into landfills that often comes with buying a brand new tool.

If nothing else, Rent My Equipment offers a new perspective on the life of common tools — something a little more useful than sitting on a dark garage shelf, slowly rusting away.

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