Are you planning to start a rental business? Or are you here to learn about the latest trends and rental business ideas?
Here is a comprehensive guide to various rental business ideas that you can use to launch your own online rental venture similar to Airbnb.
Let's get started,
Rental Business Statistics
Starting a rental business has grown in popularity in recent years and is one of the smartest ways to earn large profits with minimal investment. The reason for the popularity is that most people prefer to rent rather than own.
According to rental industry statistics, the rental industry is worth $19 billion and is expected to grow to $54.9 billion by 2022. These statistics demonstrate that the rental business is the best startup idea for a new entrepreneur.
Popular rental business ideas
There are numerous opportunities in the rental industry for entrepreneurs to start and grow their businesses.
The bike rental business is one of the most popular and profitable services because many travelers require bikes for their travel.
According to statistics, the global bike rental market will be worth USD 4.00 billion by 2025. The reasons for the rental industry's success include rising demand, easy access, low prices, and so on.
According to research, the car rental market is worth $92.92 billion in 2019 and is expected to grow to $214.04 billion by 2027. It enables existing car owners to list their vehicles for rent for a limited time.
The growth of the car rental business is due to the benefits provided to users such as lower service costs, faster transactions, and so on.
A vacation rental is the temporary rental of an apartment, house, or resort. According to statistics, vacation rental revenue reached $9,564 million in 2020 and is expected to reach $19,904 million by 2025.
Vacation rentals enable the host to list their property and guests to use it for their needs for a set period of time. It provides numerous advantages to users, including authentic experience, good user experience, dependability, and affordable pricing. This attracts the majority of users to use vacation rentals.
As a result, starting a vacation rental business is more advantageous for entrepreneurs and allows them to earn more profits.
The cloth rental business makes it simple for guests to rent the cloth they require for a set period of time at a reasonable price. The cloth rental industry was worth $1, 013 million in 2017 and is expected to be worth $1, 856 million by 2023.
Coworking space rentals
Finding a suitable location for guests has become more difficult in recent years. As a result, coworking space rentals have increased.
Coworking space rentals are the most important aspect of any business because they provide private workspace for freelancers, startups with few employees, and research fellows, among others.
According to statistics, the global number of coworking spaces is expected to nearly double to 49,500 by 2022, up from 26,000 in 2017. This is another reason to start a space rental company.
Do you want to start your own profitable rental business right away?
Starting a rental business may be simple nowadays, but determining the best software solution can be difficult for entrepreneurs. If you've decided to start a rental business, RentALL is the place to start.
RentALL is a highly customizable Airbnb clone script that makes it simple to create rental platforms.
Benefits of RentALL
- You will have access to the complete source code, which you can modify to suit your needs.
- The booking page is appealing and simple to use.
- Apps for both Android and iOS are available.
- Providing a powerful admin dashboard for managing all rental platform activities
- Multi-language and multi-currency support
We briefly discussed the various rental business ideas in this article. If you are ready to start your own rental business, now is a good time to do so.
The most important factor in the long run and the success of your business is selecting a rental business idea that fits your rental business.