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Making Money With A Rental Business in 2020 | 27 Money Making Ideas
We’ve heard from many entrepreneurs who’ve had incredible success with a rental business. What’s the business case for starting a rental business?
The Sharing Economy Keeps Growing 📈
Just take a look around and you’ll see a huge trend moving from owning and towards renting. The sharing economy continues to boom with no sign of slowing down. People with hustle and creativity are making money renting out their assets. I’m talking about well-known options like AirBNB (renting your home), Uber (renting a spot in your car), and Turo (renting your entire car) as well as lessor known rental ideas like renting out instruments, kids gear, or tools. And there is still massive opportunity to find your own niche within the rental economy.
Houses and cars are assets that are both expensive and often underutilized making them obvious choices for a rental business. But there are lots of under the radar rental business ideas that you can utilize as well. As the sharing economy keeps growing there is an opportunity for savvy entrepreneurs to make extra money with a rental business.
Business Ideas with Low Investment and High Profit 💸
A rental business can be very lucrative side-hustle and grow into something you can do full time. Often it leverages assets you already own or requires a relatively small amount of investment to buy equipment. Most of the ideas below cost less than $200 to start. And in many cases after only a handle of rentals you’ve already made your initial money back. From there it’s all profit. This means you’ve got a pretty sweet set up… business ideas with low investment and high profit.And profit is what we’re all after when it comes to a side hustle or rental business ideas.
Here’s are list of 27 rental business ideas. Which rental business makes the most sense for you?
27 Money Making Rental Business Ideas
#1: Auto Rental
There are really two options when it comes to renting out your car:
Uber and Lyft require you to drive your car. You may or may not have the time and desire to be a driver. If not, consider Turo. Turo allows you to rent out your car to another party for a specified length of time. Both options are great ways to make extra money renting out your car.
Cost: Varies depending on if you already own
Rental Potential: $50+ per day
#2: Home Rental
Renting an extra room or your entire home is an awesome way to earn extra money. AirBNB allows owners to offer short-term rentals to guests.
Live near a football stadium? Consider renting out a room for the weekend. Live in a big city with lots of tourism? Same thing. Live in an area where there aren’t many hotels around? You might be surprised the demand for your home or spare bedroom.
AirBNB is the leader in the home rental space and is our first choice when it comes to renting out a room or entire home.
Cost: $0
Rental Potential: $50+ per night
#3: Lawn Equipment Rental
Lawn aerators baby! Here is a rental business where you can recoup your money in two rentals. Nobody wants to buy one of these things. Nobody wants to store one of these things. What a great little niche to open a rental business. Yet another business idea with low investment and high profit.
Cost: Just over $100. Here is a good one from Amazon.
Rental Potential: $50+ per rental
You can also rent other lawn equipment like lawn mowers, leaf blowers, and more. I personally would pair an aerator with a leaf blower to have a small fleet at the star.
Leaf Blower:Get yourself a good gas leaf blower and wait for fall. People will gladly pay you a nice rental premium to make picking up leaves easier.
Cost: $100+
Rental potential: $40+ per rental
#4: Snow Equipment Rental
This one could work well if you can coordinate with your neighbors. Instead of everyone buying their owner snow blower they can just use yours when there is snow. You’ll store it, maintain it, and fill the blower with gas. In return they pay you money to use. If you have multiple neighbors this could really start to add up. Life is easier for them and in return you profit.
Cost: $150+. You can get a decent one on Amazon for $150.
Rental potential: $100 a season
#5: RV Rental
The popularity of RVs continues to explode. People want unforgettable experiences and do it in a way that is relatively cheap. Owning and renting out an RV is a great way to make extra money while capitalizing on this fast growing trend.
Cost: Varies. Many people into the RV scene already have an RV that is often underutilized.
Rental potential: $100+ per day
#6: Camping Equipment Rental
Camping is something many people or families do once per year at most.
