Are you searching for profitable rental business ideas? Do you want to start a rental business with little money? If yes, you have landed at the right place. The object of crafting this article is to provide a list of trending leasing and renting business ideas for your ready reference.
Often people prefer to avail of the product on rent instead of buying that. And definitely, there are several reasons behind it. In the case of the fixed asset, one can avail of the product on rent for much less money compared to buying. In addition, people also want to get the products on rent those have very seldom requirements.
Broadly, there are two different types of products that involve in the renting business. These are immovable property and movable assets. However, the investment depends on the product you choose for the rental business.
In addition, when you are dealing with moveable products, you can spread your area of operation very fast. And this is absolutely not possible for a rental business that deals with immovable property. However, in both cases, you must conduct market research before commencing the business.
List of 21 Rental Business Ideas
1. ATM Space Renting
Demand for retail space for business is growing rapidly all across the globe in recent years. As space is a perishable item, the demand for retail space in business locations is ever-increasing. Banking organizations are on a spree to reach customers as near as possible. Hence the demand for space for ATMs is high.
Learn More: How to Start ATM Space Renting Business
2. Audio Equipment Renting
Any type of domestic, social, or corporate function demands audio equipment. And people always get it on rent. If you have some basic idea of operating sound systems, you can start this business with a small capital investment. The demand for this type of service increases in the festival seasons.
3. Billboard Renting
Billboard renting is a niche business opportunity in the outdoor advertising industry. And there are a lot of reputed companies who are only specialized in this business. You can start this business from your own locality. However, this business demands a moderate startup capital investment. In addition, you have to take care of the licensing issues in this business.
4. Book Renting
Traditional book libraries are now outdated. These days, people prefer to have everything at their doorstep. And also, the current trend is online book rental services. There are several startup companies working on this concept. Initially, you can start the business from your own location. And as your business grows, you can scale up the business at any moment in time.
5. Car Rental Service
Car rental is a traditional business in the transportation industry. And luxury car service is more profitable than ordinary car rental service. You can give your car to the companies on a monthly rent basis. Otherwise, you can earn from app-based taxi service companies like Ola and Uber.
Learn More: How to Start a Car Rental Business
6. Coffee Machine Rental Business
This is a comparatively low-cost business. Here, you must have some coffee machines with you. And you can give the machine to the clients on a rent basis. Generally, social functions are your major target audience in this business.
7. Construction Equipment Renting
Maximum real estate and construction companies prefer to hire construction equipment instead of buying. Because maximum construction equipment is very costly. In addition, companies don’t need the machine on a regular basis.
However, this business demands experience and substantial capital investment. If you have no prior idea about the construction industry, don’t go for this business.
8. Decorators or Tent House
This is a traditional business. And the overall success of this business completely depends on communication skills, networking ability, and local demand. In addition, the business demands a moderate upfront startup capital investment. Generally, a decorator or tent house service provider covers a wide range of functions and events. The list includes marriage ceremonies, birthday parties, political party conferences, Sports tournaments, etc.
9. Farm Equipment Renting
Farm equipment rental service is a very profitable business in rural locations. Generally, tractors, power tillers, seed-sowing equipment, plant protection equipment, and harvesting equipment are the most popular. If you are living in an agriculture-prone area, then you can start this business easily.
10. Flat Renting
Flat rental service is a lucrative opportunity for metro cities and suburban areas. In addition, the business demands very less capital investment initially. Generally, the business is profitable in the locality where people find flats for living or working purposes. And normally, property owners want to depend on a reliable and trusted property management company for their property.
11. Goods Vehicle Renting
This is another very profitable business in the leasing industry. You can start the business in two ways. In the first option, you can start the business with one vehicle. Otherwise, you can start a full-fledged transport company with a number of vehicles.
12. Home Appliances Renting
Home appliance rental service is one of the most lucrative opportunities in urban areas. Generally, a lot of people relocate frequently for professional reasons. And they neither intend to buy the appliances nor carry the home appliance from the previous location. Therefore, they must depend on the appliance rental service.
13. Luxury Bus Service
Luxury bus rental is a profitable business in the domestic travel industry. However, the business demands a substantial capital investment in buying luxury buses. People look for bus rental services generally for social functions like marriage and for tourism also.
14. Multimedia Projector Renting
The multimedia projector is an essential item for any type of professional presentation. In addition, this equipment is also widely used in several types of domestic and corporate functions. Generally, the cost of a good quality multimedia projector machine starts from Rupees 10000 onwards.
15. Office Equipment Renting
This is another self-rewarding and profitable renting-related business you can start with moderate capital investment. Generally, startup companies always look for office equipment rental service to keep their initial investment low. And you can help the entire startup community through this lucrative business opportunity.
16. Oxygen Cylinder Renting
Generally, oxygen cylinders have two different types of usage. One is a life-saving medical instrument and another is for an industrial purpose. You can start an oxygen cylinder rental service business with moderate capital investment.
17. Party Supplies Renting
Party supplies rental service is quite different from decorators or event management companies. Generally, here you only supply the required instruments and accessories. However, here you may or may not take the responsibility for entire party management.
18. Paying Guest
Offering paying guest facilities is an emerging business showing a lot of promise. Generally, students and single working individuals look for this facility. In addition, a paying guest facility is cheaper and also comfortable for newcomers to the city.
If you have an extra room in your house, you can earn handsome money from this business. In addition, you can also help other homeowners to get paying guests in exchange for fees.
19. Toy Rental Business
Online toy renting is one of the most trending opportunities in the rental industry. The business model is simple. Here you establish a small eCommerce site. And your clients put orders there. You deliver and pick up the toys at your client’s doorstep in exchange for money.
Learn More: How To Start Online Toy Library Business
20. Vehicle Recovery Van Renting
Vehicle recovery van renting service is a traditional and profitable business. The population of vehicles is increasing very fast. And the rate of accidents and damage too. So, the demand for this type of service is also increasing mode. In addition, you can start the business initially with one or two recovery vans.
21. Furniture Rental Business
Renting out furniture is one of the most lucrative rental business ideas at present. There is a good demand for furniture-on-rent in small offices because of its expense. Also, it is seen people planning to stay in a city for short time does not want to buy furniture and waste money.
How to Start a Rental Business
There are some basic steps one needs to follow to start a successful rental business. The steps are listed below:
- Select a Rental Business Idea
- Understand the Local Market
- Create a Business Plan
- Name your Rental Company
- Register Business
- Get Licenses
- Make a Website and Mobile App
- Promote your Rental Services
Leasing & renting are very wide industries. However, any type of rental business demands strategic investment and marketing planning before commencing.
Editorial Staff at NextWhatBusiness is a team of Business Consultants having years of experience in small and medium scale businesses.