In the year 2023, there are plenty of chances to earn money by starting rental businesses. These types of businesses are doing really well in today's sharing economy. They can provide a reliable source of income and offer a way to achieve financial success. 

When you run a rental business, you're giving people the chance to use things without having to buy them. Many folks prefer this because it doesn't strain their wallets, especially for things they might not need very often.  

If you like to start your own rental business in 2023, here are various exciting options to explore:

1. Car Rental 

When travelers and visitors explore a new country, renting a car is a common choice. It provides them with the freedom to navigate the local transportation system or to explore at their own pace. For many, it's also a more budget-friendly alternative to other transportation options.  

Car renting is not only popular for foreigners, even locals prefer this option. 

If you have multiple cars sitting in your garage, renting them out can be a smart move. The constant demand for rental cars ensures a reliable source of income.  

The money you earn from renting out your car can help cover the costs that come with owning a vehicle, like when the car loses value over time (depreciation), the money you pay to protect it (insurance), keeping it in good shape (maintenance), and filling up the gas tank (fuel costs).  

You have the flexibility to set your rental rates and decide when and how frequently you want to make your car available for rent. It's a practical way to make the most of your unused vehicles while helping travelers have a memorable experience in your area. 

2. Book Rental 

The book market is growing, but ebooks are getting more expensive, which can make them less affordable for some people.  

And there are still readers who prefer to read with an actual book rather than an e-book.  

Book rental businesses offer a cheaper option. They have a wide range of books for different tastes, letting readers explore new genres and enjoy their reading experiences. 

Moreover, starting a book rental business can be a good way to make money. You can earn money from monthly subscriptions, rental fees, and charges for late returns.  

The best part is that you don't need any special licenses to start this kind of business. It's a simple and potentially profitable way to share the joy of reading with others while making some extra cash. 

3. Gown and Suit Rental 

Special events like weddings, fancy dinners, corporate gatherings, and prom nights often call for fancy formal clothes. However, not everyone wants to spend a lot of money on a fancy dress or tuxedo just for one event. 

You could focus on specific types of formalwear like wedding dresses, prom outfits, or tuxedos. This way, you can become known as an expert in that area and attract customers who are looking for those particular kinds of fancy clothes. If you have a variety of clothing that includes the latest styles and designs, people can rent them instead of buying new ones for a single event. 

Also, the costs for professional cleaning, repairs, and keeping the clothes in good shape are usually affordable. If you work with a local laundry service, you might even get discounts on cleaning, making your rental business even more budget friendly. 

4. Parking Lot Rental 

Owning a parking space, especially in busy urban areas, can be quite expensive. But for people who only need a parking spot temporarily or prefer not to own one, parking lot rental businesses provide a cost-effective solution. 

If you own property, you can turn your extra space or unused areas into sources of income by setting up a parking lot. Unlike some other real estate investments, parking lots require minimal maintenance because there are no buildings to manage, which means lower operational costs. Your main responsibilities include routine cleaning, proper lighting, and ensuring security. 

If your property is close to popular tourist spots, busy cities, or places where events and festivals happen, renting out parking spaces can be a smart move. It allows you to help all the extra people who come into town for these events, and it can make you some good money as a parking lot owner. 

5. Bike Rental 

In a time when people are more focused on protecting the environment and reducing their carbon footprint, bicycles have become a popular choice for eco-friendly transportation. Renting bicycles provides a convenient and eco-conscious option for daily travel. 

Additionally, tourists and travelers are looking for unique and immersive experiences when they visit new places. Exploring a city or beautiful landscapes on a bicycle can be an exciting and memorable way to discover new sights and cultures. 

Starting a bike rental business has several advantages. It typically requires lower initial costs compared to traditional retail businesses because you don't need a large inventory of different models or a big retail space. You can start with a small fleet of bicycles and expand as demand grows. This scalability allows you to gradually grow your business without the need for a significant upfront investment. 

6. Property Rental 

One of the most popular renting businesses is property rentals. 

Short-term rentals have grown in popularity, allowing property owners the flexibility to rent their homes throughout the year or during peak seasons. 

Airbnb is one of the most well-known short-term rental platforms. It has transformed the industry, making connecting with travelers looking for unique accommodations simpler for homeowners.  

Another option for short and long-term rentals is bed spacing, where residents rent out individual beds to people in need of a place to stay. 

Staycations are gaining popularity as individuals seek ways to save money on vacations. Property rental companies can offer staycation packages to residents who desire a relaxing weekend getaway without traveling. 

If you have an underutilized space like a garage, you can convert it into a room and offer a transient room. Since it has outside access, guests don’t need to enter or roam around your home. 

7. Ads Space 

Renting ad space refers to the practice of paying for the use of a physical or digital location to display advertising content. We can often see these ads in billboards, newspapers, televisions, radio, social media sites like Facebook, Instagram, YouTube, and more. 

If you already have your own business, you are most likely familiar with ads placement. Whether digital or traditional marketing, you can always place ads anywhere even with small retail stores. 

If you currently have a physical store with unused spaces, you can generate extra revenue by renting it to advertisers with E-renta.  

E-rental is a new Peddlr feature that allows physical retail stores owners to rent out their shop for ads placement for other brands seeking locations to promote their products or services. You can offer sections of your store’s walls, windows, or even floor spaces for ad placement.  

Advertisers will pay you for the space and exposure, creating a good source of income, especially if your location is in a busy area with lots of people passing by. 

Wrapping Up 

As you can see, you have various rental business options to explore.  

From vacation home rentals and vehicle rentals to book, gown, and suit rentals. If you own a physical store, you can also generate extra income by renting out ad spaces. 

And if you are ready to rent out your store for ad placement, you can list it for free with our E-renta. You just need to download Peddlr and register. And yes, everything is free. 

Making money from your existing assets can become a regular side gig, and the best thing is that it won't require too much of your time. These rental business ideas offer a promising opportunity for business owners to enjoy what they do while also making a profit in the coming year. 

What is Peddlr? 

Peddlr is a POS mobile application for all business owners – sari-sari stores, milk tea stands, coffee shops, Shopee and Lazada sellers and more. It's free to download, free to use, and works even without an internet connection. With Peddlr, you can easily manage and track your business performance and inventory. 

Here are some of the useful features that you can access through the Peddlr app: 

• FREE Point-of-sale system (POS) or a mobile cashier system 

• FREE Credit Reminder – send SMS to your customers for free to collect credit/debts easily 

• FREE Inventory Manager/Tracker - take control of your product inventory 

• Loading and Bills Payment Services – enjoy rebates and cashback