Tuesday, September 22, 2020

20 Profitable Rental Business Ideas in 2020

We should not waste money on buying expensive things if we are going to use them only once or twice.

Take a wedding dress for example. Unless you are sentimental to keep it in your wardrobe for the rest of your life, you can just rent it and save a lot of money.

Same goes for other things which people can rent instead of buying.

Here are 20 ideas for starting a rental business saving money for people

It’s a large growing sector to give us peace of mind where we don’t know what to do with things we don’t need anymore when we are leaving a town after a short stay.

Let us take a look at the opportunities in this area to make money renting what we can rent instead of buying.

#1. Furniture Rentals

There are many furniture rental companies renting out a furnished apt wherever you want thus saving you money on brokers too.

You can also start renting furniture and save people money on short stays. Some people would never want to buy furniture because they will be happy to pay a premium on furniture along with the rent they pay for their flats.

Especially students can’t afford to buy furniture.

Open your furniture rental company close to Universities to help out students coming from other countries.

Advertising on social media as well as in the local newspapers will get you enough people to rent your furniture.

Get insurance to guard against thefts and damages.

#2. Baby/kids Equipment Rental (Kids Furniture)

Babies grow up fast and you will be left with baby cots and buggies etc which look brand new.

Many parents would be facing the same dilemma and they would be happy to rent out from you if you have kid’s furniture to rent out.

You can buy used furniture from parents who don’t need them and start renting out to recycle them.

You will be helping the eco system by saving new trees from being cut down to make new furniture.

Online advertising can help you too to get clients.

#3. Laptop and Mobile Phones Rental

How nice to borrow a laptop or a mobile when I can’t afford to buy it;especially when I am a student and short of money coming from a poor family.

Many would appreciate if you start renting out mobiles and laptops.

Sometimes we get a laptop or a mobile on instalments but by the time we have paid up high premiums with interest etc, we find the mobile and laptop are outdated.

I have a Lenovo laptop with windows 7 and nobody wants it. It’s an old model with no multimedia.

Start up a rental service with your own laptop and mobile to see if anyone would borrow it so you can get another one using the premium to pay the instalments of the new one.

Now you will have two laptops at the cost of one.

#4. Event Venue Rental Business

Can you lease or buy a party hall to rent it out on a daily basis to make money?

I had a rent to rent house in Denver with 7 rooms which I rented for $1000 a month with permission to sublet.

I rented out those rooms while I kept the huge living room divided into two for me and my son.

We even had our own kitchen in the back verandah while the tenants used the kitchen in the basement.

I got an income of more than $2000 a month as the rooms were rented out for $300 a month including water and electricity bills.

I was able to pay $1000 to my landlord and deposited $1000 a month in my bank account as I worked part time for our daily expenses.

You could get a higher income by renting out a party hall on a daily basis even though you won’t have events every day.

5. Wedding Decoration Equipment Rental Business

Think of all the decorations equipment like putting up a platform and beautiful high chairs and tables which are used for such events.

You could save them up to be rented for the next wedding to take place in the same party hall or anywhere else.

The catering equipment used for a buffet to keep the food warm could also be rented out along with the party hall to save the transportation charges etc.

#6. Bicycle Rental Business

College and school students who can’t afford to buy a bike or pay busfares could benefit from a bike rental services.

You could start renting bicycles and bikes to those who need them after getting a returnable deposit along with ID cards to know who is renting them.

Your bike rental shop should be located near schools and colleges as you can expect a lot of international students renting them.

Not a huge capital will be required to start off with ten bikes and an office space to sit and take down the details of those who are renting your bikes.

You can even start such a business from your home if you have a garage to keep the bikes.

#7. Wedding Dresses Rentals

Better to recycle a wedding dress by renting it rather than keeping it at home for the rest of your lives.

It’s very expensive to buy but you won’t get even half the amount if you want to sell it to someone.

Rental service of wedding dresses with accessories would be an ideal solution.

You could also rent out accessories and other equipment like limousine cars for a wedding.

You could be helping many brides a huge sum of money by renting out wedding dresses and tuxedos.

#8. Car Rental

Lots of people rent cars everyday at the airport when they arrive from other countries because they cannot bring their own cars.

These cars can be returned in any city where they want to settle or finish their stay.

You could also startup a small company renting ten cars to begin with if you can get them on instalments or buy them out.

Make your own rules convenient for yourself and rent out cars to small groups for a day trip or a longer tour.

