Do you know that there are many things to rent out that can earn you profit like nothing else? Yes, it is absolutely possible to start your renting business and make a six-figure income each month.
According to a recent financial report, just the construction equipment rental market touched $110 billion in revenue last year.
And not just construction, you can earn great profit from almost any rental business you want.
But before we reveal the best things to rent out for profit this year, let’s understand the step-by-step process of starting a renting business all by yourself.
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How To Start Renting Business? – Step-By-Step Guide
There are many ways to start a business without investment these days. And out of which, renting business is definitely among the most lucrative ones.
But, even if your inventory is full of things to rent out to make money, you can still incur losses due to mismanagement.
So, you need to take the following five steps to secure a profitable start.
Step 1: Make A List Of Your Items
First, you need to make an inventory of the items you want to rent out. And once you make that, you need to delete those items from the list that you use often.
Otherwise, you can’t use it when you have already rented it out. And then, you need to sort the things in your inventory that are easy to maintain.
You can also sort your list of items by their actual buying cost.
Step 2: Decide What to Rent Out
Even if we have some unused things in our closet or garage, not every item can be rented out.
You need first to find if you have any duplicate items in your inventory. If you have two handbags, start with one of these.
Besides, you also need to figure out the things that you can rent out to make a better profit than the rest. And for that, you can conduct local market research.
Step 3: Sign Up On A Renting Platform
Starting your own business can be tricky and equally time-consuming. So, it is better to start with renting platforms that are readily available in the digital world.
Step 4: Market Your Product
Listing an item on a renting platform shouldn’t be your end goal. You also need to market that product correctly to make a good profit and also to get high-paying clients.
So, it is better to share those items and those listings on your social media accounts to attract potential customers. Besides, you can also use bills and flyers for local marketing.
Step 5: Extend Your Reach
Like any business, renting business also demands an expansion of your current inventory to support multiple clients simultaneously.
If you have a good profit by renting out your car, just start saving for the next vehicle.
Suppose you make around $1k profit from a single car, take out $500 from that and save it for the next car.
And when you have a fleet of two, your profit will automatically increase to $2k.
Best Things To Rent Out For Money This Year
Starting a rental business is truly profitable if you have the right resources. But not everyone knows what the best things to rent out that can fetch the most money for us are.
So, we have carefully researched each item to finally filter out the best ones to rent out this year.
1. P2P Money
Do you know the best way to make extra money this year? It is simply lending your money to someone through P2P lending.
Yes, cash is still among the best things you can rent out for profit, as it can generate up to 10% yearly returns.
Lending someone personally can be tricky at times as it can be challenging to recover it.
So, more and more people are now joining P2P lending services like Prosper, where you’ll get a guaranteed return. And historically saying, this one has a steady return of 5.4%.
You can also try platforms like Groundfloor, a hybrid between P2P lending with micro real estate investment that generates a better return.
Although friendship can’t be measured with money, you can definitely rent it with money without even measuring it.
Jokes apart, friendship is undoubtedly one of the best things to rent out this year, as many people are making more than $2k/month just from it.
As you must have already known, there are multiple legit ways to get paid to chat online.
But, if you can establish a one-on-one friendship with monetary benefits, it will be bound to give you a better profit.
You can open an account on RentAFriend.com that is entirely non-sexual in nature.
You can even earn by making friends on a part-time basis with this fantastic platform that has a strong global presence.
3. Clothing / Accessories
If you don’t know about the best things to rent out for profit, you must be missing the clothes renting industry.
Believe it or not, renting out clothes, jewelry, and fashion accessories is one of the most profitable home business ideas for women.
From party dresses to nice handbags, from junk jewelry to high-end stilettoes, you can rent out almost anything as the demand is soaring high.
And for each of those pieces, you can fetch up to $100/day on average.
4. Baby-Care Equipment
Baby-care products are the must-have items for any new parents.
But these products are pretty expensive, and people don’t need those after a few months or after their babies become toddlers.
So, many people now prefer to rent rather than purchase it.
So, if you are a parent having loads of baby-care products in your house, you can definitely start renting out those items. BabyQuip is one such platform where you can do just that.
All you need is to open a free account on this platform to get started. Once approved, you need to list all your items with high-quality images to create your own inventory to rent out.
5. Sports Equipment
We all love sports, and we all also have some sports equipment in our house that we occasionally use nowadays.
