32 Best Rental Business Ideas To Start In 2023

32 Best Rental Business Ideas To Start In 2023

Rental businesses have been making good revenue for the past decade, thanks to the new generation working class who prefer renting to buying.

Whether it be your home, car, or any belonging that might be useful to a consumer- there's an opportunity to turn that idea into a successful rental business.

Below is a list of the most profitable rental business ideas you can start in 2023.

Here they are:

1. Start an office equipment rental

Purchasing office furniture, PABX pr IP telephones, photocopy machines, laptops, and conference room equipment will break the bank, especially for new startups. Renting office equipment has become more cost-effective for startups and businesses expanding to new locations.

Therefore, if you are planning to start a rental business but are unsure, consider office equipment rental. Business projects, conventions, Trade shows, business conferences, and corporate events require rental office equipment.

How Much Can You Make?
$15,000/month
Average Initial Investment
$200,000
Skills

Case Study

Hi, I’m Alan Crowe, a native of Atlanta, and I launched a coworking space in 2020 called Room2work. If you have heard the term coworking, it's likely due to the woes of coworking behemoth WeWork, or you belong to a local shared office space.

Our revenue streams are also getting tested and refined. As of today, we’re generating $14K a month, but as coworking recovers from the pandemic, that number will level out at $20K to $22K/ month with one employee.

i-launched-a-180k-year-niche-coworking-space-atlanta

2. Start a storage rental business

Are you planning to start a passive income business? Storage unit business is an excellent choice for passive income.

Storage spaces offer a solution for people and businesses with too many things but lack enough space to store the items. Besides, the demand for storage space has increased and is expected to reach over $64 billion in the next few years.

Therefore, if you have some idle land, you can construct storage spaces for rental, ideal for industrial, commercial, and residential clients. If starting a storage business, remember location is a critical factor, and do market research to find out the market rates.

3. Become an Airbnb host

Short-term rentals like Airbnb hosting can be a profitable side hustle if you have an extra room that is not in use. You can list your room on Airbnb for $40 per night and generate enough income to pay your recurring bills. To start an Airbnb host side hustle, decide the rental arrangement you want, set up the space, create your Airbnb listing, and market the space.

How Much Can You Make?
$1,333 — $270,000/month
Average Initial Investment
$2,000
Skills

Case Study

My name is Gary Fox, and I run HostButlers, an Airbnb concierge service in Dublin, Ireland.

Since we started nearly four years ago, we have hosted over 200,000 people and have been profitable from month 5.

how-i-bootstrapped-an-airbnb-management-service-to-35k-month

4. Start a car rental business

Car rental can be profitable if you are passionate about starting a business in the auto industry. Retail and corporate are the main segments within the car rental industry. Retail car rentals focus on individuals who rent cars for shorter periods, while corporate car rental targets companies that want to transport clients or employees.

If you are starting a car rental business , target airports, hotels, railway stations, commercial offices, and other high-traffic areas.

Market your business, hire employees who will manage the operations and keep records, and purchase business insurance for both cars and employees.

How Much Can You Make?
$2,000 — $583,333/month
Average Initial Investment
$25,000
Skills

Case Study

We are Taylor Hood and Gretchen Bayless, founders of ROAMERICA. A company that specializes in adventure vehicles, including 4wd campervans.

how-we-started-a-camper-van-rental-business-and-quit-our-full-time-jobs

5. Become a tech rentals provider

Tech rentals are a type of business that provides people with access to technology. It offers short-term rentals of the latest devices and gadgets to consumers and businesses.

To get started, you'll need a wide selection of the latest devices, as well as a strong marketing strategy to reach your target market. You'll also need to be able to provide excellent customer service and support.

Tech rentals's estimated annual revenue is currently $10.7M per year. Tech rentals's estimated revenue per employee is $260,000.

The recent trends such as the rise of the sharing economy and the popularity of short-term leases make this an ideal time to start a tech rental business. This type of business is growing in popularity as people are looking for ways to use technology without having to purchase it.

How Much Can You Make?
$200,000/month
Skills

Case Study

We are Eugenio Ferrante and Ahmed Nizar, co-founders of Casa Mia Coliving.

