8 Popular Ideas for Lucrative Rental Business Opportunities

By on November 21, 2019

Are you planning to start a rental business? If you are interested in owning an online business, there is no better time like the present. We live in a golden age where the internet and web technologies possess immense potentials for explosive online business ideas.

Why online rental marketplace?

In today’s fast-paced world, everything is available on the go. We can clearly see a shift that is going from the concept of owning to the concept of renting. Everything we need, be it furniture, cars, apartments, or even clothes, is available on rent.

When compared to buying, renting offers more value for money. Currently, the industry is titled towards rental oriented online service marketplaces. Moreover, renting makes sense, especially when the investment to own is huge and the frequency of usage is less. Take car rental services of instance. Multiple customers can rent one car in different periods, thereby improving the efficiency of usage and cutting down costs involved.

The popularity of Airbnb has also contributed to the emergence of rental business opportunities. Just like Airbnb that offers an online platform to rent living spaces, you can build other kinds of rental platforms with the same features or by adding any level of customization needed to accommodate other kinds of stuff to rent. Airbnb clone script available in the market is a result of similar kind of implementation of the Airbnb’s business model on other kinds of rental service marketplaces.

8 popular rental business ideas for your next venture

The concept of the sharing economy or rental business has a bright future due to the simplicity of the business model, flexibility, and affordability. So if you are excited about investing in the industry, here are some lucrative rental business ideas to consider.

Co-working space rentals

Today, more and more companies are realizing the need for managing working spaces efficiently. In the current scenario, co-working space rental is a brilliant business idea. A co-working space is a shared work environment where people work, conduct meetings, exchange ideas, and collaborate on projects. Shared spaces are typically independent of a single office and are ideal for freelancers, or people who travel often, or just any business who want to find and creative workplaces, or even any low-cost startup that wants to function cost-effectively. Co-working space rental websites work as a platform for people who want to rent out their space and for those who want to leverage the rental services. Just like an Airbnb for co-working spaces.

Parking space rentals

A peer-peer platform that connects car owners with homeowners and local businesses to rent parking spaces is another great business idea worth considering. The concept of parking space rental is again similar to Airbnb’s business model. Just like how Airbnb connects travellers with hosts, parking space rental business connects drivers and businesses or homeowners who want to rent out their parking space.

Storage space rentals

When people relocate to a new place, high chances are they might need extra storage space to store extra stuff. But spending $100 a month on a storage unit doesn’t sound appealing. What if they could use empty spaces available in neighbourhoods for a specific time period at affordable costs? That’s exactly how storage space rentals work.

It connects people who are looking for storage spaces to keep their things with people who have unused spaces. Again, the business model is similar to Airbnb, and it works just like an Airbnb for storage space.

Campsite rentals

With the rising costs of hotels and homestays, it is no surprise that people are looking for cheaper holiday alternatives. Not just that the former choices are not expensive, it doesn’t cater to people who love open sky and spaces. That is why campsite booking platforms are quickly gaining traction amongst campers who are looking for unique experiences. Starting a campsite rental business is another lucrative business idea. Along with it, offer some additional extras that make the stay of your guests more enjoyable.

Luxury bus rentals

This has the same demand as part boats. Luxury buses make the mode of travel a destination on its own. Not only there are year-round opportunities for this type of rental service, but it is also great to add your own unique style to a proven business model. Whether you are looking to treat your friends and family or to impress your colleagues, luxury bus services provide an unparalleled transportation experience. Luxury bus services are a great choice for corporate road trips when flying is not an option.

Boat rentals

Obviously, not everyone can own a boat, and that is why a peer-peer marketplace for boat rentals is an appealing business idea. A boat rental business helps people to rent out boats for any fishing or any recreation activities for a day out. The business either can be water-based and operated from a rented dock facility or land-based and can be rented with a trailer.

Watercraft rentals

Start a rental business to rent out watercraft tools and equipment like kayaks, paddleboards, paddle boats, canoes, or anything else. Before starting your watercraft rental business, take your time to refine the customer experience you offer. Learn about basic business operations and set yourself apart from the competition before expanding your inventory.

Before starting, gain knowledge on the rules and regulations on watercraft rentals in your state. Learn about water liability insurance and look for organizations that can offer community and insights along your business journey like the American kayaking association.

Baby gear rentals

Buying baby gears can get a lot pricey, but renting out the same gear offers great value when you want to make use of it while you are away from home. A peer-peer marketplace for baby gears is an excellent business opportunity that offers easy access to a large inventory of baby gear. In short, baby gear rental marketplace makes travelling with a baby lighter and cost-effective.

Conclusion

Online rental businesses hold huge potential for business growth and revenue. A unique business idea, well-crafted business plan, and best strategies pave the path to increased business productivity. The first key to build a successful rental business is the idea, with keen observation of niche audiences, you can find the best one. I hope these rental business ideas gave some insights on the abundant opportunities available in the market. Do you have any other innovative rental business idea? If yes, please share it with us in the comment section below.

About Jessica Bruce

I am an eCommerce business expert, Influencer, and business advisor. I have written several posts related to the eCommerce niche which has attracted readers.
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