43 Most Profitable Things to Rent Out in 2024

Are you looking for a way to make extra money without working endless hours? Starting a business of renting out stuff could be a great option. In this article, we’ll look at why you might want to pursue this side hustle, the best things to rent out to make money, and how to get started.

Taking advantage of the things you already have can be a great way to make money. While there are plenty of different side hustle ideas you can pursue, one of the fastest ways to make money is to sell your stuff.

Another way to make money from your stuff is by renting it out to others. Renting your possessions isn’t just a way to make some quick money. It can also become a regular side hustle that turns your things into income-generating assets. Best of all, it can be a side hustle that doesn’t take much of your time to maintain.

I have had mixed results making rental income, from a huge payday renting out my house on Airbnb when the Major League Baseball All-Star game came to my home town… to some less successful attempts to rent out my car. Read on to learn more!

Why Renting Things Can Be a Great Side Hustle

Before we look at the available options, let’s quickly talk about why it makes a lot of sense to rent your stuff. At first, you might think you don’t want other people using your property. That’s one factor you’ll need to consider, but the reasons listed below might be enough to convince you to give it a shot.

• (Somewhat) Passive Income. When renting things out, you’ll make money by leveraging assets you already have (residual income), not by working more hours. You may need to put a little time into the side hustle, but it’s not like you’re trading time for money. This can be a great fit if you have a tight schedule and limited extra time for more work.
• Make Money Outside of a Job. Whether you have a job and need something extra, or you don’t have a job and want to make money from home, this could be a good fit.
• Make Money from Things That Aren’t Being Used. By renting your stuff, you turn something unused into an income-producing asset.
• Offset the Cost of Your Items. You can essentially offset the cost of buying an item when you make money renting it out.
• Lots of Possibilities. As you’ll see in this article, there are loads of possibilities and many different things you can rent.
• Help Others. While it may not be your primary motivation for renting your stuff, you’ll also be helping others save money since they won’t have to buy the item for themselves. That’s a plus, especially during a challenging time when many financially struggle.

Most Profitable Things to Rent Out

Throughout the article, I’ll mention several apps and websites that allow you to rent out various belongings. While those are ideal options, some sites allow you to rent out just about anything. If you have something that you want to rent out but you’re not sure where to list it, these general rental sites may be a great option:

• Fat Llama – One of the most popular websites for renting just about anything. The site claims that average lenders make $50 per week and top lenders make up to $3,000 per month.
• Loanables – Another general rental marketplace where you can list appliances, musical instruments, furniture, and more of your items.
• Rentah – List party supplies, tools, sporting goods, outdoor items, fashion, electronics, and more. You can also list some services like child care and entertainment.

1. Storage Space

Renting storage space is one of the more underappreciated side hustle options. Many people have extra space in their garage, basement, attic, a spare room, or shed that they’re not using for anything important. Other people who need storage spaces may be willing to pay you a monthly fee just for the right to keep their stuff in your space.

The storage rental industry is massive, with self-storage locations everywhere. The prices of those units can be surprisingly high, so it’s easy to see why customers would be interested in renting storage space from an individual instead.

Best of all, renting your storage unit is easy, thanks to Neighbor. It’s free to list your available space, and people in your area can find your listing through Neighbor’s popular platform.

2. Truck

Do you have a pickup truck or a work truck you can loan out? Renting it out can be a great way to make extra cash.

Many people who don’t have a truck need to rent one from time to time, and you can make a surprising amount of money by offering your truck. Fetch, a peer-to-peer truck rental platform, guarantees you’ll make at least $1,500 in the first 90 days with each new vehicle you list on their platform. Fetch also claims that you can make up to $1,800 per month by renting out your truck.

With the help of Fetch, renting out your truck is a profitable side hustle that doesn’t require a lot of time. They’ll market your truck to people in your local area, handle customer service, perform renter verification, and process payments. You can even use the Fetch smart device so renters can unlock the truck with their phone, eliminating the need to meet in person. Fetch also has insurance that will cover your truck while it’s being rented.

3. RV or Camper

If you have an RV or camper, renting it out when not in use can be very lucrative. In fact, this is one of the best passive income opportunities covered in this article.

