Articles

Top 10 online rental business ideas to help you build a profitable company

by Bruce Oxenford Digital Marketer and Tech Blogger

It is always exciting to start new endeavors that provide you with wealth and work satisfaction. If you are interested in starting an online business, then the rental business is the best way to go. With the increasing need for rental business, countless rental business ideas are emerging and it seems to be catching the eyes of the entrepreneurs.

There are numerous online rental business ideas is evolving in recent years and gaining massive success. In this post, I’ve shared the top 10 rental business ideas.

Scope of the online rental business

The online business is on the rise and popular because of its unique idea and cost-effectiveness. The recent trend of renting rather than buying is changing the face of the rental industry because it is cost-effective and hence many entrepreneurs are focusing on customer support, providing good services to communicate better with customers.

This will automatically help in increasing sales and revenue. Hence we can expect a bright future for rental business entrepreneurs who are all expecting to stand out from the crowd.

Rental business ideas & opportunities

The rental industry has been growing steadily because of its reliable experience and higher savings. So if you are interested in starting this type of business, here is a list of rental business ideas to consider,

Vacation rentals

A vacation rental is renting out of a furnished apartment, house or resort on a temporary basis for a certain period of time. It has witnessed the rapid growth and expecting that it will reach $165million across the world because 297.17million total vacation rental users are present worldwide. They are choosing the desired space for vacations with different amenities and preferences with their budget.

While using vacation rental sharing platforms, they feel the comforts equipped with a lot of privacy. It triggered lots of startups to come front and kickstart the vacation rental idea in large numbers.

Boat rentals

Boat rental is the process of renting or chartering the sailboats or motor yacht and traveling to various coastal or island destinations. It is one of the prominent profitable business ventures nowadays trend and expecting to grow with a valuation of $35billion to $51billion by 2020.

As everyone can’t afford a boat, people rent a boat for a particular duration of time to gratify their needs. By offering good quality services to customers, it will bring a lot of growth to gain lucrative revenues.

Car rentals

The car rental business is one of the most trending services in this competitive world because a lot of travelers are in need of rental cars for their travel purposes. Nowadays renting a car is so convenient and economical. At present revenue is generating up to $59, 518million in 2019, and expected to grow $67,463million. User penetration is 3.4% in 2019 and expecting to grow to 3.8% in 2023. So without doubt incorporating the best strategy with the checklist to build a car rental business yields a good result.

Bike rentals

One of the most profitable ventures these days is the bike rental business because it is impossible for users to take their bikes while traveling to other countries.

Choosing the bike rental business will lead to plenty of benefits includes authentic experience, providing good customer experience, reliability, transparency in pricing. This makes the industry possible to grow at an annual rate of 14.3% within 2025.

Equipment rentals

In our day to day life, people use various tools for different purposes. So it is essential to use different kinds of equipment but it is not possible to buy on your own and it is not affordable too.

Hence It is conquering as one of the rapidly growing businesses because it is satisfying the needs with reducing the cost of maintenance of the equipment. The revenue-generating is $48.9billion and an average annual growth rate of 4.6 percent to reach $56billion in 2020.

Coworking space rentals

As the price of workspaces is rising, finding an ideal location becomes more hassle. This resulted in the rise of shared workspaces. It is the most important aspect for any business providing private workspace for freelancers, startups with limited employees, and research fellows in exchange for a monetary fee.

There is a rise in demand for these rentals because it is forecast to double to 49,500 by 2022 and the number of coworking members worldwide leapt from 1.74 million to 3.1 million. This makes coworking space a more profitable business. It mainly attracts entrepreneurs for higher revenues.

Event Venue sharing

It is the services of renting a venue space for a particular date and time to organize events ranging from business meetings to entertainment purposes. The event venue sharing is becoming popular because of its important benefits like location convenience, less expensive, reducing operating costs. According to the report, the event venue sharing generates $325 billion and estimating an impressive 11% industry growth in 2026.

Car parking lot rental

Sharing has been recently growing at a surprising rate. It is also one of the sharing methods of sharing extra spaces like a garage, closet, and basement space to the people who are in need. Sharing the parking space includes many benefits includes keeping vehicles safer, protects from scratches, and theft. Due to the improvement of technology,  the sharing economy ideas are expecting to grow at an annual rate of 21.54% within 2022.

Storage room rental business

Storage room space rental business makes it easy for the people to store their belongings without the hassle. These businesses also cater to other businesses that need storage space to store the equipment. It makes extra money and expecting to reach $32.6billion in 2020 with advantages like lower cost, security is assured for your belongings. It also provides flexibility and a convenient storage facility.

Camp space sharing

Camp space sharing rentals are nothing but sharing the extra space for camping who is in need. It is gaining popularity because it is a new unique experience for all the ages of the people.

It is growing well in Australia because many people showing their huge interest and 2.6 million spending their vacation. This makes the camp space industry groom well and helps in earning revenue in an unexpected way.

Conclusion

If you have been tossing around the idea of starting a rental business, it’s time to go for it. Upon reading this post, you may know the different type of niche in starting a rental business. Choose the right rental business model with unique functionalities is one of the most important aspects to build a profitable business.

Need help in creating your MVP for the online rental business? Get in touch with our experts at support@radicalstart.com who can guide you in all stages of development.



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About Bruce Oxenford Freshman   Digital Marketer and Tech Blogger

7 connections, 0 recommendations, 39 honor points.
Joined APSense since, March 1st, 2020, From Brooklyn, United States.

Created on Apr 16th 2020 06:41. Viewed 264 times.

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