'I rent out old dresses from my wardrobe for £25 - I've made thousands'

21 August 2023 , 19:14

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Lisa says the process has been transformational and argues it is a way to boost finances (Image: Lisa Maynard-Atem)

It's something you open every day without much thought, but lurking in the depths of your wardrobe could be the ticket to huge amounts of cash.

Three years ago, Lisa Maynard-Atem was sorting out her clothes but wasn't keen on getting rid of her beloved dresses for good. Instead, she signed up for an online platform where she could rent out the outfits, often those worn to weddings, to earn cash on the side.

Renting label dresses from £25 to £164, she has now made more than £7,000 after investing money made from the side hustle, and wants other women to learn more about how it can help with their financial freedom while making a positive impact on the environment amid the fast-fashion crisis.

Lisa, 45, from Manchester, explained: "I started renting out my wardrobe after reading an article about the benefits from an environmental and financial perspective. I had a wardrobe full of dresses that I rarely wore but were still in excellent condition. Plus, I wasn't ready to part with them yet, so I decided to give it a go."

The requests to wear Lisa's items soon flooded in (Lisa Maynard-Atem)

She rents out her wardrobe from £25 a piece (Lisa Maynard-Atem)

She signed up to HURR - which allows members to rent out their clothing - and instantly started getting requests from shoppers. It was a relatively straightforward process at first, but then she started being inundated with requests, so much so that she had to turn them down.

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Lisa, who has a wealth of experience in fashion and marketing, having headed up Harrods' social media, continued: "My requests would come in, I'd reach out to the customer, thanking them for their rental request, answer any questions they had and advise when I would be sending the pieces to them. But my rental requests became so frequent that at times I had to turn them down as I could not meet the demand."

Two brands that have proved popular for the social media pro are Self Portrait and Rixo. Now knowing what her customers prefer, she has even snapped up items of these names in the sales to then make a profit. One set her back just £30, and now she has made more than four times the amount in renting it out.

"Financially, it has given me a great uplift. At the start of my fashion rental journey, I decided that I was going to do something sensible with the money," she said. "I signed up to an investment app and made sure the money went into that each month. Fast forward to present day and I now have an investment fund of £7,000.

"It has been transformational for me and is now one of my main income streams from a saving/investing perspective. Another great thing about it is that it enables me to use my marketing background to promote the pieces that I rent out - an element of creativity which I really love."

Lisa says the process has been transformational... (Lisa Maynard-Atem)

... so much so she wants to help other women make the same investment (Lisa Maynard-Atem)

Following her success, women are constantly asking Lisa about the process, so she decided to set up a course to help - Rent, Wear & Share - Turn your Clothes into Cash. "My goal is to empower women to build wealth through creative means," she added. "There are so many advantages to renting out your wardrobe. Firstly, you and the people you rent your clothes to are contributing to the environment in a positive way which right now, is of the utmost importance.

"Secondly, you get to hold onto pieces that you may not be ready to part with or that hold particular meaning for you - one of the dresses that I rent out is one that I wore when my sister got married. What I really love is that it is a creative way for women to have an additional income stream. We aren’t all seasoned investors, so something like this can not only boost your finances but also help with your financial literacy.

"I have a full costings breakdown for my rentals so I know what I’m making, what I’m spending in terms of cleaning/alterations/repairs and what profits I am left with after costs for investing purposes. It’s one of the best decisions I’ve made in the last few years and I’m looking to develop it further."

Saffron Otter