There’s a big market for RV rentals from campers and travelers, which can put a lot of extra cash in your pocket. Rather than letting your RV sit around when it’s not being used, why not make some money from it?

RVs are very expensive to purchase, and renting yours out may help you offset the cost. The demand for RV and camper rentals dramatically increased in 2020 due to the pandemic and travel restrictions, and that demand has remained.

RVshare is a popular peer-to-peer rental platform for RVs and campers, and you can make a significant passive income by listing your RV or camper on their site.

4. A Spare Room or Your House

The growth of Airbnb, Vrbo, and other similar marketplaces has made it easier than ever to make money by renting out your home, a unit in your home, or even a spare bedroom. Some people make money with short-term rentals throughout the year. Others rent out a room or their house during particular seasons when they can make more money.

Of course, this option will be better for some people than others, depending on your home and property setup. In a past article, I interviewed Riley from Young and the Invested about his experience renting a lock-off unit that was part of his house (read it here: How to Make Money Renting a Room with Airbnb).

While Airbnb has made short-term rentals more accessible, renting a room or unit to a long-term tenant is always an option.

You can make a significant amount of money renting a room, a unit, or a home in the right situation. Here are a couple sites to consider:

• Airbnb
• Vrbo

Depending on where you live, you may be able to make money renting your home at particular times of the year. Rent Like A Champion is a site that allows renters to find private homes near games, golf tournaments, races, and other big events. In the right location, you can make great money quickly by renting your home to one of the thousands of visitors who will descend upon the area.

You may think renting out a room or unit isn’t possible for you, but with some creativity, you might be surprised by what works. Long Island resident Marsha Kelly, a marketing consultant at Best4Business, and her husband converted their garage into a 400-square-foot apartment.

They moved into the apartment and now rent out the 4-bedroom house, which generates more than $50,000 per year. This strategy could be an “in” to developing rental properties. 

5. Kitchen

Instead of renting a bedroom, how about renting out your kitchen? This won’t be an option for everyone, but if you have a kitchen suitable for bakers, chefs, caterers, and others who need to rent a kitchen, it could be a great way to make some extra cash.

The article How to Prepare Your Kitchen for Rental on K!TCHEN Mag is an excellent primer if you’re interested in pursuing this idea and will help you see if it is a good renting option for you.

6. House or Space (for Events)

If you want to rent your home or space, you’re not limited to long-term tenants or short-term rentals for travelers. Another option is to allow your space to be rented for other purposes. Typical uses include filming, photoshoots, parties, and different types of events.

• LocationsHub – You can list your home or property to be rented for filming productions. To create your rental listing, you’ll need to pay a fee starting at $4.95 per month. You’ll be able to set your price, and you’ll keep all of the money (no commission for LocationsHub). The amount you make will vary, but it’s generally somewhere between $1,000 – $5,000 per day.
• SetScouter – You can list your home to be rented to produce commercials, music videos, and branded content.
• Giggster – List your home or space to be rented for filming or to host a party or an event.
• Peerspace – List your space to be rented for filming or other events like weddings, parties, meetings, and more.
• Splacer – List your space to be rented for filming, productions, weddings, parties, networking events, and more.

7. Office Space

Do you have extra space that could be used as an office, meeting room, or commercial space? It could be a part of your home or some other property you own. The websites listed below can help you make money by renting space for business purposes.

• LiquidSpace – Rent out some desks, a conference room, or an office.
• Desktime – Allows you to list your co-working space for others to rent.

8. Parking Space

If you live in the right location, your parking space or driveway may be a valuable asset that others will pay to rent from you. Simply rent it out when you don’t need it for yourself, and you can make some easy money on the side. There are several websites and apps for listing your parking lot, including:

• SpotHero (US)
• PARQEX (US)
• JustPark (UK)
• Your Parking Space (UK)

9. Camping Space

Depending on your property and where you live, you may be able to rent out your land to campers. In the right situation, it can be a great way to make some extra cash with little work required on your part.

• Campspace – List your land to be rented by campers. It can be rural or in a city and only needs to be large enough to pitch a tent. You can also rent out a cabin, yurt, or treehouse.