Today, we have 150 bedrooms in central Singapore across popular neighborhoods such as River Valley, Tiong Bahru, and Orchard. We have reached an annualized revenue of $2.5M, and we’re growing fast!

we-started-a-2-4m-year-coliving-business-in-singapore

6. Start a sporting goods rental

With the latest outdoor activities and wellness trends, sportswear rental could be the next big business opportunity.

For the people who only participate in sports activities infrequently, renting sporting goods is the best option. Successful sporting goods rental businesses can profit from this growing trend.

If you are starting a sporting goods rental business, research the market and find out who potential customers shall be. Understand their requirements before investing in sporting goods.

How Much Can You Make?
$300,000/month
Average Initial Investment
$50,000
Skills

Case Study

I’m Zack Johnson, and I run ggCircuit,which provides premium software, services, and support for esports arenas around the world.

UC Irvine Esports Arena - One of our first university customers in 2016

we-offer-premium-services-for-e-sports-arenas-worldwide-3-6m-year

7. Start a construction equipment rentals company

Construction equipment rental can be a profitable business idea, and the need for equipment rental has grown over the last few years. With the increased cost of construction equipment, renting has been a solution for many businesses. Especially new startups in the construction industry are opting for equipment rentals instead of purchasing as this is more cost-effective.

If you are starting a tools and equipment rental business, study the market and find which type of construction equipment gets more demand. Focus on regions where you will have more customers and less competition. Offering quality service will attract repeat business and more referrals.

8. Start a wedding rental business

Do you love wedding planning and looking for a business idea to turn your passion into profits? Starting a wedding rental business can be a great idea.

Your role as a wedding rental business is to supply all equipment and accessories to make the occasion colorful and memorable for attendees and the wedding couple. If you are starting a wedding rental business, focus on building relationships with wedding planners and event companies. Remember often couples visit wedding venues before even contacting a rental company. Being in contact with wedding venue business owners could get you repeat business.

How Much Can You Make?
$5,000 — $5,583,333/month
Average Initial Investment
$25,250
Time To Revenue
270 days
Skills
Business model

Case Study

Hello! I’m Brandon Wong, the CEO and part of the husband and wife team that started Photobooth Supply Co.

I think the most important thing about what we do is the fact that we’ve transformed over 1,000 people’s lives. It’s not about the money for me, it’s about the fact that the company I started with my wife has given so many fantastic opportunities for people to achieve their full potential, while having a lot of fun while at it.

embracing-the-experience-economy-with-a-300k-mo-photo-booth-startup

9. Start a computer equipment rental

Computer rental is becoming popular in today’s corporate world. Businesses prefer renting computers, especially for short-term projects, to save money. Also, while attending conferences and tradeshows, businesses want their staff to have high-end computers and display equipment to make an impression on their customers.

Therefore, starting a computer rental business and marketing to the right customers and through the right channels can be a profitable venture.

If you plan to start a computer rental business, study the market to get a deep insight, and select a potential target market. Then, set the prices and ensure quality customer service. Build a network and seek referrals from current customers.

10. Start a bike rental store

Bike rental is one of the most profitable business ideas most people overlook. Today, bike rental is in high demand, especially among people who love outdoor activities. Today, people prefer renting a bike as opposed to buying one. Moreover, bikes offer a hassle-free and quicker ride option for daily commuters. In that regard, starting your own bike rental business is exciting and can be profitable.

If you are starting a bike rental business, some avenues you could use to increase business profitability include:

  • Targeting tourists
  • Reaching out to biker clubs
  • Biking training schools
  • Cater to employees in organizations that encourage the use of bikes

Use bike rental software to manage bookings, and market your business on social media and biking clubs, to maximize bookings.

11. Start a costume rental business

Costume rental businesses are one of the newest and fastest-growing industries. These businesses can be found in almost every city, town, and state across the United States. Although these costume rental businesses range in size, they all have one thing in common: they are a great businesses to own.

Costumes are not an everyday use but there are a lot of situations where people want to wear their favorite costumes for a given occasion. It's like people want to eat candy, salad, plates of seafood, and meat every once in a while. The same holds true for costumes and party rentals. A costume rental business also means no sewing and less stress.

12. Start a RV rental business

The RV rental business is an excellent opportunity for anyone who wants to make money selling and renting recreational vehicles (RVs). This is a booming industry that continues to grow each year.

