What: Peerspace allows you to rent out your space (home or office) by the hour
Commissions and fees: 15% of host’s gross, including cleaning fees
Expected pay: $50+/hour
Where: California, Washington, Oregon, Nevada, Illinois, South Carolina, Georgia, New Jersey, New York, Texas, Washington, D.C. and Virginia (full list of cities here)
Requirements: A home or office/studio/warehouse/outdoor space, be able to sign a legal contract, and maintain whatever licenses may be necessary for your area to rent your real estate as a venue.
Review:
PROS:
- You can specify what activities are acceptable in your space
- You set the price and whether you impose a cleaning fee
- You list the number of hours the space is available and are able to charge a penalty fee (1.5 times the hourly rental) for events that go overtime.
- Like other rental sites like Airbnb, you need to communicate with the renter; figure out logistics and any other details of the agreement
- Hourly rates range from around $50 to $500
- And the site offers $1 million in liability insurance, which is important when you have strangers partying in your home. (But still check with your own insurer, to make sure your homeowner’s policy isn’t void when renting your home for commercial purposes.)
- Peerspace collects payment, reimburses you, minus their fee, by direct deposit
- Paid three days after the event is over
- You earn a cancellation fee up to the full amount of the booking if a guest cancels at the last minute
CONS:
- If you cancel, you could be penalized
- No host penalty if you cancel within 2 days of the reservation being made, but if you cancel at the last minute more than once in 6 months (unless it is an emergency) you get fined $100 or 15% of the booking amount. 3 cancellations in 6 months will get you kicked off the platform.
Four other platforms — Giggster, Avvay, Splacer and ThisOpenSpace — also allow you to rent your house as a venue. If you’re able and within the geographic area, signing up with all four would be beneficial.