10. Land for Farming/Gardening

Another way for property owners to earn rental income is by offering their land for farming or gardening. This can be a great way to make money from your land, again, with little effort on your part.

• Shared Earth – Connects landowners with gardeners and farmers.
• YardYum – Rent garden plots.

11. Your Space for Pets

There are also ways to make extra money by renting your space to be used by pets. Here are a few options:

• Rover – With the help of Rover, you can quickly start your own doggy daycare and charge pet owners to watch their pets. In this case, you’re also providing a service and allowing them to use your space. While this involves more work than many other rental options, it also presents outstanding monthly income potential. Read my interview with Lily about How to Become a Pet Sitter.
• Sniffspot – Rent out your land as a place for dog owners to play with their dogs. Sniffspot says that some hosts are making $1,000 per month.

12. Money

Peer-to-peer lending platforms make it possible for you to essentially rent out your money to others. While there is some risk involved, many peer-to-peer lenders have successfully generated a nice side income from this investment. Investments at Prosper, one of the leading platforms, have an average historical return of 5.4%.

Several years ago, peer-to-peer lending was a better option with more possibilities and higher returns. If you’re looking to get better returns on your investment today, you can use Groundfloor, which is a combination of peer-to-peer lending and real estate investing. You’ll loan money for house flips, and you’ll have the possibility of earning double-digit returns.

There’s a lot to like about Groundfloor. It’s possible to get started with as little as $10, so it’s an opportunity for anyone to begin a profitable business. 

13. Car

If you have a car you’re not using all the time, vehicle rentals can be an excellent way to make extra money. Renters can choose to rent from you and save money (as compared to the leading rental companies), and you can make easy cash.

This is an excellent option because you keep the car to yourself when you need it and rent it out when you don’t. Cars typically drain a budget, but this way, you can make some money back through car rentals. You could leave in car seats for renters with kids. 

• Getaround – Claims that the average owner makes more than $1,000 per month by renting their car.
• Turo – Another excellent option for vehicle rentals.
• Riders Share – Motorcycle rentals.

To learn more, please read my interview with Justin about how he makes $2,000 per month by renting two cars: How to Make Money with Car Sharing

14. Advertising Space on Your Car

Want to make money from your car without renting it out to other drivers? How about allowing companies to rent space on your vehicle as an advertisement?

Some companies will pay to place a temporary ad or full wrap on your car. How much you can make with this approach will depend on where you’re driving and how much you’re driving, but it’s possible to make hundreds of dollars from one ad.

Here are some sites to check out.

• Carvertise – Pays $100 – $200 per month, plus you may be able to park your car in high-visibility locations and get paid $30 per hour.
• Wrapify – Pay up to $400+ per month for a full wrap.

Warning: There are a lot of scams related to car advertising. The companies listed above are reputable, but if someone contacts you about getting paid to put ads on your car, be cautious. You should never have to pay to have the ads installed on your vehicle.

15. Boat

If you own a boat, chances are, it’s sitting around and not being used most of the time. Did you know you could make money by renting it out? Here are a few sites where you can list your boat for interested renters:

• Boatsetter – Powerboats and sailboats.
• GetMyBoat – All types of boat rentals, including jet skis, houseboats, paddleboards, and more.

16. Jet Ski

Do you own a Jet Ski? If so, you probably only use it occasionally. You can put it to good use and make some money by renting it out to others.

A lot of people would love to be able to use a Jet Ski, but very few people own one. This makes it the perfect opportunity if you happen to own one. Try these websites:

• Click&Boat
• GetMyBoat

17. Golf Carts

Depending on where you live, there might be a market for people who want to rent a golf cart. John Holloway, co-founder of life insurance platform NoExam.com, and a business partner started renting out their personal golf carts to people in town for weddings (they live in a golf cart-friendly neighborhood with a venue that’s popular for weddings).

They’re making a few hundred dollars per month with this side hustle. If you have a golf cart and live in the right area, this is a great rental income opportunity.

18. Bike

Don’t have a car, truck, boat, or RV to rent? How about a bike? You can make money by simply renting your bicycle to others.

