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Tuesday, July 23, 2024

Gen Z are even renting out their spaces for extra income, how to start side hustle

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As consumers grapple with the increasing cost of living due to inflation, younger generations of Millennials and Gen Z are turning to various side hustles to make ends meet.

According to a recent Bankrate survey, Millennials (born 1981-1996) earn the most with an average of $1,021.83 per month from side hustles, while Gen Z (born 1997-2010) earns $753.48. Gen X (born 1965-1980) earned $670.36 and Baby Boomers (born 1946-1964) earned $645.97.

Paying for items at small side hustle business with square payment terminal
More than 50% of Gen Z consumers have one or more side hustle according to a recent report.

 

Additionally, 53% of Gen Z, 50% of Millennials, 40% of Gen X, and 24% of Baby Boomers had a side hustle in 2023.

Here are the top side hustle trends for Millennials and Gen Z, according to Bankrate.

Rent out space
You can earn money by renting out all or part of your garage, closet, attic, or basement. The amount of money you can earn depends on the size and location of the space.

Renting out a parking space can cost anywhere from $75 to $300 per month for a garage in a home, $35 to $100 per month for driveway parking, $35 to $200 per month for a parking spot in a multi-family building like an apartment, and $25 to $200 per month for street parking in front of your home. You can also rent out basement space for $25 to $800 per month, a space in a bedroom for storage for $15 to $100 per month, and a closet space for $15 to $90 per month. For someone living near a university, there is also a side business that rents out parking spaces on sporting event days for a low price ($3-5).

Watch videos
This side hustle allows you to earn money for watching videos and taking surveys, or even playing games after watching videos and answering surveys. On MyPoints, users can earn $2.50 to $3.50 per day by watching short videos, taking surveys, and playing games. On InboxDollars, participants can earn $20 to $100 per month for watching videos that last between 3 and 30 minutes.

Rent out vehicles
Another side hustle is renting out your car through car rental platforms. A popular app is HyreCar, which checks the criminal background and driving record of every driver before letting them borrow a car. The company also provides liability insurance for the duration of the rental. You can typically earn $35 per day. However, earnings can vary depending on the model and condition of the car.

Surveys 
This is an online survey side hustle that you can easily take on online platforms like Branded Surveys and Survey Junkie. You can earn an average of 1-3 dollars per survey and get paid via PayPal or bank transfer.

BY HAEUN CHUNG, HOONSIK WOO    [chung.haeun@koreadaily.com]