An RV rental business provides an appealing option for travelers and holidaymakers exploring the country. Starting an RV company can be fun as it offers you the flexibility to work on your preferred schedule. You can schedule drivers and cleaners and ensure RV maintenance without appearing physically.

How Much Can You Make?
$2,000 — $250,000/month
Average Initial Investment
$17,500
Time To Revenue
240 days
Skills
Business model

Case Study

We are Taylor Hood and Gretchen Bayless, founders of ROAMERICA. A company that specializes in adventure vehicles, including 4wd campervans.

how-we-started-a-camper-van-rental-business-and-quit-our-full-time-jobs

13. Start a party rental business

A party rental business helps people get the products or the services they need to make their party a fun-filled event.

Party rental businesses can include:

  • Photo booth rental
  • Renting wedding clothes
  • Party boat rental
  • Sound equipment rental
  • Outdoor equipment rental
  • Cake structure rental

To start a party rental business, begin with what you know much better. Then as you gain experience, you may diversify to renting other party accessories or partner with experts in different fields.

How Much Can You Make?
$35,000 — $400,000/month
Average Initial Investment
$500
Skills

Case Study

Hello, I am Akshay Patel from Albuquerque, NM the land of enchantment. I started an event rental and decor company that led me to an event venue. The View Event Center is a lavish space that is an indoor and outdoor event venue with panoramic city views. Our high-end venue with experienced staff will assist from venue decor to the smallest details entailed in making memories of a lifetime. Simply Decor, Tents, and Events ensures exclusive decor and thrives to bring your event to life through customized, elegant decor for all of their clients.

The full-service company will individually work with every client to design their event that will intrigue every eye in the room. Our company is broad that we get many different types of customers and we make many great connections with them as well. The company was making upwards of $380,000 a year.

how-i-started-a-35k-month-event-decor-business

14. Start an office space rental

Demand for office space rental is booming. The forces that trigger the increase in demand for office space include a more significant number of startups, remote work culture, and an increase in office space per employee as businesses seek to decongest.

With demand for office space expected to increase, starting an office rental business is a wise investment. If you plan to start an office rental business, consider proximity to essential amenities, and ensure the office is accessible.

Before starting the office rental business, it’s a good idea you research the competition in your area. Be sure to understand the competitive landscape and choose where the office rental business fits best.

How Much Can You Make?
$15,000 — $300,000/month
Average Initial Investment
$166,666
Skills

Case Study

I’m Lucas Seyhun. I’m the founder of one of the earliest New York City coworking spaces, The Farm Soho, established in 2014. Unlike most of our competitors (don’t want to give any names), we adopted the affordable workspace model which became our fuel both before and during the pandemic.

Now we cater to all these as well as established businesses discovering the agility and cost-effectiveness of flexible office space rental as opposed to conventional long leases; and also to event organizers in need of unique spaces backed up by expert support.

i-created-an-airbnb-for-startups-in-nyc-make-3-6m-year

15. Start a camping equipment rental

Camping with family or friends is always a great experience. People have the option to purchase camping gear or a camper van and keep it for the rest of their lives or rent it for the days they are not camping themselves.

Renting a camping gear or camper van is cheaper and more convenient as you do not have to worry about storage, nor do you worry about ongoing maintenance.

If you are passionate about both camping and entrepreneurship, camp equipment rentals can be a great low-maintenance business idea.

Renting camping gear generates income over its lifetime, hence a good passive income source. However, invest in what is needed, and provide quality and comfort. Market your business online, and partner with the camping tour operators in your area.

How Much Can You Make?
$10,000 — $100,000/month
Average Initial Investment
$25,000
Skills

Case Study

We are Taylor Hood and Gretchen Bayless, founders of ROAMERICA. A company that specializes in adventure vehicles, including 4wd campervans.

how-we-started-a-camper-van-rental-business-and-quit-our-full-time-jobs

16. Start a jet ski rental business

Are you looking for a business you can start within the coastal locations? A jet ski rental business can be excellent if you target areas that attract water sports tourists. According to industry experts, the global market size for the water sports gear market will reach $55.2 billion in the next decade.

