The pandemic forced us all into locking ourselves in our homes as a measure to prevent contracting and spreading the virus. But as vaccines are continuously being administered nationwide, it is safer to return to our former social lives.
Having been hit by a pandemic that led to losses, making permanent investments is scary to many. According to The Balance, people are turning to more relatively secure and low-risk investments because it is difficult to invest money you cannot afford to lose.
But this is where rental businesses that can offer temporary and short-term ownership come in. These businesses will see a rise in demand as people are out and about once more, looking for transitory goods and equipment to cope with another major life change.
Many businesses dwindled in the shift to contactless methods, especially small businesses that rely on hands-on services. But companies are recalling their employees to their workspaces. From the remote work of the past year, workers are readjusting their lives back to doing on-the-site jobs. Starting an apartment rental business is a good idea since many employees who live far from their workplaces are considering renting more accessible and convenient spaces to live in.
Starting small with one property is for those who are less experienced with the renting business. If you already own an apartment you don’t often use, you can immediately rent it out to office employees working near you. Or, if you plan on taking out a mortgage loan for a new site and can manage more than a few tenants, you have the option to rent the place out to multiple people.
Renting out cars can be a big business because almost everyone needs a car in this day and age, but not everyone can buy a car. This creates an opportunity to provide temporary vehicles for people who seek this mode of transportation for different kinds of needs.
A car rental business can start working with events that require single-use vehicles. If you have the budget for sports cars that people can only dream of driving, you can invest in one to be rented out for a short time. But this business will quickly go big if your demographic will include companies that rent vehicles for employees. Having a set of vehicles for these companies to rent will generate more profit in the long term.
Conference Room Rentals
As businesses are returning to their offices, company meetings and conferences are also coming back. Corporate businesses will especially be needing areas for events that can accommodate both small and large numbers of people. So depending on your capacity, you may need to look for many spaces that vary in size and stands in different ideal locations.
This kind of rental business can also be used as a booking system for hotel conference rooms where most of the services will be provided by the hotel itself.
Renting furniture is one of the options that homeowners also consider. Caroline Jansen from Retail Dive wrote that some people want temporary furniture that they can use to furnish their space freely. In this case, a rental business offering plenty of options for customers to choose from, from home decor and accessories to actual tables and lounge pieces, will give your business access to a larger market. But be careful to select a niche target market at the beginning of the venture before taking on more furniture to rent out.
You even have the option of implementing a rent-to-own policy for customers who would like to pay in parts for the furniture!
Photography Equipment Rental
Many people are starting to organize events and parties to make up for the lost time during the lockdown. As these events reunite families and friends, capturing memories that will last a lifetime is surely an important part of the fun. Renting out photography equipment like cameras and lighting tools is definitely a returning and well-paying business.
This kind of rental should start with having quality cameras, lenses, and lighting tools accessible in an online catalog. Marketing for this business is widely popular and relatively easier in social media applications.
Gym Equipment Rental
Even when fitness gyms are opening again, many people have found working out at home serves them better. Wearing masks are still advised in some states, so exercising in local gyms may be a hassle for some. Renting out gym equipment can be a good investment if you own a fitness center and would like to earn from unused or spare equipment.
With this, carefully plan out your capacity and not bite off more than you can chew. Profit from a business that you can handle.