Top 5 On-Demand Rental Business To Start In 2023


It’s an era of renting!


Yes, renting over buying is booming now and it’s called the millennial trend too ✋


Yup, a decade ago, in my childhood days, my first rental happened with the cycles. What is yours? 


Interesting, right? 


Rentals are always interesting and make us explore many things in affordable ways. Henceforth, Almost 65% of the people in the Northern countries are preferring to the rental ones rather compared to the desire in buying them. 


Affirmative, it’s all about the blog, to understand the top on-demand rental business models. If you are an ambitious entrepreneur and seeking the right business concept to dive in. 


Here is an engaging article for you. 


Let’s go.

Know, What Is Actually A Rental Business? 

In general, before the arrival of online marketplaces, we people used to rent in retail shops, which can be for anything, cars, homes, etc. After the rental period, the renters would hand over the item to the product owners. 


The same is happening now in online mediums, but users can easily rent out their needs with a few taps at any place and at any time. The bookings that occurred on the rental platform made the chores of the renters effortless. 


In addition, online rental platforms are offering users a cost-effective way for consumers to access products or services easily without the need for full ownership. And it’s an effective one for rental business owners, where they can gain a steady stream of income without retaining their ownership of those products. 


As an online rental marketplace owner, you can also yield income via the commissions from the renters and the hosts by simply connecting them through your smart digital medium. 


Therefore, the rental business would be a successful and profitable venture for you if pursuing with the right business strategy. 

Key Statistics Of Online Rental Marketplace

There is no doubt about the hefty demand for the online rental industry. Let’s see its impressive growth statistics of it. 


  • From detailed research, the average US rental market revenue was $56 billion in the year 2022 and is expected to reach over $35 billion by the year 2026. 


  • Especially, the value of the global vacation rental market in the year 2021 was approximately 75 billion US dollars. And this is projected to reach an annual growth rate of about 5.3% from the year 2022 to 2030.


  • And, size of the car rental market size is projected to tp reach over US $ 119.30 bn by the year 2027.


This statistics report shows the constant growth of the online rental marketplaces, the demands, and the values possess a big surge after the period of the pandemic. Undoubtedly, online rentals would be a spearheading one in the future days in this digital world. 


Note: The above statistics are the average value of the rental industry, and do not elaborate briefly on the boat rental, clothing rental, and equipment rental industry. 


So, Leverage your business thoughts with this no-fall rental business enterprise.

Top 5 Online Rental Businesses For Your Business Thoughts

1. Vacation Rental Business

Without discussing Air Bed and Breakfast (Airbnb) a rental business exploration wouldn’t get enough. 

Yes Airbnb, a pivotal player in the vacation rental industry, revolutionized the way of renting in the entire world. Online vacation rentals got a big boom after the emergence of Airbnb. As a consequence and demand, there are many Airbnb clone apps in the online pace. 


Almost 64% of travelers prefer online apps to book their hotel rooms or space. So, starting a vacation rental business can be a profitable venture for those with suitable properties and a passion for hospitality. 


 Before starting Airbnb rental marketplace, look into the pinpoints,


  • Find a suitable real estate market and tourist demand in that region

  • Analyze the property’s type and size

  • Decide your finance 


Hence, note your business concept with this vacation rental business, and give more exploring options to your customers. And be named as the default traveler guide in your region. 

2. Car Rental Business

Online car rental platforms are creating a big surge now. With increasing customer demands for rental cars, peer-to-peer car rental marketplaces are penetrating the online sphere now. 


According to a statistics report, the world car rental market is projected to reach a revenue value of about $200 billion by 2025. The increasing number of car owners,  the increasing potential customers for rental cars, and the powerful growth of the travel industry would deal a lot with these beneficial growth aspects.


Moreover, seeing the rise of car rental apps like Turo, you could definitely apprehend the future demands of online car rental marketplaces. Merely, focus on the types of cars and their needs because the range of vehicles will cater to different requirements from customers, like economy cars for budget-friendly people, luxury cars for VIPs, and SUVs for family trips, 


Let's obtain success in this competitive industry. Keep an eye on customer demands and evolving technology to stay relevant. 

3. Boat Rental Business

Staying in a boat always present people with a relaxed feel. It offers a lot of engaging activities like fishing, tubing, and cruising, boating showers are a great time for people. Hence why, about 67% of people are making their vacation with a boat stay, which creates a big demand for online boat rental platforms. 


This surge rise has been clearly explained in many reports, the US boat rental industry alone generates a worth of $5 billion in the year 2021. And this growth would increase by about 5% annually through 2025. 


So, if you love boating, turn your intensity into this lucrative business idea. Here is some takeover to analyze while starting a boat rental business, 


  • Research the boat rental market in your locality

  • Find your target audience

  • Know your boat rental area limitations

  • Hold a business plan

  • Think about your budget, whether you are going to invest only in an online platform or includes owning the boats. 


As boating is a popular recreational activity, you could generate more revenue with this business plan.

4. Equipment Rental Business

Going with the trend, equipment rental is a large growing industry. There are many types of equipment rentals, from party equipment to heavy construction tools. Creating a separate Airbnb-like platform for equipment rental will be a wise option for getting passive income without investing big money. 


And from a report, has projected that the tool rental business would reach $90 billion by the end of 2027. It has also been analyzed that people in the countries like the US, and Canada, highly prefer rental equipment to purchase it. Especially, in the year 2020, North America held the biggest portion of the tool rental market with 50% of the total global revenue.


From this statistical proof, it is not a question about the profits of this equipment rental business plan. Let’s make this concept highly profitable by serving proficient-quality equipment to the users. 


5. Space Rental Business

Space or property rental is a top-standing business that could outcome your income with high profit. Space rentals are of different types, it can be a space for weddings, outdoor parties, offices, etc. Many people are sturdily seeking space rentals to make their moments happier. 


The concept of the space rental business has become increasingly popular in recent years due to the rise of freelancing and remote working, which has led to a growing demand for flexible and affordable workspace options. 


If you are a real-estate holder or a person who indeed looks on to serve with the properties, creating an Airbnb-like app for listing space will be the better choice to earn a big profit in a short period. Space rental also shares a big revenue of the economics from the tourism industry. 


The above are the top demanding rental business opportunities for you to enter with a wise plan. Let you leverage any of the business plans, and get potential benefits from it with the revenue. 

Summing Up

I hope this blog would furnish you with specific knowledge bombs about the rental industry. 


Let’s take enough time to analyze all and build an enriching Airbnb-like app for any of your required business sectors. Concentrating highly on building a user-friendly platform will shower you with many benefits and catch 60% of the users at first sight itself. 


Ready to make your success in the market by conducting thorough research and analysis. Inclined your business goals to deal adapt to the strategies and changing market conditions. 
Location: Watts, CA 90002, USA

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