How many of you have been thinking of selling that old car that you rarely drive or that empty apartment space where nobody lives? How about not selling them, instead listing them for rental? When asked about rental services, the first thing that bugs our minds is vehicle and property rental business. But as it turns out, there are dozen more business models in the rental industry; some of which honestly even I did not know before researching for this article.
If we look into the statistics, the opportunities in profitable business ideas are getting more considerable and people are now realizing the value of distinct products, especially the ones sitting in our warehouse and collecting dust. This idea has paved the way for thousands of small-scale businesses, with little bit of investment. The concept is fairly simple; ownership of the property or product lies on your hands, while you are periodically paid by someone using it.
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If you have been entertaining the idea of starting your rental business in 2023 but overwhelmed by the options and need some inspiration, we have gathered 20 ingenious ideas for your next proliferating rental business model – from outdoorsy, to professional needs, to hobby-based. The ideas are self-explanatory and will definitely add an efficacious business model. Let’s now brainstorm which ideas suit you perfectly while offering an escalated passive income.
- 20 Commercial Business Ideas In The Rental Industry
- Online Event & Venue Rental Business
- Online Car Rental Business
- Online Bike or Bicycle Rental
- Online RV Rental Business
- Heavy Construction Equipment & Tool Rental
- Online Furniture Rental Business
- Online Gym & Fitness Equipment Rental Business
- Online Dress Rental Business
- Online Travel Gear or Adventure and Camping Gear Rental
- Online Property Rental Business
- Online Truck Rental Business
- Online Agriculture Equipment Rental Business
- Online Camera & Lenses Rental Business
- Online Aerospace Equipment Rental
- Online Wedding Rental Business
- Online Yacht Rental Business
- Online Home Appliances Rental Business
- Online Workspace Rental Business
- Online Portable Toilet Rental Business
- Online Jewelry Rental Business
20 Commercial Business Ideas In The Rental Industry
Online Event & Venue Rental Business
Alright, we have dozens of ideas to go through, so let’s start with event venue rentals. You’ve probably heard a lot about event venue rentals and have experiences in-person. The reason venue rentals are so popular because there’s an ever-growing demand for enormous space requirements, whether for weddings, parties, birthdays, and other occasions. Especially, if you’re from India, this business model will literally start minting cash.
Online Car Rental Business
In the old days, the luxury of cars was only limited to the rich. But now, as the vehicle rental industry is proliferating, anyone can lease or rent vehicles, at reasonable pricing. Gone are the days of paying the EMI, servicing, and maintenance, when you can book one online. If your grey-haired vehicle is sitting in the garage collecting dust, it would be an incredible idea to list your car on rental, let someone use it, and keep the cash flowing in your pocket.
Online Bike or Bicycle Rental
If you have an edge over living popular tourist destinations, especially mountains, then your old bicycle might come handy. With the clutter of tourist buses across every hub, people are nowadays leaning towards greener modes of transport. Whether for adventure trips in the mountains or in between skyscrapers, bicycles and eBikes are gaining attraction and missing this low-investment business opportunity isn’t something I would suggest.
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Online RV Rental Business
With the contrast between the enjoyment of long-road adventures and the price of owning an RV, it’s quite obvious why RV rentals are so popular. This has quite some appeal for traveling, weekend adventures, and partying with friends and families. Not only an all-year market, but it is also an entertaining opportunity of adding your own style. For example, we have seen entrepreneurs buy old-fashioned RVs and renovate them into classy road-runners.
Heavy Construction Equipment & Tool Rental
For any construction project, an engineer will require behemoth tools and machinery, however, the budget of the project might not allow purchasing certain equipment. That’s where heavy construction equipment rental shines and one can invest boldly. The assurance of such business models is 100% due to the ever-growing market demand in contrast to the level of equipment costs and maintenance hassles.
Online Furniture Rental Business
The business model of renting furniture is creating new opportunities for starters wishing to have anchored revenue. The reason furniture rentals are proliferating is because of the staggering urban growth currently occurring. The necessity of furniture in our everyday lives is endless and makes an owner profitable over specified periods, based on the lease. This constant flow will eventually cover the investments in less than one year.
Online Gym & Fitness Equipment Rental Business
Similar to furniture rentals, the demand for gym and sporting equipment is quite effective, with increased public awareness on health. But purchasing that expensive treadmill just for the weekends isn’t cost-effective for many. Whether it’s exercise bicycles, sporting equipment, or gym machinery, the popularity is soaring, especially in city-dwelling lifestyles where such equipment is luxury, given the living space.
Online Dress Rental Business
Is your closet filled with princess dresses, designer suits, and leather shoes that you rarely use? Well, people are always looking for renting such items for special occasions and illustrious events. Not everyone is comfortable with dropping bundles of money just for one day, and that is exactly why the clothing rental business will thrive until the end. The best part is that you can establish this business model right from your very own closet.
