Peerspace

What is Peerspace?

PeerSpace is a peer-to-peer rental service that specializes in renting homes, offices, lots and warehouses by the hour.

What for? As a location for movies, photo shoots, weddings, baby showers, office parties and other special events.

How it works

The site allows you to list your space, specifying what activities are acceptable. For instance, you might say yes to baby showers, but no to corporate events. You also set,the hourly rental rate, and decide whether or not to impose a cleaning fee. You can also specify the number of hours the space is available and charge a penalty fee (1.5 times the hourly rental) for events that go overtime.

Like you would do with Airbnb, you need to communicate with the renter; figure out how to get them in and out; and work out other details of the deal.

However, because you are usually not renting overnight, you don’t necessarily need to change the sheets or worry about finding another place to stay while your home is rented to strangers.

Peerspace collects payment from the renter and reimburses you, minus their fee, by direct deposit three days after the event is over.

Lucrative activity

With hourly rates ranging from around $50 to $500, this gig pays serious money. You won’t get rentals every day, of course. But, when you get a rental, it’s likely to pay hundreds, if not thousands of dollars.

What’s the catch?

The one thing you have to keep in mind is most movies, photo shoots and parties involve a lot of people. As a result, the normal risk you take of having renters (or friends) on your property are magnified. Be sure to talk with your insurance agent about whether you need additional coverage to protect you from these risks.

Insurance

PeerSpace offers $1 million in liability insurance, which is important when you have strangers partying in your home. But it doesn’t necessarily cover everything and doesn’t do anything for theft or accidental breakage. For these you need a deposit and/or additional property coverage.

Cancellation penalties

If a guest cancels at the last minute, you earn a cancellation fee up to the full amount of the booking (depending on when the cancellation is made). But if you cancel, you could be penalized too.

There’s no host penalty for canceling within 2 days of the reservation being made, but if you cancel at the last minute more than once in 6 months (barring serious emergency) you get fined $100 or 15% of the booking amount. A third cancellation in 6 months will get you kicked off the platform.

Given that renters can’t easily move their events, these seem like reasonable terms. Don’t agree to rent out your space unless you’re serious.

Recommendations

We love all the sites that rent your house by the hour. They pay well, and as long as you’re well insured and careful. And they can offer really fun experiences as a homeowner, too. (See “The day my house earned $1,455.”) You can sign up with PeerSpace here.

If you like this opportunity, also consider signing up with PeerSpace’s competitors — Giggster, Avvay, and Splacer.

What their users say:

Filmmakers have recommended the platform to us, saying that they regularly check it for good places to shoot. However, we’re looking for host reviews. Please contact us if you rent out your space through this platform.