And now, you can easily rent out those things to make money. Yes, it is not just highly profitable but is also among the easy things to rent out for profit.
From baseball bats to basketball, from hockey pucks to dartboards, you can rent out almost anything on platforms like Buro, where you can easily list items and start renting those out!
It is highly possible that your equipment may get damaged or lost while the borrower uses it. So, this company also protects those with a comprehensive protection plan.
6. Camera Equipment
While many people now have their DSLRs or high-end camera phones, professional photography still needs some high-end gadgets, like a Hasselblad camera or a Carl Zeiss lens.
And this specialty equipment is exuberantly costly. So, most people tend to rent those.
From drones to gimbals, you can list almost anything related to photography to make a profit through these websites.
Needless to say, photography is definitely among the most lucrative money-making hobbies that you can earn in multiple ways, even while renting out accessories.
7. Home Equipment
From lawnmowers to air compressors, from power cleaners to attic air purifiers, a new home needs many things for proper maintenance.
And most of these items are genuinely costly, which is beyond the limit of an average buyer. So, there is a huge market to rent out home equipment if you have any in your inventory.
There is a great website available called FriendWithA that supports peer-to-peer renting services of home equipment.
Listing your items is super easy as it takes just a few minutes to complete your profile. And now, this company is also providing $125k worth of insurance to cover your damages and losses.
8. Musical Instruments
We have recently revealed the best ways to get paid to listen to music online these days. But there is another avenue to generate even more money, just from the music.
You may not know, but musical instruments are the best things you can rent out.
If you have any musical instrument in working condition, you can simply rent it out to make up to $200/day. It can be even more if you have any rare or high-end musical instruments.
Fretish is one such website where you can list your musical instruments to rent those out! It’s a P2P rental service with nationwide coverage and comprehensive protection plans.
9. Podcast Studio
It was pretty surprising for me when I first got to know that the market size of the podcast is around $10 billion.
Approximately 80 million people in the USA alone listen to their favorite podcast shows each week.
So, more and more creators are now venturing into this field to create their own podcasts.
But podcasts need specialty equipment and high-end studios with substantial overhead costs. So, most people prefer to rent out studios for a short time.
And if you have a podcast setup, you can simply rent it out through platforms like Podcast Rental. You can easily list your studio on this fantastic website, although it charges a small listing fee.
10. Power Tools
We all have some power tools sitting idle in our garages, isn’t it? And now, you can simply rent those out to make a good profit.
As these tools are costly, the demand for renting those is also pretty high.
No one wants to buy power tools that often cost $500 or more per piece that serves just a single purpose.
So, most people tend to rent those from peer-to-peer renting services. And for each of those items, they often pay $50 or more.
But yes, always stick to a verified marketplace that comes with insurance coverage. Or else, you can’t recover your costly tools if it gets damaged.
11. Utility Tools
High-quality utility tools are not just rare but are equally expensive. So, most people prefer to rent those out rather than invest a considerable chunk of money.
And if you have these utility tools in your home, you already have the best things to rent out for money.
Several websites are available, like Spare Toolz, that connect tool renters with tool owners. You can simply list your utility tool on this platform and fix a specific price for each of those tools.
From industrial vacuum cleaners or lawnmowers, you can rent out almost any kind of utility tool through this unique platform.
We all love high-quality furniture, aren’t we? And the appeal gets even doubled up if the furniture is classic and has its own nostalgic appeal.
Many people now want to rent that furniture to decorate their houses for a special evening or for any parties.
Fat Llama is probably the most trusted website in this category that has millions of active members spread across the world.
It’s a P2P lending platform where you can rent out almost anything you want, including high-end furniture.
This company also recently took over one of the biggest furniture-renting platforms called Ruckify. And now, this company also assures a complete protection plan for each of your furniture.
13. General Items
Partygoers often look for things to rent out for parties.
And if you have party props, bubble guns, or funky costumes in your inventory, you can simply rent those out to make a good chunk of money.
From audiovisual equipment to DJ accessories, you can rent out almost anything.
All these three platforms work in a similar fashion. But yes, you do need to pay a small listing fee before you can start renting out party equipment through these platforms.
14. Internet Bandwidth
Although it sounds pretty unbelievable, you can now rent out even your internet bandwidth to make money.
Mainly, the companies that offer paid or free CDN (Content delivery network) services rent internet bandwidths from people like you.