• Spinlister – List your bike, surfboard, or snowboard.
• listnride – Bike rentals in Europe.

19. Power Tools & Equipment

Power tools are perfect for a rental company. Many people need a specific tool but don’t want to buy it because they may not need it again. If you own the tools, you can rent them to make money.

This applies to all types of power tools, from saws to drywall lifts to chainsaws. Lawn and landscaping equipment like mowers and leaf blowers are also good options.

Most towns and cities have some equipment rental business already, but you could also start equipment rentals on a small scale.

20. Tents

Many outdoor events use large tents, and very often, the tents are rented. If you own a tent, you can easily make money by renting it out for events.

This opportunity could be a side hustle to make extra money every now and then, or it could be scaled up into a full-time business. You could purchase tents to rent them out.

21. Bounce Houses

Here’s another opportunity that could be turned into a full-time rental business. They are popular for birthday parties, carnivals, and community events. You could start a bounce house rental gig and meet the existing demand.

22. Lawn Games

Outdoor events and gatherings now often feature lawn games like giant Jenga, yard pong, or cornhole. Instead of making a big investment in these large-scale games, event planners and hosts might opt to rent them for a short period of time. 

Whether it’s a home BBQ, a wedding, or a business picnic, renting lawn games is a great way to liven up any outdoor gathering. You can make some serious cash by stocking up on awesome lawn games that are both durable and visually appealing. 

People love having fun and interactive outdoor entertainment, which is a great way to meet that demand without breaking the bank. 

23. Arcade Games

Parties, corporate gatherings, or even permanent entertainment venues can benefit greatly from the nostalgic appeal of classic arcade games. However, purchasing a bunch of arcade machines can be quite expensive and occupy a significant amount of space. 

Renting out restored and well-maintained arcade cabinets allows customers to relive their favorite childhood memories with classic arcade games like Pac-Man, Galaga, and Street Fighter. 

It’s a great way to tap into the growing demand for retro gaming experiences. Renting arcade games is a fun and engaging addition to any event, whether a birthday party, corporate gathering, or trade exhibition. This is also an ideal addition to any party rental business. 

24. Clothes/Fashion

How about renting your clothes and/or accessories when you don’t need them? Other people may be willing to pay to rent your clothes rather than buy new ones.

This is the perfect opportunity if you have a closet full of designer clothes you don’t want to get rid of.

Here are two sites/apps that make renting out clothing possible:

• Style Lend
• Rent My Wardrobe

Falling into the same category, you can also make good money by renting out your wedding dress. Many brides are looking to save money on a wedding dress, and renting one is a great way to do it. If you’re not overly sentimental about your own wedding dress, this could be a great option.

25. Costumes

Costumes are one of the ultimate ways to show off your creativity. However, purchasing them outright can be pretty costly and not very practical. Costume rentals are a lifesaver in this situation. Whether you’re into elaborate cosplay outfits, historical costumes, or character ensembles, renting costumes is a great way to transform yourself without breaking the bank. 

Renting costumes is smart for any occasion—Halloween, a themed birthday bash, or a theater gig. It’s a budget-friendly way to let your imagination run wild and show off your unique style through fashion and costume design. 

26. Baby Gear

Have you ever traveled with a baby or toddler? If so, you know you need to bring A LOT of stuff with you. BabyQuip makes it easier to travel with babies by allowing parents to rent baby gear instead of bringing everything from home.

If you have baby gear, you could make extra money by renting them to people who are traveling to your area. This is an exceptional possibility if you live near a tourist attraction, but it can work in just about any town. People may be visiting family members in your area and unable to bring everything they need.

27. Toys

Renting out toys can be an excellent way for parents to keep their children’s playthings fresh and make some extra money. But like every parent knows, kids can outgrow their toys or lose interest in them altogether. That’s where renting toys can be beneficial. 

With a carefully chosen assortment of popular toys, including educational games and ride-on vehicles, you can offer a budget-friendly and eco-friendly option to constantly buying new toys. Renting toys is a great way for kids to have fun and learn without owning them. 