- Tent: This is a great one as it’s durable, easy to set up, and sleeps a good number of people
- Sleeping bags: Unless you have people camping in extreme climates a high quality but basic sleeping bag like this one works well
Cost: $200+
Rental potential: $70+ per day
#7: Car Seat Rental
If you have kids you know that installing a car seat is one of the more frustrating tasks in all of life. I’ve seen good church going men curse loudly after struggling with getting a car seat installed.
Out of state travel with children inevitably leads to the question ‘what are we going to do for car seats?’. Recently we had a few couples visit us from out of state and they all brought their toddlers. We needed three car seats and ended up renting them for a local small business. The cost was about 50% of what a new car seat costs and we had none of the install headaches. If we would have bought three car seats it would have cost a lot more, we would have had to figure out where to store the bulky buggers, and we would had to deal with the install.
Renting car seats solves all these issues and offers plenty of profit for the rental business owner.
We have a Graco car seat like this and love it. If you’re just starting out in this business and can’t afford a lot of seats I’d definitely start with a 3 in 1 seat like this Graco. A 3-1 Graco works for children from as little as 5 pounds to as much as 100 pounds. So by just purchasing this one seat you’ll cover virtually any kid.
Cost: $100+
Rental potential: $35+ per day
#8: Baby & Toddler Gear Rental
Another under the radar option with a HUGE market. When we travel to visit family out of state we often end up lugging strollers, pack and plays, and toys. Being on an airplane with a baby or toddler is stressful enough. Tack on needing to pack and transport all this oversize gear makes is enough to put a parent over the edge. So what’s the fix? Hint: rent this stuff!
Recently we visited family and instead of lugging all the gear we rented a stroller, pack and play, and a few toys. The company delivered directly to the house and set them all up. Amazing! They were clean and in great condition. What an awesome solution for a traveling family.
What about the economics as a rental business? I think they are really good. We paid almost half of what these items cost to rent them out. That means as a rental business idea you can recoup your money in two or three rentals. After that it’s all profit.
- Pack ‘n Play: This one is essential. Place to keep baby corralled and play for baby or toddler to sleep at night.
- Stroller: A stroller is the other essential piece of rental equipment.
- Activity Center: We rented an activity center too and also have one at home. They are a perfect way to keep baby entertained and free up mom and dad for a little bit. I’m certain there’d be a high demand for something like this as well as virtually everyone with a baby has one of these.
Cost: $100+
Rental potential: $35+ per day
#9: Boat Rental (stand up paddle board, canoes, sail boats, motor boats)
Even more so than a car, a boat is an expensive asset that is severely underutilized.
Renting out your boat can help recoup some of the cost and make you a bit of extra money. Where to do this?
- Sailo: Are you the owner of a luxury yacht? Rent it out on Sailo 😄 (you can rent out non-yachts too)
- Boatsetter: Another site 100% dedicated to connecting boat owners and boat renters
Cost: Varies… a stand up paddle board or canoe is relatively cheap and could result in a viable rental business.
Rental potential: $35+ per day
#9: Fishing Gear Rental
I love the idea of a family fly fishing day. That sounds just awesome until I look at the cost to get all the gear. I would much rather rent it from someone who can quickly tell me exactly what I need at a fraction of the cost of buying it and then stuffing it in a corner of my garage. If you like fishing this could be a great rental biz idea.
Cost: $100+
Rental potential: $30+ per day
#10: Medical Supply Rental
Like the baby and toddler gear ideas, there are lots of people that need medical supplies and especially so when traveling. I’m talking things like wheelchairs and walkers. Given the size of the boomer generation there are ample opportunities in this space.
Cost: $150+
Rental potential: $50+ per day
#11: Bounce House Rental
Kids love bouncy houses. They are an insanely popular birthday party activity. I’m sure my kid would love it if we owned a bounce house but let me tell you that is not in the cards. I’m renting this all day long as I don’t want to store or set the thing up. You can pair this with all sorts of other kids games and activities and cater to birthday parties in your community and have yourself a lucrative rental business idea.