The first one mainly rents bandwidth to improve its load times. However, many people also work as their VPN.
And in FluidStack, you can even rent out your GPU remotely whenever you are not using it. And in return, you can make up to $300/week on average, although it depends on the GPU type.
15. Computer For Crypto Mining
Crypto has already started dominating the global financial field, especially in the unorganized sectors.
It is also one of the high-income skills that everyone is now looking for. And with each passing day, more and more new cryptocurrencies are coming to the open market to get a strong foothold.
And blockchain technology needs hashing power to solve mathematical problems to both create and transact cryptocurrencies.
So, you can now even rent out the hashing power of your computer or GPU to make money.
Nice Hash is one such company that offers these renting services. As a NiceHash Miner, you can rent out your hashing power to mine Zcash, Monero, and even Ethereum.
Textbooks are the ones that we don’t need for the rest of our lives once the academic year gets over.
And now, you can start renting those unused textbooks to make money. And not just rent; there are even legit places to sell textbooks as well.
Although several platforms are available, Valore Books is probably the most trusted company where you can fetch the most money for each book your rent. And it now has nationwide coverage in the USA.
Since 2002, this platform has collaborated with more than 20k licensed booksellers. And now, more than 18 million students regularly rent books from this platform.
17. House / Room
You may not know, but your house itself is one of the best things to rent out this year.
Besides, it is also among the best travel jobs as your home remains empty when you explore the world. Whether short-term or long-term, you can now choose almost any frequency for renting out.
Airbnb is undoubtedly the industry leader in this segment, which now offers comprehensive insurance of your property with a massive network of people looking for properties in exotic places.
Not your entire house or a room; you can now even rent out your kitchen as well to make money.
From private dinners to party organizers, there is a huge target group in this segment that frequently hires empty kitchens.
In that way, they can effectively save the cost of renting a restaurant or a dedicated venue that can be expensive.
And the homeowner, in return, also gets their due cut. And believe it or not, it is not even difficult to make more than $2k/month just by renting out your kitchen space.
Cozymeal is one such platform where you can list your kitchen to showcase it in front of potential clients.
19. Private Space
Yes, you heard it right; private space is definitely among the best things to rent out this year. From filming to photoshoots, from parties to yearly meetups, you can rent your own space for several purposes.
LocationsHub is the most sort-after website that now offers this opportunity.
However, you need to pay a small fee of $4.95/month to list your property on this website. But yes, you can easily make up to $5k/month from it.
20. Parking Space
We often have our parking spaces empty. But now, you can even make money just by renting out that space.
Besides, it is also one of the easiest jobs for lazy people to simply rent out their empty parking space and make at least $100/day.
You need to take some good images of your parking lot, describe them in a few words, and then post them on all these platforms to get potential renters.
21. Storage Space
A little unconventional, but you can now even rent out empty spaces for storage purposes.
So, if you have extra space in your attic, garage, or even in your basement, you can simply rent that space for monetary benefits.
If you want a hassle-free storage experience, you better open an account on Store At My House. As the company itself claims, it is the Airbnb of self-storage space.
Besides, you can also try platforms like Neighbor that offer P2P storage rentals.
And if you have empty space in your garage and want to rent it out for short terms, you can open an account on Stow It, which specializes in vehicle storage.
22. Swimming Pool
You may not believe it, but anyone can just rent swimming pools to have their pool parties or just to relax.
And needless to say, swimming pools are definitely among the fun things to rent for a day.
So, if you have a swimming pool in your house, just click some great images and post them on a brilliant platform called Swimply.
And as the company itself claims, you can even make up to $10k/month just by renting out your pool.
However, your pool may get damaged during any third-party use. So, this company is now also assuring a $1 million worth of liability insurance to cover your losses.
23. Camping Grounds
Camping grounds are the go-to place during summer in the USA with our RVs and Campervans.
But we often need to spend a huge chunk of money just to park our RVs in a nice place. And if you have sufficient space for camping, you can definitely take advantage of that.
Campspace is the most trusted platform in this category that now has massive coverage throughout the USA. Listing your property here is also pretty simple, and it takes just a few minutes to complete.
After getting the approval, you can list your property at a specific price per hour or per day. Besides, you’ll also have the control to take bookings at a specific timeframe.