It’s convenient for parents, too, as they can easily return toys when their children outgrow or lose interest in them. Plus, you can benefit from each item’s multiple rental cycles.

28. Photography Gear

Photography gear is expensive. In some cases, it makes more sense for photographers to rent specific items rather than buy them. Maybe they only need the item for a short time, and buying doesn’t make sense.

Perhaps they’re traveling, and it’s easier to rent as opposed to bringing everything with them. Maybe they can’t afford to purchase camera equipment right now. Or perhaps they want to try something out before making a buying decision. These sites allow you to make money by renting your camera equipment:

• ShareGrid
• KitSplit

This can work with cameras, lenses, drones, and other gear.

29. Musical Instruments

Musical instruments can be expensive purchases. Many people are interested in renting an instrument instead of buying one because:

• They may not have the money to buy it.
• They prefer to try the instrument for a while before buying one.

If you have instruments you’re not using, this could be a perfect option for making extra money. Maybe you bought a new instrument and don’t use your old one, or perhaps you’re not playing anymore, but you still have the instrument.

Fretish is a website for peer-to-peer instrument rentals. List your gear, and someone else can find it and rent it. Of course, you could also do it independently if you know someone interested.

If you love music, renting out your instrument can allow others to experience music for the first time. It might be rented by a student getting his or her first experience with the instrument.

30. Sporting Goods

Sports equipment presents another good opportunity for a specialized rental company. You could rent out items you already have or even look to purchase sporting goods to rent them out as a side hustle.

There are no websites or gig economy apps explicitly dedicated to peer-to-peer sporting goods rentals. Still, you could use one of the general rental websites or apps or build your own business independently. This article on Rentrax includes tips for starting a sports equipment rental business.

31. Fishing Gear

Like sporting equipment, a fishing gear rental gig would present similar opportunities. You may have extra fishing gear that you don’t use very often, or you could buy equipment specifically to rent out.

There are a few outdoor gear rental websites, but none have much of an established audience. Your best options would be to use a general rental website/app or work on building the business on your own.

32. Hiking Gear

Although spending time in nature is fulfilling, not everyone possesses the gear required for a risk-free and fun adventure. This is where the service of renting hiking gear becomes useful. 

Hiking gear rentals are a practical and affordable option for outdoor lovers, particularly those who rarely go on trails. If you put together a collection of tents, backpacks, sleeping bags, and other must-have hiking gear, you’ll be able to attract adventurers who don’t want to spend a fortune on equipment they’ll only use occasionally. 

33. Sewing Machine

Some craft and fabric stores rent out sewing machines. Many customers have a temporary need for a sewing machine but don’t want to buy one. You could offer to rent yours out to make some extra money.

Many people who own sewing machines use them occasionally, so if you have one, you could easily rent it out when you don’t need it.

34. Artwork

If you’re into art and love supporting local artists, why not start an art rental business? With a wide range of artwork, including paintings, sculptures, and mixed media works, you can provide individuals and businesses with a constantly updated selection of pieces available for rent. 

Art lovers and designers can easily switch up their spaces with fresh, inspiring pieces without making a permanent purchase. 

With this, not only is an excellent service provided, but artists also get a chance to show their work and maybe even make a sale to interested renters. Building art rental businesses from the ground up can be lucrative and fulfilling, provided you have a well-selected and promoted collection.

35. Website

Here’s an entirely different option most people are not aware of. There’s an online business model referred to as “rank and rent,” which involves building a website, getting it to rank on the first page of Google, and then renting out the website or specific pages to businesses that want to get exposure from Google searches.

The rank and rent model typically targets local searches. For example, you could build a site that targets the phrase “Philadelphia personal injury attorney.” If you can get it to rank on the first page, you can approach attorneys who might be interested in renting the site from you.

Of course, this approach is ideal for someone with experience building websites or blogs and search engine optimization (SEO). But even if you don’t have experience, it’s something you could learn if you’re willing to put in the time and effort.

The rank and rent business model could be done part-time for some extra money, or you could scale up by building several sites to turn it into a full-time business that generates a steady income. This can be a very lucrative business if you’re successful.

To learn more, read How to Rank and Rent Websites by Matt Diggity.

