The global rental market is growing steadily day by day, owing to the trend of people towards living an economical and at the same time a flexible life.
Renting overtime has evolved as a smarter way of spending. Why people choose to rent but not to buy is because everything from a home to furniture to even sports equipment has become costlier than ever while as their income is stagnant. People also consider renting because it gives them the freedom from maintenance burdens, taxes etc.
Generally, people who don’t have financial readiness to buy an asset or those who want to save money for future purchases comprise the target market for rentals.
So, entrepreneurs having available assets whether an apartment, a car, furniture, sports & fitness equipment, construction equipment, air conditioner, coffee machine etc for lease, hire and rent, should consider starting a rental business.
Here are 23 best and most profitable small rental business ideas and opportunities for you to pick from.
1. Apartment rental
Buying an apartment requires a down payment and we know it doesn’t make sense for working professionals who plan to live in a city for 2-4 years.
Furthermore, people want flexibility and that is they don’t want to pay maintenance fees, municipal and property taxes, insurance etc. that come naturally with ownership, as a result, fostering the business for apartment rentals.
An entrepreneur with a sound investment for erecting an apartment building will derive constant income while collecting rent from paying guests on a monthly basis and via signing lease agreements with families.
2. Car rental business
Going to a destination via a bus or train isn’t always convenient. That is why renting a car is becoming the first choice for many travellers because of the fact that it allows them to enjoy flexibility especially when they are transporting with baggage.
3. Sports equipment rental
Many people either locals or tourists love visiting places that allow them to enjoy various seasonal sports like skiing, snowboarding etc. It is really worth starting a sports equipment rental business if you happen to be living in a place that attracts enthusiasts for such seasonal sport because the matter of the fact is that not everyone is able to carry their own equipment.
4. Air Conditioner Rental
If you have an air conditioner that doesn’t find the proper use in your own home, then we recommend you to serve offices, temporary settlers and even traveling business. However, having a good transport and installation skills are necessary.
5. Arcade Game Rental
Offer the nonstop fun at carnivals, parties, events and even in festivals by opening an arcade game rental business.
6. Audio Equipment Rental
If you own audio equipment such as speakers, mixers etc at your home, then you could serve press conferences, events, banquet, outdoor events and even private dining like customer segments.
7. Artificial Flower Rentals
Bring colors to local birthday parties, weddings, corporate events etc by offering artificial flowers to these market segments.
8. Baby Furniture Rental
There are many parents out there who prefer to rent baby furniture instead of buying it. After all, when babies grow, these things become nonusable. Hence, you may open and run successfully a baby furniture rental business, even if it’s started off from home.
9. Bingo Equipment Rental
Consider offering bingo equipment on rent to let your local schools, corporate parties, and others have a great time.
10. Book Rentals Business
Start a book rental business to help local students and other book lovers enjoy better reading at an affordable price.
11. Camera Rental Business
Provide cameras on rent to help people(especially tourists and travelers) capture beautiful glimpses or moments of their life.
12. ATM Space Rental
If you own a space that is ideal for ATM operations, consider approaching banks for setting up ATM machine there.
13. Billboard Rental
Help local and national companies deliver messages to their target customers by renting billboards to them.
14. Coffee Machine Rental
Offer your coffee machine for rent to local commercial offices, canteens, restaurants, coffee shops, guest house etc
15. Construction Equipment
Offer construction equipment for rent to help real estate and construction companies save huge costs.
16. Farm Equipment Rental
Offer farm equipment such as seed sowing equipment, tillers, harvesting equipment for rent if you are living in an agricultural prone place.
17. Flat Rental
If you live in a metro city or suburban region, you could easily initiate a flat rental business provided you have space and money available for flat setup there.
18. Home Appliance Rental
You could also target home appliances to those individuals who relocate for job purposes or higher education towards urban areas.
19. Furniture Rental
Or, you may gear up for a furniture rental business to support the seating, eating and sleeping activities of these temporary settlers.
20. Dumpster Rental
Cater dumpster rental to help commercial and residential clients in moving and disposing of the garbage and debris.
21. Conference Room Rental
Target your space as a conference room for companies if it is feasible enough for holding conferences and meetings.
22. Fitness equipment rental
Many people prefer renting fitness equipment such as treadmills, stair steppers, stationary bikes etc over buying simply due to expensiveness. Given that need, you may consider starting a fitness equipment rental business.
23. Wedding rental
Opening a wedding rental business is another great business opportunity you can start in the rental industry. You can generate income on a consistent basis because weddings occur all year along.