24. Garden / Farm
Organic farming, vertical farming, and even irrigation farming, non-traditional farming are now gaining momentum around the globe.
But it is extremely difficult to get farmlands, that too, in an urban space. So, if you have space for farming in your backyard, you can now rent it out to make money.
If you have farmland in the USA, you can make up to $100/month on average for a plot size of just 20 feet x 20 feet.
You can also just divide a bigger plot into subplots and rent it out to multiple clients at once.
25. Pet Crèche
Pets are treated as their babies to the pet owners. And they take utmost care of their goofballs even if they are not around.
So, the demand for a good pet creche is increasing throughout the world. And it is also among the best things you can rent out to make money.
Although there are now several jobs working with animals available, nothing can be as rewarding as having a pet creche in your house.
Rover is one such website that offers not only dog walking jobs but also this service.
Besides, you can also list your creche in Sniffspot if you want to open a doggy creche. And you can easily make more than $1k/month on average.
A surfboard is something that we prefer to have our own. But a good surfboard comes with a lot of maintenance needs.
And it also comes with a great price that a newbie may hesitate to invest. So, the only way is to take it on rent.
So, many people, primarily learners of surfboarding, often rent high-quality surfboards.
Besides, world travelers who can’t have their own boards on a foreign beach also opt for surfboard renting services.
The Quiver is one of the most trusted platforms that now offer this opportunity where you can list and fix a renting price for your surfboard.
But yes, they do charge a 10% transaction fee as its commission.
Cycles are probably among the most old-school things to rent out, although they still make the same profit they used to make decades ago.
And if you have a cycle or a fleet of it, you can easily start your own renting business.
Spinlister is the most trusted platform where you can rent out your cycles. Besides, you can now even list your snowboard and surfboard.
One of the best things about this company is that you’ll have comprehensive insurance on your cycle to cover all your damages.
You can even try platforms like Listnride, as they offer the best cycle renting service throughout Europe.
Like cycles, motorcycles are also lucrative to rent out as they can fetch as much as $10/hour on average.
Besides the tier-1 countries, you can also profit from renting your motorbike in countries like India, Pakistan, Bangladesh, and other subcontinental nations.
You should start your quest with Riders Share, where it takes less than 10 minutes to create a listing for your motorcycle.
And as the company itself claims, you can make around $150/booking from an average listing on this platform.
Many of the motorcycle owners also reported earning up to $6k/month from renting out their two-wheelers. This company now also provides comprehensive insurance protection.
29. Private Car
Driving is something that can fetch you some serious money each month, as there are even high-paying driving jobs for retirees available around the globe.
However, not just driving, you can even earn by renting out your own vehicle when you are not using it.
While there are now several platforms available to share your ride, you can fetch the most profit with minimal effort by renting out your dry car.
Getaround is probably the most trusted name in this category. You can make up to $1k/month on average just by listing your car on Getaround.
Besides, you can even try platforms like Turo that offer equal benefits.
30. Ad Space On Vehicle
Although a bit unconventional, a free space on your vehicle to display ads is probably among the best things to rent out this year.
It not only offers a great opportunity for earning but also covers your bodypainting cost for the vehicle.
If you are from the USA, you can make an account and list your car on Carvertise.
You can easily earn around $200/month on average for a small ad. And if you stay in a high-visibility area like New York, you can even make up to $30/hour.
Besides, you can also try platforms like Wrapify that also offer this opportunity in the USA. And you can typically make around $400/month on average through this platform.
31. RV / Camper Van
If you own an RV or a luxury campervan, you must have already known that it comes with a huge maintenance cost.
Besides, the insurance and the road taxes are also pretty steep. But now, you can use your RV to make money to cover those costs.
RVshare is the most sort-after platform in this category, where you can easily make $350/day or more.
Besides, you can also try platforms like RVezy, where you can make around $1.4k/week on average.
As we all know, trucking is one of the most lucrative professions in the USA that doesn’t need any specific educational qualification.
You can easily make up to $60k a year on average just by truckling alone. And now, you can even rent your truck to make a profit.
Fluid Truck Share is one such company that offers this opportunity to truck owners in the USA. Depending on your preference, you can either rent it out on a part-time basis or full-time.
Just by renting your pickup or cargo van, you can make up to $15k/year on average. And if you have a large truck with having 20+ feet box, you can make up to $25k/year.