36. Bandwidth

Are you looking for an easy way to make a small passive income? If so, renting out excess bandwidth could be a good option. You won’t turn this into a full-time business, but you can make some extra money on the side each month. The best part is it’s relatively easy and passive.

There are a few different websites and apps that make it possible to rent out your bandwidth, including;

• Honeygain
• PacketStream

For a more detailed look at this topic, please read Sell Internet Bandwidth for Cash at This Online World.

37. Friendship

You can rent your friendship, and others will pay you to spend time with them. And surprisingly, this can be one of the most profitable things to rent out. 

It sounds a bit weird at first, but there are many situations where it makes sense. Someone may be looking for a companion to go to the movies, a concert, a play, a game, or some other event. Or the person could be looking for someone to go on a hike or just spend some time together.

RentAFriend.com is a website that allows you to create a profile so people in your local area looking for a friend can hire you. It’s completely non-sexual and legal, and some friends make great money by doing it. The website claims that some friends make over $2,000 per week full-time. Of course, you don’t need to do it full-time.

38. Laptops

Can you believe how essential laptops have become in our digital world? They’re pretty necessary for work, communication, entertainment, and education. But not everyone requires one constantly. That’s where you can consider renting a laptop. 

Offering laptop rentals allows individuals to conveniently access computing power for a short period of time without the commitment of a long-term initial investment. This makes it a popular choice among travelers, students, and professionals who require temporary access to technology. 

If you rent out laptops, you’ll offer a super convenient solution for people needing them. Whether for work, school, or just staying connected on the move, renting gives them the flexibility they need without the hassle of owning one. Given the widespread need, this can be one of the most profitable things to rent out. 

39. LED Lighting

Event planners and filmmakers require top-notch lighting equipment, but purchasing professional LED setups can be costly. When you rent versatile LED lighting rigs, you can profit by providing these temporary needs without your clients having to buy expensive equipment. 

LED lights are super popular because they’re efficient, versatile, and look amazing. People use them for weddings, corporate events, film shoots, and music videos. 

Investing in various LED lighting equipment, such as accent lights, color-changing fixtures, and large-scale installations, allows you to cater to a wide range of customers with different budgets and requirements. 

The rental model is great because it lets you generate a steady revenue stream without selling products outright. Your clients will always need lighting solutions for their temporary projects and events, so you’ll have a consistent demand for your services. 

You can generate significant profits with LED lighting rental businesses by effectively promoting your business and establishing a strong reputation for high-quality equipment and services.

40. Sofas

Sofas are the essential element of a comfortable living area. However, purchasing a brand-new sofa can be quite a big expense. That’s where you can consider renting a sofa. Picture allowing customers to furnish their homes with stylish and comfortable seating, all without the hassle of owning it. 

Homeowners, stagers, and short-term rental hosts always look for modern and fashionable sofas. Having a carefully chosen collection of stylish sofas can be incredibly valuable. 

You can accommodate a variety of tastes and budgets with your couch inventory, which includes anything from sophisticated velvet Chesterfields to stylish modern sectionals. This lets you take advantage of the need for something different and offers a more eco-friendly option for buying furniture often. 

If you take good care of your sofas and give them the attention they need, they can continue to bring in money for a long time. With flexible rental terms and a commitment to providing top-notch furniture, sofa rental businesses can easily become lucrative.

41. Tables and Chairs

Another potentially profitable business venture is renting tables and chairs. Whether it is a fancy wedding, a professional corporate event, or a simple backyard barbecue, tables and chairs are necessary to ensure everyone has a place to sit and enjoy themselves. 

However, only some have the room or money to buy a complete furniture set. A wide selection of table and chair types allows you to meet the needs of various events and personal tastes. 

Tables and chairs can range from simple folding chairs for business meetings to classy wedding banquet sets, from rustic farm tables for outdoor parties to more elaborate chiavari seats. 

A well-kept inventory allows each set to generate multiple rental fees, which means a consistent flow of income. Customers can easily rent high-quality, stylish furniture for their special occasions without any worries about storage or maintenance.

You could also offer services to local businesses looking to save on extra purchases when they have events. 

