Make Some Money With Your Designer Clothes
Here’s how you can make extra money if you have too many clothes in your closet. If you’ve got a whole lot of designer clothes in your closet, but not a whole lot of room then you might be interested in www.stylelend.com which will allow you to rent out your designer clothes to others. There’s definitely some money to be made, and whether you’re using it as a side hustle for savings or just to make back some of the money you’ve spent on your extravagant wardrobe, it might be an ideal option.
How It Works
The site is primarily based in New York, so keep that in mind if you’re planning on using it to make some money.
Essentially, you’ll send the pieces of clothing to the site’s storage facility, or possibly have them picked up if you’re in NYC, and they’ll rent them out based on the age, condition, and whatever factors they decide. The good news is that truly in demand, high-quality designer clothes will often be rented for more than 10% of their value.
The bad news is, the site is pretty much just for women’s clothing since men don’t generally rent clothes. They also point out that many brands simply don’t rent, so you’ll need to make sure that you have some truly unique and high-end stuff in order to get a return on your investment if you choose to use them.
If you have the stuff in your wardrobe to make due with it, however, you stand to make some money. The rental fees can get pretty high when you consider how expensive designer clothing can be, and they insure the items, clean them, and basically the whole thing is hassle free for you.
All of the stuff is stored in the Lower East Side of Manhattan in a warehouse, and the site invites you to send an e-mail and come in to take a look around if that’s what you want to do.
In most cases, you’ll receive 70% of the rental costs, while in other cases you’ll be splitting it evenly with the site if the item is “on demand.”
Recommendations for Use
In reality, StyleLend is meant to be something of a true marketplace. It’s designed for those who lend their clothes to also be renting from them. It’s something of an insular business model, but in the end anyone with an interest in fashion might be able to win out.
On the other hand, due to the winds of fashion changing so often, it’s probably not worth it to invest in pieces specifically to take advantage of their lending. It only takes a minimal amount of time, but at 5% of the cost of an item per rental, an item would have to be rented out twenty times before you could actually receive your initial money back even if you received the full fee. You don’t, so it’ll take more than that to get things rolling.
With a full week return period, a best case scenario would take six months in order to make back the money of a piece of clothing.
Truly in demand items might be able to make your money back more quickly, but they’ll also tend to cost quite a bit more. It’s really not a sound investment unless you have a few pieces of timeless clothing already.
If you intend on participating in the marketplace as a whole though, you could basically “expand” your closet to a huge degree without having to spend a whole lot of money.
Overall, this site works best for those intending to use it for its intended purpose, lending and borrowing, rather than those who are looking to make money on the side. You might want to give it a shot, but fashion is a capricious thing and if you make a large investment you might never actually break even on it, let alone actually make money.