RentMyRide, a platform that connects car owners and renters, has launched in Cape Town. As much as the thought of renting your car out to a stranger is a daunting one, the prospect of making anything from R2 500 to R11 000 a month from doing so may ease your mind.

RentMyRide users can list their profiles on the company’s website within minutes. Information and photos of the car as well as availability is then made visible to those interested in hiring a vehicle for a day or two, or even longer. Users are able to rate the service as well as the owner on the site.

As part of a new worldwide economic model called Collaborative Consumption and based on the peer-to-peer car sharing service in America, RentMyRide gives car owners the opportunity to make money in a smart way. Unlike traditional car rental services, vehicles are solely owned and maintained by registered car owners and not RentMyRide. Costs are also lower, with the benefit of a wider car selection than other rental services, adding a competitive edge to the car rental market.

Read more: Rental companies drive new car sales figures

RentMyRide offers a R10 million liability insurance policy with every reservation, which protects a car owner’s vehicle against physical damage. Should a renter experience mechanical difficulties, roadside assistance and customer support is provided 24/7. As added peace of mind, RentMyRide car owners are able to decide on who can rent their car. To maintain safe practice, owners have the option of conducting a stringent criteria check and background verification.

Car owners can only list cars that aren’t older than 15 years and are required to ensure their cars meet all legal requirements for vehicle safety, condition and operations.

In the current economic slump, a useful business strategy that one can gain from is renting out assets such as cars and houses. This service will soon be available in other parts of SA.