42. Retail LED displays

Retail LED displays are gaining popularity among businesses that want to catch customers’ attention and boost their brand visibility. Instead of spending money on expensive permanent displays, businesses might rent flexible LED setups for temporary promotions or window displays. 

Think of a system where businesses could seamlessly hire top-notch displays for trade exhibitions, product launches, and other special events without worrying about upfront expenses. 

With LED displays for rent, businesses can create a striking visual presence without breaking the bank. From dynamic video walls to attention-grabbing signage, these displays offer an affordable way to make a significant impact. 

43. Projectors

Renting out projectors can be a great way for businesses to make extra money. This service can be useful to various industries. Projectors are great  for presentations, movie nights, and events, but not everyone needs one permanently. 

That’s where renting projectors can be really useful. Event planners, corporate trainers, and even schools might need top-notch projectors for presentations, seminars, or movie screenings. 

How Do I Determine Pricing for the Items I Want to Rent Out?

Several factors must be considered to determine an appropriate rental price for your items. 

First, determine the level of demand for the product in the market. If something is in high demand and hard to find, you can usually charge a higher price. On the other hand, if it’s easily accessible and not in high demand, you might want to consider reducing your price to attract renters. 

Also, consider the condition and quality of the item. Typically, new or in-good condition items are priced higher, while older or worn items may need a price adjustment.

It’s important to research the prices of similar items in your area. You can check out rental platforms or ask around locally to understand the current market rates. This gives you a starting point for determining a fair price. 

Think through any additional services or perks you provide, like delivery or included accessories, that could help justify a higher price. 

Lastly, make sure to consider all the expenses and desired profit margins, such as purchase costs, maintenance, storage, and insurance. 

You may find a price plan that meets the needs of renters and keeps your business successful by carefully considering all of these factors.

How to Start Your Own Rental Business

Think About the Things You Already Have

It’s best to start simply by renting out some of the things you already have rather than buying anything new. By using something you already have, you can get started with no out-of-pocket expense, and your business will be profitable as soon as you start getting renters.

As you’ve seen throughout the article, there are many different things you can rent out. Take a look at the possibilities and think about what you have that you’re not using to decide on a good starting point for your rental company.

Decide What You Want to Rent Out

Aside from thinking about the things you already have, you should also consider your financial goals for your rental side hustle. Are you looking to make a little extra money on the side, or do you want to build a business that generates a full-time income? Some options offer more potential than others.

Choose a Platform

There are apps and websites you can use to rent out different things. General rental sites like FatLlama can be used to rent just about anything, but you also may be able to use a specialized platform like Neighbor or RV Share, depending on what you’re going to rent out.

Consider your options and decide on which platforms you want to use. In the beginning, you’ll be trying the app or website, so remain flexible and be willing to change if needed.

As you determine what to rent out, it’s also worth thinking through if there’s sufficient demand for particular items in your local area to ensure it’s worth your time. 20-year financial professional Joseph Lucas shares his insights on how to think through this: 

“For the bigger items like renting a room, your vehicle, storage space, or an RV… simply log in [to the platform you’re using] and search for options in the area. If you see some listings with reviews, then you know there is demand! For smaller items, the market is still developing, so you just have to use trial and error to find if there is a market!”

Market on Your Own

While rental apps and websites can be helpful, you don’t have to rely on them exclusively. You can also market the great rental business idea on your own. This could involve posting to Craigslist or local bulletin boards, distributing flyers in your local area, or advertising in another way.

Expand

Once you have some renters and your business is off the ground, the next step is to expand. If there’s enough demand for whatever you’re renting, you might want to consider buying more items specifically to rent them out, or branch into renting out related items.

If possible, consider buying used items to keep your costs to a minimum. You can also consider expanding by adding other types of items that you’ll be renting.

Frequently Asked Questions

Final Thoughts

The rental market is booming! What are you going to rent? Now that we’ve looked at many options, hopefully, you have a few best rental business ideas you could put to good use to make a little extra money without too much effort. All of the sites listed in this article can be useful for generating passive income, so pick the ones that seem like the best fit for you and get started.

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