Cost: $600+ for a commercial grade bounce house. Here is a highly rated one on Amazon that would make for a great rental unit.
Rental potential: $150+ per day
Tip: I’d ensure you have proper endurance and/or have everyone sign a waiver.
#12: Lawn Games Rental
Many people have parties or family gathers in the summer and want to provide some fun and games. Once again it just isn’t worth buying and storing all the equipment for a handful of uses. There are lots of these types of gathers but most people only host one at most. These conditions create another fantastic rental business idea. I’d start with the following games:
- Giant Jenga
- Cornhole (aka ‘bags’)
- Bocce ball
Cost: $100+ depending on how many games you buy
Rental potential: $50+ per day
#13: Tableware (Plate & Silverware) and Chafing Dish Rental
This rental biz idea focuses mainly on weddings or parties. You can earn a pretty penny by renting this out in your local community.
- Chafing Dish: Never heard of this? I’m sure you’ve seen one at a wedding, banquet, or party. It’s one of those large silver things that keeps food warm.
- Plates: Look for durability, nice looking, and something that anyone would like (i.e. a basic white plate instead of a funky red one).
Cost: $500+ depending on quantity
Rental potential: $200+ per day
#14: Hunting Gear Rental
Similar to fishing, there are lots of casual “once-a-season’ type hunters. They don’t want to purchase guns, deer stands, and all the rest. Much better to rent from someone who is knowledgeable and can get the squared away with all the right gear at less expense than buying.
Cost: $100+ depending on quantity and quality
Rental potential: $35+ per day
#15: Hiking or Climbing Gear Rental
Hikers need packs and various other equipment. Shoes and clothes are probably not a good rental model but for sure packs, tents, trekking poles, etc are all great options.
Backpacks are probably the obvious starting point. Osprey makes a quality pack that is both durable and comfortable.
Cost: $100+
Rental potential: $50+ per day
#16: Tool Rental
I must confess… I own an embarrassingly few number of tools. My sense is many 20 and 30 somethings are in the same boat. The issue is there are times I need a drill, saw, or other tool and have easy way to access one.
If you could assemble a small collection of tools you could most certainly rent them out to people like me.
Cost: $50+
Rental potential: $20+ per day
#17: Bike Rental
Have a spare bike? Why not try to rent it. Creating a post on Nextdoor is a great way to get the word out. I wouldn’t necessarily buy a bike strictly for rental purposes as in more dense cities you’re competing with bike rental services.
Cost: $200+
Rental potential: $20+ per day
#18: Scooter Rental
Similar to a bike, if you have a scooter you could absolutely look at renting it out. This is another business idea I’d have a good waiver prepared as accidents are not uncommon for new riders.
Cost: $300+
Rental potential: $50+ per day
#19: Moving Equipment Rental
There are a lot of DIYers out there that don’t want to pay a moving company to move their stuff.
That said, even for someone on a budget the job of moving is made much easier if you have the right equipment. It’s worth spending a few bucks to get the right gear and is still far less than you’d pay a moving company. Given most people move infrequently it is rare they have or would want to buy all this stuff. That makes renting out moving equipment another great business idea.
I’m talking things like the following:
None of this gear is that expensive and it helps immensely when it comes to moving.
Cost: $200+
Rental potential: $100+ per day
#20: Child Proofing Supply Rental
Child proofing is another trend that continues to boom. Families are rightly taking much more proactive steps to prevent little ones from falls and bumps around the house. This idea could serve both people’s primary home or a vacation spot. Even more so than a stroller or pack ‘n play, you really don’t want to haul a baby gate to the in-laws house.
Baby Gates: this is the primary item that fits the rental mold. They’re fairly expensive, bulky, and challenging to set up. This is a very popular model. Just remember if you are installing at the top of steps you should never use a pressure gate and instead directly secure the gate to the wall.