Online Travel Gear or Adventure and Camping Gear Rental
The business model of leasing vehicles and RVs for traveling is already discussed, and the same concept applies here. Let’s now widen the frame from just vehicles to other equipment like camping tents, hiking gears, and even equipment for bold adventures like scuba-diving and sky-diving. Alternatively, you can target backpackers and hobbyists coming from overseas and couldn’t bring their heavy equipment on flights.
Online Property Rental Business
Unarguably, property leasing is the most popular, and profitable, in the renting industry. As the major cities and filled with habitants looking for affordable means of living, the property renting business is the wise business for entrepreneurs, with an anchored profit each month. Just like the dress rental model, this business venture could kick-off right from home if you have empty rooms available, without requiring an initial investment.
Online Truck Rental Business
The time hasn’t yet come for selling your rusting Toyota Tacoma parked in your garage. The logistics industry is an enriching rental business that showers profit throughout the year. The concept is quite similar to renting vehicles, but with more emphasis on goods transportation. Whether for domestic transport or commercial logistics, the necessities of trucks are endless and flexible to all sorts of logistics without the active involvement of the owner.
Online Agriculture Equipment Rental Business
Let’s travel to the rural areas and understand what rental business could prosper there. And the first thing that will hit your brain is renting agriculture and farming equipment. Just like city-dwellers won’t roll the cash over expensive vehicles, farmers in rural areas won’t spend millions over farming tools. Whether you rent tractors, harvesters, or irrigation machinery, your renting business will be available with flexible tenures.
Online Camera & Lenses Rental Business
Everyone wants to capture those special moments; could be wedding ceremonies or sweet birthdays. And what can be better than professional cameras, lights, and other accessories? However, the only barrier is the sky-high cost of professional camera gears. Especially in wedding industries like in India, the scope for rental business with camera gear is never-ending and illuminated with profits, given the number of ceremonies occurring.
Online Aerospace Equipment Rental
With the increasing value of aviation industries, it’s essential to keep the birds up in the air with as little maintenance. From keeping the planes top-notch, to checking their fuel systems are functioning, to troubleshooting signaling interferences, the aviation industry requires sophisticated instruments which you can rent upon. The only downside of this rental business model is the immature nature and potential expenses to establish.
Online Wedding Rental Business
If you are from India, then you might already understand how much fruitful the wedding rental business can become. With such equipment, the initial investment may be quite high, but once it catches pace, you will certainly be overwhelmed with 12 million wedding ceremonies organized in India each year. At times, you may encounter dozens of clients hitting at once, and thus maintaining an extra number of inventory will be necessary.
Online Yacht Rental Business
Coming back to outdoorsy types of adventures where you can proliferate your business, renting yachts are yet another rewarding business model. Wildly popular near coastal tourism destinations, yacht renting is getting more and more tourist attractions. Take your time and nail down the customer necessities for separating yourself from the competition. However, just like aerospace equipment, the foundational expenses are shockingly high for starters.
Online Home Appliances Rental Business
With millions of employees relocating frequently, especially in metro cities, the demand for home appliance rental is getting doped. And nobody is willing to take hassles of relocating each appliance, especially the chunky ones Whether washing machines, refrigerators, or kitchenwares, renting them for specific tenures ensures an incessant flow of cash in your pocket, without you having to worry about regular maintenance and operating costs.
Online Workspace Rental Business
If you own an immensely spacious building or working space near commercial hubspots, there is no better way of making money than renting it for an office environment. Even if space is smaller than traditional office extents, you could lease it to individuals looking for coworking areas. With the sky-high expense of leasing an actual office workspace, many individual-owned businesses and even interns can benefit greatly from such leeways.
Online Portable Toilet Rental Business
You might be laughing thinking of who could possibly need portable toilets. But there’s also an immense demand for portable toilets. Think of construction areas, buildings with renovations going on, or even public gatherings. Being quite unique and distinctive, renting portable toilets is worthwhile in many situations and certainly extracts high profits, with little investment, cost-effective maintenance, and possible future scalability.
Online Jewelry Rental Business
Last but not least is jewelry rentals. Being one of the most, if not the most, expensive items in our daily lifestyle, jewelry rental businesses can prosper monumentally. Just like any other luxury item, be it an RVs or yachts, people will always prefer renting the trinkets, rather than rolling the cash over owning it. Establishing your jewelry renting business could be a little on the expensive side with the initial investments, but so do their profits.
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When it comes down to business ideas in the rental industry, your possibilities are pretty much endless. The one thing I like the most about rental businesses is the immense scalability, where you can establish your business with as little investment and scale up with growth. Once you start playing with opportunities, you will come across more and more business concepts.
So which rental business are you planning to start? Let us know in the comments below.