Rental businesses are growing, with a market share of $335 billion expected by 2025. Consumers prefer renting over buying practically anything they can get at a low price, from construction equipment and cars to fashion accessories like jewelry and clothing.
However, the emergence of a slew of new sectors in the rental industry presents a conundrum for entrepreneurs hoping to launch an online business to rent. To produce value service offerings that they can promote and rent out on their platforms, companies need to be confident in the user base and use cases of the products.
We’ll talk about different rental business ideas in this blog, including market groups, consumer demand, and sales triggers, to assist you to grasp their business potential.
1. Heavy Equipment Business to rent
On construction sites, heavy equipment is frequently required in huge quantities. Many construction companies and miners cannot afford equipment such as transit mixers, cranes, wheel loaders, generators, and hydraulic rigs because they are not cost-effective. As a result, they either hire or lease heavy equipment on a project-by-project basis. According to data, the equipment rental business currently generates around $37.5 billion in income, with another $5 billion predicted to be added by 2024. According to stats, heavy equipment is one of the best rental business to start in 2022.
2. A company that rents out dresses, uniforms, and costumes
For the majority of customers, renting luxury dresses, bridal wear, and formal apparel for one-time events such as weddings, corporate functions, and get-togethers makes sense. Uniforms are also rented with a security deposit in B2B enterprises. Similarly, many people prefer to rent rather than buy cosplay and Halloween outfits. This suggests that the dress rental market offers a feasible business option. For the time being, the industry is developing at an amazing CAGR of 8.7% for the projection period 2020-2025, nearly doubling its market share in 2025.
3. Business of HVAC Rental
In the next four years, the market for heating, ventilation, and air conditioning (HVAC) rentals is expected to grow by 1.34 billion dollars. Offices, residential areas, malls, restaurants, hotels, airports, hospitals, warehouses, and storage facilities all require HVAC systems. People also prefer to rent HVAC devices for a variety of reasons, including affordability, favorable lease terms, and low maintenance requirements from the renter. Rental choices are more convenient and appropriate for people who live or work in rented spaces.
4. Business of Dumpster Rental
Several offices, hotels, events, corporations, and distant areas demand long-term contracts for private dumpster facilities. From a business standpoint, the dumpster rental company idea is beneficial since it gives convenience to the event and building administrators. Modern dumpster rental firms not only give dumpsters to their customers but also transportation services, in which pickup trucks arrive on a regular basis to collect rubbish and dispose of it in a junkyard.
5. Business of Car Rental
Consider what it would be like if you could drive a new car every month. For the general public, car rental companies like Hertz and Alamo make this possible. Similarly, firms such as Turo have demonstrated the viability of peer-to-peer (P2P) operations in the online car rental market, where car owners rent out their vehicles to clients and earn money. College students, part-time workers, travelers, taxi drivers, taxi service providers, and corporate enterprises are among the target audiences for online automobile rental company. By 2025, the car rental service is estimated to have a market share of $120 billion.
6. Adventure and Camping Equipment Rentals
The number of active campers in the US is 41.67 million, according to Statista. Because they only go camping once or twice a year, renting camping equipment makes more sense. Consumers who identify as visitors or tourists, in addition to residents, prefer to hire camping equipment because they cannot always carry it on their backs.
7. Business of renting cameras
Startups and small-budget photography firms will be drawn to online camera rental businesses. Wildlife photographers, filmmakers, and freelancers can also benefit from a camera rental service, which allows them to hire a variety of cameras and lenses for a fraction of the cost. Launching a peer-to-peer camera rental marketplace is another business idea in the camera rental industry.
8. Renting Gym Equipment
People all throughout the world worked out at home when gyms were closed due to the outbreak. They learned to organize their workout schedules at this time and discovered that having gym equipment at home was quite useful. Many fitness lovers, however, cannot afford to purchase equipment such as a bench press machine, hammer machines, or a treadmill. As a result, many gym-goers prefer to rent their equipment. Small commercial gyms, on the other hand, require rented equipment and are a vital addition to your customer base. Due to the aforementioned factors, starting a gym equipment rental business in 2022 and subsequent years will be a very profitable endeavor.
9. Rental of audio equipment and musical instruments
Parties, business gatherings, sporting events, showrooms, and auditoriums all rent audio equipment. It is required for the hosting of music concerts by music fans and bands. Music and audio equipment are rented by students for practice and by freelance instructors for teaching. Starting an online audio and music equipment business in 2022 has clear business potential, given the rising market and customers’ enthusiasm for music.
10. Business of renting RVs
For baby boomers, recreational vehicles are nostalgic, while millennials and Gen Z find them thrilling. Families may go on adventurous camping vacations and drive without stopping for the night in an RV. RVs are also rented as guest lodgings at events and celebrations, in addition to traveling. Because of their luxury and convenience, movie directors, actors, and TV/theatre artists going from one location to another use RVs. As a result, you may profit from the rising demand for rental RVs by offering an online rental platform to RV owners and charging a percentage. This eliminates the requirement for you to own any RVs.
Aside from consumer demand for rental products, the success or failure of a business is determined by the owner’s knowledge of the rental model, obstacles faced by rental firms, profit margins, and supply chain management. In 2022, after an entrepreneur works these out for his internet rental business ideas, he can turn it into a reality and profit by leveraging the business’s large user base.