When Airbnb was launched, the peer-peer rental marketplace was a relatively new concept for customers. Since then, the popularity of the rental business has skyrocketed. Ecommerce rental marketplaces and the sharing economy are current trends with massive business potential.
Renting out costly products instead of buying them is a lot more convenient and affordable. At the same time, it also helps individuals to rent out their own items to earn some extra money. Marketplace platforms also come with a huge business benefit- you can start a rental business without any initial inventory. Besides, creating a rental marketplace is quite easy with an Airbnb clone where you can create an Airbnb-like rental business with similar features and functionalities customized according to the niche you choose.
An Airbnb Clone is a ready-made rental business script that comes with basic features essential to run powerful rental platforms just like Airbnb. However, the most crucial question is what are some of the successful business ideas to start with? Do not worry; this blog will help you out with that.
Best rental business ideas to choose from for your business venture.
Event venue rental
Event venue sharing marketplaces make hunting the venue for events like outdoor meetings, parties, weddings, etc. easy. Hosting an event requires a lot of planning and preparation. From finding the menu to managing the guest lists, the host has to handle all of these tasks in a given period. The event venue-sharing marketplace is an all-in-one solution for hosts to run an event as it decreases the burden of planning.
The clothing rental
Renting your clothes to a stranger or wearing some else’s clothes might sound weird. However, this is the concept behind the clothing rental marketplace. While clothing renting isn’t an entirely new concept, recent business additions are disrupting the market by offering an efficient peer-peer rental model.
This means the clothes are sent directly from owners to renters-not from a warehouse of a company. However, it can be the other way as well. This business model perfectly suits people who would like to save a couple of thousands of dollars for their wedding dress, which they will use once in their life or for those who want to indulge in luxury fashion but don’t want to spend a fortune on it. Clothing rental will help to reduce the propensity for fast fashion consumption by providing customers a sustainable alternative.
Construction equipment rentals
The market for renting construction equipment has ripened in recent years. A typical construction project calls for a variety of tools and machinery. The budget for construction goes higher if you want to purchase all the necessary construction equipment. If a construction project needs specific requirements for a short duration, the equipment is likely to stand idle after the project. So why you have to invest in something which you won’t use after some time. This is there a construction equipment rental comes as an ideal choice. It is one of the popular rental businesses to start and boldly invest in. There is a 100% assurance that the business is to thrive due to its high level of demand.
In the fast-paced tech world we live in, camera technology is constantly changing. New models get launched frequently making the previous model outdated soon. That is why it makes sense for professional photographers and moviemakers to rent expensive cameras instead of purchasing them. Clearly, you can launch a camera rental business that leases out the camera and related equipment to customers.
However, you must invest in high-quality cameras and rent them out frequently to recoup the purchasing cost. Profitability for this rental business idea, like any other sharing business model, depends greatly on the fee you charge and the number of times you rent out your equipment. Alternatively, you can also start a business that connects people who are willing to lease out cameras with people who want to rent it.
The popular trend in urban areas is to rent out bikes. People commuting around the city love the idea of hiring a bike for some time. The fact that many bike rental businesses have launched is proof that it is one of the best rental business ideas to invest in. Bike rental gives customers the facility to rent out bikes for a few hours to explore the locality. The customer base mostly can include tourists, college students, and office goers, etc. Besides bike rentals, you can also sell merchandise related to biking to generate more income.
Parking lot rentals
Finding a parking space gets hectic with the rising number of cars on the road and the inefficiency in managing parking lots. To alleviate the parking woes in the city, it is one of the rental businesses to start with. The parking space rental business is a lucrative source of income. The parking lot rental market works just like an Airbnb for parking lots. Your marketplace acts as a medium that connects both local homeowners and businesses who want to rent out their parking space with car owners who are looking for parking spaces.
Office space rental
Just as you can rent out a home to a guest, you can rent out office space to freelancers, startups, and small businesses. The concept of co-working spaces is a great way to connect people while they are working and to generate passive income. The profit of this rental business idea depends on the price you charge and the number of tenants you get. As a thumb rule, charge a premium price if you offer a premium experience. Regarding the business models, it works in a bit different way. While the basic way to make money out of an office space rental is in the form of rent, it is possible to widen the horizon to other revenue sources like memberships and partnerships with your regular clients.
Water sports equipment rentals
People who go for a vacation to exotic destinations usually engage in different types of water sports like kayaking, paddle boarding, snorkeling, scuba diving, and a lot more. Such water sports require specialized gear to protect people. In most cases, it is not practical to own snorkeling or diving gear.
Hence, water sports equipment rental makes the best rental business ideas to start in conjunction with the boating business or as an independent service. Rent out equipment like Jet Ski, paddleboards, and snorkeling gears or any other accessories to enhance the water sports experiences. In addition to all these essential water gears, you can also offer add-ons like waterproof cameras, or special glasses to use while diving underwater.
It is true that digitization is replacing our book-reading habits by reading eBooks on tablets and mobile phones. However, there are people who are still keen on reading books in the traditional way. Most people hate paying for books, as the cost of these nooks may not be favorable always. Hence, book rentals come as an easy way for avid readers who love to read books. Nevertheless, as most people prefer renting out books at their local library, the key with this business type is to add some unique elements by offering particularly rare books or textbooks which will help to gain you more customers.
Medical equipment rentals
If you are looking for some great rental business ideas, a medical equipment rental business can be one of the best bets. All medical professionals from midwives to doctors need specific supplies to do their jobs. Mostly, medical suppliers are brought from niche companies that offer certain types of media supplies and equipment. However, it is possible for an independent medical equipment rental business to find success in the industry. All you have to do is to find a niche market to target for your business. For instance, you can rent supplies to dentists, nursing homes, veterinarians, midwives, etc. Offer a variety of medical equipment rental services of both short term and long term needs.
To wrap up
When Airbnb came into existence, the idea of renting out private space for guests was a new business concept. However, when Airbnb grew to 33.7 million in 2017, new players started exploring more innovative ways to expand rental business ideas. With more people being accustomed to the idea of a shared economy, the trend of the rental business is growing, making this the right time to start your own peer-peer rental venture.
I hope you liked this blog and got some striking rental business ideas for your new venture. Whether you are planning to launch a vacation rental business or a parking space rental business, the Airbnb business model can offer the right tools required to build a fully functional website and get more traffic on the site.
The good news is we can help you launch your rental marketplace quickly. No matter how creative or complex is your idea; we can help to successfully build, launching, and growing your rental marketplace. Get in touch with us now.