Therefore, starting the ski jet rental business can be a profitable business. To venture into the ski rental business, you may start alone or consider starting as a franchise partner. For an absolute beginner in this industry, a franchise would be advisable.

17. Start an instrument rental service

Music reviewer engages in the analysis and interpretation of music work. To become a music reviewer, you need a certificate in a music-related field. Then you need to attend industry conferences and seminars to establish contacts with editors and agents.

18. Start a speed boat rental business

Boat hiring and boat rental services are tapping into the booming tourism sector. Water activities have become a significant tourist attraction, especially in coastal areas. Thus, boat hiring and rental are among the most attractive maritime business opportunities.

19. Start an A/V equipment rental

Buying AV equipment does not make sense unless you are an event organizer or your company runs multiple events annually. Instead, businesses prefer hiring AV equipment rather than investing thousands of dollars in buying the equipment for a single event.

An audiovisual equipment rental business offers event or party organizers the right equipment to make the events a hit. The AV equipment rental business offers bundled packages to add technical perfection to any type of events their customers are looking to host.

Starting an AV rental business can be capital intensive, but given the rising demand for AV equipment, it can be profitable. If you plan to start the AV equipment rental business, remember there is high competition. Therefore, you have to ensure aggressive marketing to attain the business objectives.

20. Start an outdoor gear rental store

21. Start a clothing rental business

A clothing rental business allows customers to rent high-end fashion apparel and accessories for a specified period. The business typically carries various clothing items, including dresses, suits, outerwear, and formal wear.

To start a successful clothing rental business, it is essential to invest in high-quality, stylish clothing that is in demand. This can be achieved through partnerships with designer brands or sourcing items from high-end retailers.

In addition to carrying a wide selection of clothing, it is also essential to have a system in place for tracking inventory and maintaining the condition of the items. This includes regularly cleaning and repairing items to ensure they are in top condition for each rental.

Another critical aspect of running a successful clothing rental business is providing excellent customer service. This includes offering flexible rental periods, providing clear instructions on how to care for the items, and promptly addressing any issues or concerns that may arise.

Finally, it is essential to have a strong marketing strategy in place to attract and retain customers. This can include utilizing social media and other online marketing channels and partnerships with local events and businesses to promote the business and its offerings.

How Much Can You Make?
$5,583,333/month
Skills

Case Study

22. Start a baby equipment rental business

23. Start a dumpster rental business

How Much Can You Make?
$230,000/month
Skills

Case Study

Hi! My name is Dustin Maze. I am the owner of SOCO Waste, a locally owned and operated residential waste removal business based in Colorado Springs, Colorado.

Originally the loan provided a trailer and 5 dumpsters. We now have 51 dumpsters, two roll off dumpster delivery trucks and two residential garbage trucks. We are projecting $700-800k in sales for 2020.

how-i-started-a-41k-month-residential-waste-removal-service

24. Start a moving gear rental busines

25. Start a conference room rental

26. Start a HVAC rental business

27. Start a kiosk rental business

28. Start a carpet cleaner rental business

29. Start a golf rental

30. Start a landscaping equipment rental business

Home owners prefer using Lawn and garden equipment to buying their equipment for a single use per year. Lawn and garden equipment rental saves homeowners the agony of equipment maintenance and storage space.

Therefore, starting a landscaping equipment rental business can be a profitable venture.

31. Start a fishing rental

32. Start a 420 friendly airbnb business

How Much Can You Make?
$18,000/month
Skills

Case Study

Hello Starter Story! I am the founding partner; Deontae Mack who created the company Vibesbnb which is a cannabis-friendly experience and lodging service similar to Airbnb but designed to find guests safe and accessible lodging in any recreational or medical state to consume or vaporize their favorite edible and choice of cannabis. You can select, place orders, and book locations in states available on vibesbnb.com

Vibesbnb has handled over 5,000 reservations related to cannabis tourism and our monthly booking revenue is $13,000 to $18,000 with 160 properties on our marketplace.

how-i-went-from-property-manager-to-starting-an-18k-month-420-friendly-airbnb

Pat Walls,  Founder of Starter Story
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Pat Walls

I'm Pat Walls and I created Starter Story - a website dedicated to helping people start businesses. We interview entrepreneurs from around the world about how they started and grew their businesses.