Cost: $75+ depending on quantity
Rental potential: $15+ per day
#21: Photo Booth Rental
There are some amazing stories of people making bank on photo booth businesses. This guy is doing $4.2 million a year in sales. Dang!
Marketing could easily be done with some free advertising on Craigslist and Nextdoor as well as reaching out to wedding photographers in your area.
Cost: $2,500+
Rental potential: $200 per hour
#22: Party Supply Rental (kids or adult parties)
Renting out party supplies is a rental biz idea that would be easy to start and operate. Order yourself some chairs, tables, and a tent and you’re off to a great start. Opportunities include graduation parties, summer BBQs, family reunions and lots more.
Cost: $600+
Rental potential: $200 per day
#23: Ski or Snowboard Rental
This is a great option especially if you live near a ski hill. You could rent your own gear or assemble a small collection of gear to rent to visitors.
Cost: $500+
Rental potential: $75 per day
#24: Camera Gear Rental
Have a nice camera that doesn’t get a ton of use? Consider renting it out.
For instance, many people don’t want to drop big money on a nice DSLR camera. The Nikon 850D is a best in class camera that lots of folks would may money for to use on a family trip or the holidays.
Cost: $1,000+
Rental potential: $150 per week
#25: Musical Instrument Rental
As a guitar player I have 4 different guitars throughout our house. I know many fellow guitarists also have multiple guitars and many that rarely get used. Renting them out (especially to beginner players) is a great way to generate income from something you rarely use.
Cost: $350+
Rental potential: $50 per week
#26: Ladder Rental
Yet another product nobody wants to buy or store but is important to have once or twice per year. The Little Giant ladder is awesome and super versatile. It would make for a great ladder if you were starting a ladder rental business.
Cost: $200+
Rental potential: $50+ per day
#27: Holiday Supply Rental
Tables, chairs, Christmas trees, decorations, and lots more. You could make a nice little seasonal business focused on the holidays.
Cost: $300+
Rental potential: $50+ per day
Starting a Rental Business In 6 Easy Steps
Here are six steps to take when getting your biz off the ground:
- Buy or identify your niche: Choose one of the rental business ideas listed above or create your own.
- Get your stuff!: Obtain your equipment and ensure your are comfortable with it (i.e. you know how to set it up, know how to use it, etc)
- Set your price: For pricing I’d consider a couple factors… first, what does it cost to buy new? Second, how annoying is the item to set up and store? Third, what are similar items renting for? After considering these factors you can usually find a price that makes sense.
- Marketing your rental business: There are lots of ways to go about this and many of them totally free. I’d highly suggest using Nextdoor.com. This is THE PERFECT social network for building a local rental business. If you’re not familiar it’s a social network comprised of people in your neighborhood; many of whom are great prospects for your business. Craigslist is another free option to get the word out. And you can also network with people in your area that may be able to provide you good leads (e.g. handymen, party planners, photographers, etc).
- Service: Over time your rental items can break or wear down. Be sure to service or replace them to ensure users are safe and satisfied.
- Rinse, repeat, and profit: Once you get everything up and running you can just rinse, repeat, and start profiting from your newfound side hustle. The fact that many of these ideas only take a handful of rentals to pay-off makes this whole model very compelling. Lots of profits to be had in the rental space.
Hopefully one of these rental business ideas sparked with you. We really love this model; business ideas with low investment and high profit never go out of style when it comes to side hustles.
More Money Making Ideas
If you’re into side hustles and making money you might also enjoy these articles:
- 50 Ways to Make Extra Money
- 7 Proven Ways to Become Rich
And if you do start your own rental business do yourself a big favor and BLOG ABOUT IT! The sharing economy and starting a rental business trend is only going to increase. I can assure you people will want to read about your wins and losses in this arena. Diversifying revenue streams is a great way to get wealthy so I highly recommend blogging about journey into creating a rental biz. You may even find out you end up making more from the blog than your rental side hustle! You can read our tips on how to create a money making blog right here.
Keep grinding everybody!
