It is always exciting to start new endeavors that provide you with wealth and work satisfaction. If you are interested in starting an online business, then the rental business is the best way to go. With the increasing need for rental business, countless rental business ideas are emerging and it seems to be catching the eyes of the budding entrepreneurs.
There are numerous online rental business ideas evolving in recent years and gaining massive success. In this post, I’ve shared the top 10 rental business ideas.
Scope of the online rental business
The online rental business is on the rise and popular because of its unique idea and cost-effectiveness. The recent trend of renting rather than buying is changing the face of the rental industry. You can rent anything you need for some span of time online.
Hence many entrepreneurs are focusing on starting their own rental business. You can provide seamless customer support to communicate better with customers via online.
This will improve your rental marketplace’s user experience too. Hence we can expect a bright future for rental business entrepreneurs who are all expecting to stand out from the crowd.
Rental business ideas & opportunities
The rental industry has been growing steadily because of its reliable experience and higher savings. So if you are interested in starting this type of business, here is a list of rental business ideas to consider,
1. Vacation rentals
A vacation rental is renting out a furnished apartment, house or resort on a temporary basis for a certain period of time. It has witnessed the rapid growth and expecting that it will reach $88420.5 million across the world by 2023. The vacation rental business has users of almost 448.7 m. They are choosing the desired space for vacations with different amenities and preferences with their budget.
The online vacation rental platforms provides the comfort of easy booking equipped with a lot of privacy. It triggered lots of startups to come front and kick-start the vacation rental idea in large numbers.
2. Boat rentals
Boat rental is the process of renting or chartering the sailboats or motor yacht and traveling to various coastal or island destinations. It is one of the prominent profitable business ventures in today’s trend and expecting to grow with the valuation of $35billion to $51billion by 2020.
As everyone can’t afford a boat, people rent a boat for a particular duration of time to gratify their needs. By offering good quality services to customers, it will bring a lot of growth to gain lucrative revenues.
3. Car rentals
The car rental business is one of the most trending services in this competitive world because a lot of travelers are in need of rental cars for their travel purposes.
Nowadays renting a car is so convenient and economical. The revenue generated by car rental business in 2019 is almost $59,518 m and it’s expected to grow $67,463million. User penetration is 3.4% in 2019 and expecting to grow to 3.8% in 2023. So without doubt incorporating the best strategy with the checklist to build a car rental business yields a good result.
4. Bike rentals
It’s also one of the most profitable businesses out there because it is impossible for users to take their bikes while travelling to other countries.
Choosing the bike rental business will lead to plenty of benefits includes authentic experience, providing good customer experience, reliability, transparency in pricing. This makes the industry possible to grow at an annual rate of 14.3% within 2025.
5. Equipment rentals
In our day to day life, people use various tools for different purposes. So it is essential to use different kinds of equipment but it is not possible to buy every equipment you need and some are not affordable for everyone.
Hence It is conquering as one of the rapidly growing businesses because it is satisfying the needs with reducing the cost of maintenance of the equipment. The revenue-generating is $48.9billion and an average annual growth rate of 4.6 percent to reach $56billion in 2020.
Learn more about building a equipment rental app for your business.
6. Coworking space rentals
As the price of workspaces is rising, finding an ideal location becomes more hassle. This resulted in the rise of shared workspaces. It is the most important aspect for any business providing private workspace for freelancers, startups with limited employees and research fellows in exchange for a monetary fee.
There is a rise in demand for these rentals because it is forecast to double to 49,500 by 2022 and the number of coworking members worldwide leapt from 1.74 million to 3.1 million. This makes coworking space a more profitable business. It mainly attracts entrepreneurs for higher revenues.
7. Event Venue sharing
It is the process of renting a venue space for a particular date and time to organize events ranging from business meetings to entertainment purposes.
The event venue sharing is becoming popular because of its important benefits like location convenience, less expensive, reducing operating costs. According to a recent report, the event venue sharing generates $325 billion and estimating an impressive 11% industry growth in 2026.
8. Car parking lot rental
Sharing has been recently growing at a surprising rate. It is also one of the sharing methods of sharing the extra spaces like garage, closet and basement space to the people who are in need.
Sharing the parking space includes many benefits such as keeping vehicles safer, reduces parking cost and theft. Due to the improvement of technology, the sharing economy ideas is expecting to grow at an annual rate of 21.54% within 2022.
9. Warehouse rental business
Storage room space rental business makes it easy for the people to store their belongings without the hassle. These businesses also cater to other businesses who need storage space to store the equipment. It makes extra money and expecting to reach $32.6billion in 2020 with advantages like lower cost, security is assured for your belongings. It also provides flexibility and convenient storage facility.
10. Camp space sharing
Camp space sharing rentals are nothing but sharing the extra space for camping who is in need. It is gaining popularity because it is a new unique experience for all the ages of the people.
It is growing well in Australia because many people showing their huge interest and 2.6 million spending their vacation. This makes the camp space industry groom well and helps in earning revenue in an unexpected way.
If you have been tossing around the idea of starting a online rental business, it’s time to go for it. Upon reading this post, you may know the different type of niche in starting a rental business. Choose the right rental business model with unique functionalities is one of the most important aspects to build a profitable business.
Need help in creating your MVP for online rental business? Get in touch with our experts at email@example.com who can guide you in all stages of development.
For more insights, refer https://www.rentallscript.com/airbnb-clone/