People usually pay by mileage or distance used.

Insurance is a must.

#9. Dumpster Rental

You could rent out containers for dumpsters to be kept at building sites where the garbage is collected until it’s full and disposed off at the right place because City is not responsible for such big trash of building materials.

The containers are kept as long as they are needed until the building is finished.

#10. Electric Generator Rentals

Generators are needed temporarily where power supply is not available.

New buildings or homes are connected to power supply from the city only on completion.

It will take time to complete a construction and get power supply.

Until then you have the opportunity to rent out generators helping the construction workers to use their drills and concrete mixers etc.

#11. Storage Space Rental

Foreigners cannot afford to rent a home in the beginning when they are new to the country.

I stayed with a family where I tutor the kids and babysit when I was new to the country and could not afford to rent a room.

But my belongings were more than a suitcase as I used to sell clothing and accessories in Mexico.

So storage rental is a solution for me until I can buy or rent a home.

You could make money by renting storage like many storage companies are doing.

Lock up garages where you store your things under your own lock and key with a security round the clock provided by the gates and CC cameras of the storage company cost more than $100 a month and come in various sizes.

Provide storage places of safety with insurance to small businesses and shops and enjoy your income.

#12. Construction Equipment Rentals

Rent out concrete mixers and hoes or showels etc when they are needed only on a temporary basis for builders who don’t have their own equipment.

When I start building my home,I don’t have to worry about any equipment for digging etc since I can rent an excavator etc for as many hours as I need.

Be the one to rent such equipments which are regularly needed by small and private builders like me and make money.

#13. Sports Accessories Rental

Open a rental service to rent sports accessories like balls and bats with nets etc., when a player will need them to practice in the beginning until he can buy his own.

Diving suits are regularly rented when the divers need them only on a temporary basis.

Canoes and boats are rented for water sports as well as ski equipments on a mountain resort.

Grab the opportunity wherever you are when you can afford to buy and rent such sports accessories to others.

#14. Clothing Rentals

Party dresses are rented for costume parties like halloween etc., as they are used only for a day.

You will need to clean them up and maintain them in good shape if they are torn or damaged so you can rent them out to another person who needs it.

You can collect deposits until they are returned and deduct for damages by checking carefully.

#15. DJ Equipments

Rent out loudspeakers and music systems etc for disco parties along with lights when they are needed.

DJ equipments for mixing music are rented for private birthday parties of teenagers who enjoy loud music and dancing.

They will need loudspeakers etc only on a temporary basis in the weekend usually.

Be the one to rent them out in your neighborhood and get your clients by advertising online etc. other than a sign displayed outside your business.

16. Online Book Rentals

Rent out rare books if you have a collection like my friend Nestor in Mexico.

He is a retd professor who cannot stop buying books to read when he sees a rare book.

His books occupy space in his home library eating dust.

If you have a collection of books like him you don’t want to part with,why not make money by making a catalogue and renting them.

Advertise online with social media.

People can browse and find a book to rent from you to make some money for you if you publish your catalogue for them on your link.

#17. House Rentals

Become a real estate agent to rent out homes and apartments to people who don’t have time to look for them.

Open an office where they can walk-in and find a flat or flatshare etc.

Advertise photos in local newspapers to find a prospective tenant for landlords who will pay you for your services.

You will enjoy a cool commission.

#18. Boat Rental

I would love to rent a boat to go rowing myself in a lake when I can,like many others.

Motor boats and yachts are also rented for days or weeks.

Do you own a house boat you can rent to tourists for a vacation?

You could be renting boats on B&B even if you don’t own them like an agent and earn a decent living.

#19. Office Space Rental

People who are looking for office spaces often find the numbers of an agent who is listing for an owner.

You will go to show them the spaces if you are the agent by linking up with owners who will trust you to look after their office spaces open for renting.

Get paid by the owners as well as those who find their ideal office space with your help.

#20. Video Game Equipment and Accessories

Want to start a video games parlour where you have games to rent out with accessories like a DVD player and headphones etc.?

It’s easy to make money with teenagers who will rent out virtual reality head sets etc which they want to try out only for a while.

Soon they will get bored and want a new game they can’t afford to buy.

There is your opportunity to make money from their craze.

Choose a location in the centre of the city or a corner of your neighbourhood where it’s convenient for you and get some games and equipments to get started.

Please let us know if you like our ideas of rentals which are profitable.

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