Leading-Edge Rental Business Ideas in Sharing Economy for Digital Entrepreneurs

The offline world has come into the online world like a storm. Though people have been renting out property and equipment for a long time, it was never on a massive scale as it is now. All thanks to technology. Entrepreneurs with this idea commenced their work online by renting out houses, cars, tools, etc. Websites and apps turned out to be platforms to rent out things. Fortunately, the sharing economy has proliferated in the 20th century as people are more likely to rent out products for a specific duration of time rather than buying.

Not only that, earlier a handful number of business niches used to be a part of sharing economy, however, today, many businesses are readily becoming a part of the rental economy seeing the huge potential for growth.

Let us have a look at the modern rental business ideas in sharing economy for digital entrepreneurs with some other interesting aspects of the same.

Opportunities of Growth in Sharing Economy

The rental industry has immense potential for growth. The platforms that give access to the number of assets for time being are quite popular today. This industry which had a value of $19 billion in 2017 is around $59.4 billion in 2022. This fact holds particular relevance in the USA. The count of adults in the US using the renting economy was 73.7 million in 2019 and it is expected to grow by 86.5 million and above in the coming years.

Research Your Market and See Where You Stand!

Businesses in the sharing economy rely on renters and rentees to make the website profitable. An entrepreneur makes sure that their website gives a smooth and easy experience to rentees. It is crucial to observe the demand and supply of the products in the area you are targeting.

The complexity of the rental industry wants you to ascertain that the entrepreneur involves in deep research and assesses both the customers and the supplier side. Ensure that you do your proper research and study the market. You can start with a minimum viable product and launch it in the market. If people start using it then you can recognize the problems that you can sort out later on.

Offer the Right Value to the User

Make sure you offer the right value to the user with your app and they get benefit out of it. Make sure you understand this before you create a content strategy for your brand.

Build your Reliance

In the sharing economy, the reliance on the business is directly proportional to the growth and success of the business. Honest and transparent reviews are needed to upgrade the trustability of your business. Provide your customers with good quality products and services to win their trust.

Different Ideas Related to Online Rental Platforms

Online Property Rental Business

Growth of Property Rental

In the past, people used to rent their property for side income through a property dealer. With the explosion of the internet, startups have replaced the way people searched for properties available for rent. Several businesses started doing business on the internet and one of the ideas was to have a property rental website.

Latest in Property Rental

Short-term property rental websites such as Airbnb have witnessed enormous growth. People now have the facility to start a venture about any business like home, parking spaces, venue, garden, office space, storage space, etc.

Vehicle Rental Online Business

The Growth of Vehicle Rental

The spending power of each individual is different, some people can buy a car, while others can’t. With a car rental platform, now people have the option to rent a vehicle as per their requirements.

Latest in the Industry

There are companies like Turo that have facilitated anyone to rent a car of their choice. Just like how one searches for clothes or other things on eCommerce websites, users can also look for cars and hire them. They can choose a car by entering different features such as color, make, transmission, etc. 

The Growth of Equipment Rental Business

A person visits a local shop and sees if the needed equipment is available there and then rents it for a specific period. However, the customers did not always have the needed equipment they needed at that time. So with the exposure of technology, there came the equipment rental businesses.

Latest in the industry

Many big brands that would offer their products offline have shifted their focus to the online mode of renting. Many products can be rented in different niches are tools, medical equipment, medical supplies, sports and outdoor, medical supplies, washer/dryer, heating, and air conditioning.

Online Interior Decoration Rental Business

The Growth of Interior Decoration Rental

People drift to different places due to many reasons. They also tend to travel light and take with them as less material as they could. The rented places have a good demand for the interior decoration material and rented furniture. This niche has good potential as it’s a common occurrence that people move out a lot due to different reasons.

Latest in the Industry

Many businesses have invested in the interior decoration rental segment. They now offer rental items monthly. Packages are made according to an item that is being rented. Long-term renting is a part and parcel of people’s lives. Some items can be plants, furniture, household appliances, and more.

Clothes Rental Online Business

Growth in the Industry

People who want to wear stylish and expensive clothes without spending too much from their pocket, go for rented clothes. This is an idea that works well when you want to look stylish but without spending much. This idea only gave rise to the platforms which rented out clothes.

Latest in the Industry

Today, many online stores exist that have an inventory of clothes and rent them to different people. Such businesses have huge potential to earn profits because clothes never go out of fashion. This idea is not only confined to small businesses but many large size businesses also opt for this model and make their clothes available for rent. Nowadays, there is a subscription-based revenue model. Things like formal wear, traditional dresses, and fancy dresses can be rented out.

The Final Words

Online businesses tend to thrive exponentially in the contemporary world and there is never-ending potential in this niche. If you want to seek out your chances in the online rental business then this guide would help you abundantly. Apart from the know-how, you also need to collaborate with the right partner who understands your objectives and helps you deliver the same product that you want.