33. Powerboat / Sailboat
If you own a powerboat or a sailboat and live around the coastline, your boats are the things to rent out to make money.
Renting out those expensive boats not only covers your overhead cost but will also cover your insurance.
You should start with Boatsetter, as it is the most trusted platform in this category. You can easily make up to $20k a year through this platform.
Besides, they also offer a comprehensive insurance plan from GEICO and BoatUS.
How To Start Your Own Rental Business?
You must’ve already understood the best rental business to start and with which products.
But there are specific steps you need to take to make the most profit from your renting business. You can start by listing the items you rent out.
From wedding props to clothing, from luxurious bags to furniture, and even exotic things like a bounce house, you can list out anything you want that you don’t frequently use to rent out.
And then, you can either join third-party listing sites or can also try to gather your own clients through social media channels.
It will also be helpful if you can drop some flyers and post a bill in your community center to let everyone know about your renting business.
How Much Can You Make From Rental Business?
It primarily depends on the things to rent out and the demographic profile you belong to.
If you are from tier-1 countries like the USA, Canada, or England, you can comfortably make up to $1k/month just by renting out everyday items.
It is also very much possible to make up to $1k/week on average if you start renting out your vehicles, RVs, and campers.
And if you stick to the luxury rental business, like expensive lenses and gem-studded handbags, you can even make up to $10k/month.
But yes, if you live in tier-2 or tier-3 countries, your income can be significantly lower.
However, most of the platforms that offer this service also provide comprehensive protection plans to cover your losses.
How To Increase Profit From Renting Business?
Rent business is profitable, although we don’t know the right ways to ensure maximum profit achievable from this business.
And to do that, you need to take three simple steps that can increase your profit margin by up to 50%.
Step 1: Follow Rental And Protection Terms
You need to select those platforms that offer comprehensive protection and insurance plan for your items.
In that way, you can cover your losses in any unforeseen circumstances. It doesn’t matter if you rent out a handbag or a car; insurance coverage is always helpful.
Many of the companies also provide theft insurance. But yes, every company has its own insurance policies and disbursement limits.
So, read those documents carefully before you start renting anything out.
Step 2: Stick To Easily-Repairable Things
There are many things to rent out, although it is better to rent out only those things that are easily repairable.
Suppose you have a car or even a power washer; you can easily repair it all by yourself or from your local repair shop at a lower price.
However, if you are renting out your gem-studded Channel bag or a custom-made surfboard, it will be tough to repair those in perfect condition if it gets damaged somehow.
Besides, the repair cost will also chomp your profit.
Step 3: Don’t Rent Out To Friends And Families
A wise Frenchman once said, “never lend a book because no one will return them.” True, isn’t it?
But it is not just valid for books; it is true for almost everything, especially if you rent out to your friends, foes, and families.
First, you can’t overcharge or be strict with your renting policy if you rent out to your friends.
Besides, it will be difficult to recover the cost if it gets damaged while your friends or family members are using it.
What are the most commonly rented items in the USA?
The most popular rented item in the USA is undoubtedly vehicles of different types.
From cars to RVs, from campervans to even pickup trucks, you just name any, and it is in the hot-favorite list.
And clothes and fashion accessories come next on this list as it also has a massive market in the USA. Computer games and gaming accessories are third on this list.
What are the best things to rent out for a party?
Needless to say, party props are the best things to rent out for a party night. From funky glasses to designer crowns, you can rent out almost any party prop you have in your inventory.
Besides, you can also rent our AV equipment, like mixers, woofers, and even jockeying accessories. Many people also rent out lights for parties.
What is the best renting business idea in 2023?
You can start with your car or your house, two things that most of us already have.
You can also start clothes renting business if you have an excellent client base that often hires expensive apparel and accessories.
What are the things you should rent instead of buying?
First, it is properties that you always rent.
And the reason behind that is super simple; it is incredibly pricey, and it is not practical to buy a house every time you visit somewhere until you are Elon Musk.
The second thing on this list is definitely cars. Clothing, fashion accessories, and even makeup will come third on this list as many people often rent those things.
So, these are all you need to know about the things to rent out this year.
But, as we have already said, stick to easily-repairable things and never rent out anything to a known person, especially to your friends and families.
You also need to stick to only those platforms that offer comprehensive insurance protection plans for each of your items.
So, that’s all for today, folks! Don’t hesitate to drop your feedback about this guide in the comment box below.
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