What to Rent and Not to Rent
Not every item should be considered for rental. There is definitely a major difference between trying to rent a $10 hammer, a $3,000 kayak, a $50,000 forklift, and a $500,000 house.
Items that you plan to rent to others on the Rent Items' Marketplace should satisfy at least one or more of the following three requirements:
- Cost of the Item - The more costly the item, the more likely it is easier to rent. i.e. a house or car
- Accessibility of the Item - The harder to access the item, the more likely it is easier to rent. i.e. beach equipment
- Size of the Item - Items that are bulky and hard to transport easily is easier to rent. i.e. pianos and large construction equipment
1. Cost of the Item for Rent
First, consider the cost of your item. The #1 reason why people rent instead of buying is the cost of purchasing an item. People are more likely to rent when the item is too expensive for them to buy. However, those that are financially savvy will rent instead of buying when it makes more financial sense because they will calculate utilization (expected # of times the item will most likely be used) divided by the total purchase price. Impulse purchases and buyers will not run this important calculation.
2. Accessibility of the Item for Rent
How easy is it for someone to access your item(s)? The more inaccessible an item, the more likely it will rent. An item does not have to be extremely expensive to be a good item to rent. But, it does need to be hard to access. For example, something that is hard to access is beach equipment while on vacation. Beach equipment is not expensive, but it is inconvenient and hard to access when on vacation. Someone traveling to a non-local destination such as a beach town does not have easy access or storage for beach equipment. In this case, someone is more likely to rent beach equipment instead of buying all the things they need to have a pleasurable experience at the beach.
3. Size of the Item for Rent
What is the physical size of your item? The size of an item does matter. The larger an item, the more likely it will be easier to rent. For example, something that can not be easily transported like a crane or piano which requires special skills and specific types of transportation. These items are not only expensive items, but also difficult to transport and navigate. Another example of an item that is bulky are bounce houses.
The Ideal Rental Situation
If an item or circumstance can satisfy two or all three of the above requirements for what makes an item rentable, the more likely it will be rented. For example, a $500 kayak in a remote location can rent better than a $5,000 kayak in a location that is easy to access such as a kayak in your home town. However, a $5,000 kayak in a remote location will most likely command even more demand and a higher rental price then a $500 kayak. A kayak can be bulky, too costly for temporary utilization, and not easily accessible especially when on vacation (i.e. in your garage).
So, if an item is both expensive and inaccessible or expensive and bulky, the more likely it will get rented on the Rent Items' Marketplace. At least one of the three reasons needs to be satisfied in order for an item to be considered a good item to list on the Rent Items' Marketplace. If your item does not satisfy any of the above requirements, the item will most likely not get rented. So, don't try and rent your hammer. That does not make sense! What do you have in your garage, storage unit, closet, office, or warehouse that can be rented on the Rent Items' Marketplace?