Renting out property is one of the most lucrative businesses. The main reason for this is that some people cannot afford to buy big equipment and tools, so they prefer to rent them when they don't need them often.
Renting properties is an easy and lucrative business to start, and best of all, you can run it from home and part-time.
Renting offers many benefits in comparison with buying, which is one reason why the rental business has gained popularity over time. Almost anything can be rented online in today's world, for any reason.
The pandemic and the subsequent lockdowns hurt the rental industry in 2020. Many rental businesses struggled to stay in business during the recession. Nevertheless, most customers kept renting, so last year saw an increase in rentals, a trend that has persisted.
Let’s explore what were the top rented items in 2023!
1. Real Estates
Renting real estate has been there for many years. People opt for apartments or houses for interim stays. It is always in demand. The same was true in 2021. Most probably, this is because the population is growing, and there is a high demand for affordable housing. Taking care of the real estate business on the internet has become easier than ever for both tenants and landlords.
2. Vehicles
One does not need to be concerned about renting a car or any vehicle since they are easily available on many platforms and can always be accessed online. One of the cheapest ways to travel is by renting a vehicle, which was the second most rented item in 2023. The vehicle must be returned immediately at the end of the renting period.
3. Electronics
Also in 2023, electronics ranked high on the list of most-rented items. It is common for people to rent the most expensive items in order to save on the cost of buying them. Computers and laptops are another popular type of electronic item for renting. People with limited resources who cannot purchase their own gadgets always benefit from online platforms.
4. Party Supplies
The number of people renting small gatherings and parties even though Covid was one of the most popular categories last year. A fistful of confetti is a good metaphor for this category of possibilities. There is a great deal of flexibility in this market. The most popular party items include:
Instruments and audio equipment
Tables, chairs, tents
Inflatable machine
Machine for karaoke
Interactive games
The photo booth
5. Fitness/Outdoor Activity Equipment
People started going out for fun/sports activities when Covid started setting in. Due to which sports equipment was one of the most rented items in 2023. Whatever your surroundings, there's likely to be an activity suitable for you. An outdoor enthusiast will find this a rewarding way to stay immersed in what he or she enjoys and share their passion with others. Equipment includes:
Equipment for fishing
Snowboarding/skiing equipment
Gear for climbing
Surfboards
Camping gear
Sand sleds/sandboards
6. Event decor and equipment
People were eager to start socializing again after being stuck indoors for a year. This explains the boom in event decor equipment in 2023.
The event decor and equipment rental business grew massively because of this. Hopefully, more people will be vaccinated and more events will be held as this trend continues.
7. Items of furniture
In 2023, furniture rentals were also popular. There were many types of furniture to choose from. The furniture included both corporate furniture and luxury furnishings as well as standard home furnishings. The majority of these items were rented.
A business that is easy to run. You can operate it part-time from home, however, a dedicated work area is recommended.
Getting started in this business can be costly, but the rewards are so great that you will soon see a return on your investment.
8. Scooter rentals
Renting scooters to locals and tourists in your area can offer you a profitable business. By partnering with hotels and restaurants, you will be able to attract more customers. This is definitely something you should consider. According to 2023 data, it was one of the most rented equipment.
Scooter riders enjoy exploring new and beautiful places in their free time. In order to ensure your riders do not break the law, you must provide helmets, riding instructions, and other requirements.
In the event that you are renting scooters in a particular region, let them know about local landmarks and places they should visit.
As a final note:
In the rental business, no matter what the season or the economy is, it never goes out of style. The following list of the 10 most rented items in 2023 can give you a better picture of how items are rented on all levels, from smallest to biggest.
There is never a bad time to start your own rental business, no matter what item you choose. It's totally fine to make a bit of extra cash if that's what you're interested in. You can however turn your rental business into a full-time endeavor with just a little bit of effort!
It sounds appealing to leave behind your 9-5 job, doesn't it?
