Looking for more ways to make money in 2024? Look no further than the booming rental market! There are various niches in the rental industry such as equipment rental, fashion rental, car rental, tool rental, farm equipment, adventure gear, electronic equipment, and many more. You can start renting out products and start making money.
You can rent out plenty of things and make extra dollars along with your current job/business. So let’s see the popular products that you can rent out and start your own rental business in 2024.
Dress and Clothes
It is the most popular niche in the rental industry. People rent dresses for various occasions such as weddings, Halloween, weather-based dresses, birthday dresses, maternity costumes, traditional parties, and many more. According to an online survey, dress rental marketing is estimated to reach $2.2 billion valuation in 2026.
Top Markets: USA, Canada, UK, Germany, France
Top Players: Rent the Runway, Le Tote, Bag Borrow,Steal
Explore this blog to know how to start an online dress rental marketplace like Rent the Runway.
eBikes
Ebike is becoming increasingly popular because of its convenience and eco-friendliness. According to statistics, the global eBike industry is estimated to grow with a CAGR of 21.9% in the period of 2021-2032. You can start your own eBike rental business in your city because people are looking to explore the city in an eco-friendly way. Starting a business in this niche can be profitable. For that, you can collaborate with local eBike dealers, which can save you a huge amount of money.
They provide an affordable and environmentally conscious transportation option for individuals looking to explore a city or commute to work. Additionally, electric bike rentals can be profitable with many potential customers as they attract locals and tourists.
Top Players: GhetWhizz, Citrus Cycles, Spinlister, Bounce
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Equipment Rental
It's another popular niche in the rental industry. According to statistics, the equipment rental industry has current revenue of approx $37.5 billion, which is expected to add another $5 billion in the year 2024. To start a heavy equipment business you need to create a feature-rich rental marketplace. Connect with small rental companies and influence them to create their own rental shop on the marketplace. In return, you can get a commission whenever prospects rent equipment from listed vendors. This business requires higher investment as compared to other rental businesses.
Car Rental
Renting a car is always a popular choice, everyone is not able to afford exotic cars. People prefer to rent cars for various purposes such as commuting to the office, weekend trips, family outings, weddings, and other occasions.
Gym Equipment
The demand for gym and fitness equipment has been increasing day by day. There are multiple gyms and fitness centers open after the pandemic, they prefer to rent the equipment instead of buying the heavy fitness machines and also most people prefer to work out at home after their office and on weekends. It's a great opportunity for aspiring entrepreneurs to launch a gym equipment rental marketplace and start their fitness equipment rental business.
Tool Rental
Most people prefer to DIY for short-term work such as plumbing, technician, cleaning, and more. Power tools are expensive to purchase for limited usage. By renting power tools you can make extra money with your current business/job. This niche has space for new companies, you can grab the opportunity by starting your tool rental business. By creating an online presence, you can attract customers from across the country.
Here is how to start a profitable tool rental business.
Baby Clothes
Everyone can't purchase costly baby dresses because babies grow so fast. Renting instead of purchasing is a more suitable and affordable option for parents. The baby clothing rental business has more potential. You can start a baby cloth rental business in your city at the initial stage and will expand it later on.
Conclusion:
If you are seriously thinking of starting your own online rental business, you may have a strong idea of what you can rent out and which industry niche knowledge you have. There are many more rental niches that you can start in 2024. For more detailed information you can explore this rental business ideas blog. It will introduce you to a few more rental businesses and also help you to launch your own business in the rental industry.