Find out how we can help you grow your rental business in the best possible way by contacting us today.
Renting properties is an easy and lucrative business to start, and best of all, you can run it from home and part-time.
Renting offers many benefits in comparison with buying, which is one reason why the rental business has gained popularity over time. Almost anything can be rented online in today's world, for any reason.
The pandemic and the subsequent lockdowns hurt the rental industry in 2020. Many rental businesses struggled to stay in business during the recession. Nevertheless, most customers kept renting, so last year saw an increase in rentals, a trend that has persisted.
Let’s explore what were the top rented items in 2023!
1. Real Estates
Renting real estate has been there for many years. People opt for apartments or houses for interim stays. It is always in demand. The same was true in 2021. Most probably, this is because the population is growing, and there is a high demand for affordable housing. Taking care of the real estate business on the internet has become easier than ever for both tenants and landlords.
2. Vehicles
One does not need to be concerned about renting a car or any vehicle since they are easily available on many platforms and can always be accessed online. One of the cheapest ways to travel is by renting a vehicle, which was the second most rented item in 2023. The vehicle must be returned immediately at the end of the renting period.
3. Electronics
Also in 2023, electronics ranked high on the list of most-rented items. It is common for people to rent the most expensive items in order to save on the cost of buying them. Computers and laptops are another popular type of electronic item for renting. People with limited resources who cannot purchase their own gadgets always benefit from online platforms.
4. Party Supplies
The number of people renting small gatherings and parties even though Covid was one of the most popular categories last year. A fistful of confetti is a good metaphor for this category of possibilities. There is a great deal of flexibility in this market. The most popular party items include:
Instruments and audio equipment
Tables, chairs, tents
Inflatable machine
Machine for karaoke
Interactive games
The photo booth
5. Fitness/Outdoor Activity Equipment
People started going out for fun/sports activities when Covid started setting in. Due to which sports equipment was one of the most rented items in 2023. Whatever your surroundings, there's likely to be an activity suitable for you. An outdoor enthusiast will find this a rewarding way to stay immersed in what he or she enjoys and share their passion with others. Equipment includes:
Equipment for fishing
Snowboarding/skiing equipment
Gear for climbing
Surfboards
Camping gear
Sand sleds/sandboards
6. Event decor and equipment
People were eager to start socializing again after being stuck indoors for a year. This explains the boom in event decor equipment in 2023.
The event decor and equipment rental business grew massively because of this. Hopefully, more people will be vaccinated and more events will be held as this trend continues.
7. Items of furniture
In 2023, furniture rentals were also popular. There were many types of furniture to choose from. The furniture included both corporate furniture and luxury furnishings as well as standard home furnishings. The majority of these items were rented.
A business that is easy to run. You can operate it part-time from home, however, a dedicated work area is recommended.
Getting started in this business can be costly, but the rewards are so great that you will soon see a return on your investment.
8. Scooter rentals
Renting scooters to locals and tourists in your area can offer you a profitable business. By partnering with hotels and restaurants, you will be able to attract more customers. This is definitely something you should consider. According to 2023 data, it was one of the most rented equipment.
Scooter riders enjoy exploring new and beautiful places in their free time. In order to ensure your riders do not break the law, you must provide helmets, riding instructions, and other requirements.
In the event that you are renting scooters in a particular region, let them know about local landmarks and places they should visit.
As a final note:
In the rental business, no matter what the season or the economy is, it never goes out of style. The following list of the 10 most rented items in 2023 can give you a better picture of how items are rented on all levels, from smallest to biggest.
There is never a bad time to start your own rental business, no matter what item you choose. It's totally fine to make a bit of extra cash if that's what you're interested in. You can however turn your rental business into a full-time endeavor with just a little bit of effort!
It sounds appealing to leave behind your 9-5 job, doesn't it?
Find out how we can help you grow your rental business in the best possible way by contacting us today.
