How To Make Money With Equipment Rentals | Side Hustles

The Equipment Rental side hustle is an ever-growing popular way to earn supplemental income using tools you might need, already have, or want to purchase. 

Equipment rentals are a great way to turn assets and expenses into a reliable form of supplementary income. By renting our the equipment you already own to others who need short-term use of the tools, you can start earning money for your purchases.

In this article I will guide you through exactly how to make money with equipment rentals, and detail everything involved in the entire process from obtaining equipment to rent out, to finding clients. 

Additionally, I will share the pros & cons of equipment rentals, information on where to find equipment to rent out, and even some tips & tricks for maximizing opportunities to earn additional income with your equipment. So let’s jump on into How To Make Money With Equipment Rentals!

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Introduction To Equipment Rentals

Equipment Rental side hustles

Equipment rental is a fantastic side hustle because literally anyone can do it! No matter what your primary career is or what other side hustles you engage in, there is no doubt that you have some useful equipment that can be rented out for additional income. 

Equipment rentals can be anything from an electric buzz saw to a high-quality professional camera. The options you have readily available for equipment rental will vary from person-to-person, but this can be a great way to make money from your tools when they aren’t in use. 

Not only will your equipment pay itself off in no time, but you’ll be able to make a habit out of this and start generating some monthly income.

What Is An Equipment Rental Service?

An Equipment Rental Service is any person or business that rents out their equipment for an allotted amount of time. This is often paid for by the hour or day, and costs can vary from tool-to-tool. 

Some tools offered in equipment rentals are tools that were already owned and used by the provider, and often times some tools are purchases primarily as an investment for the equipment rental business.
 

Why Rent Out Equipment?

Equipment Rentals are one of the most underrated side hustles, as it allows the provider to make up for the costs of the initial purchase of the equipment and even make continuous additional revenue beyond that.

There is not much work to be done when it comes to equipment rentals. As long as you can secure some clients and find customers, all that is left is to managed the pick-up and drop-off times.

The only other real work involved with equipment rentals is the up keep and maintenance of the equipment. With that said, it is important to check the equipment for any damages and dysfunction between rental periods.

Equipment rentals also have a varying degree of start-up costs. Some individuals may already have an extensive repertoire of tools on hand or as a part of another business, and some individuals may have little-to-no tools in their possession.

This will greatly change how accessible this side hustle is to start, but most professionals should have some tools they can rent out in respect to their field.

How To Start An Equipment Rental Service

Equipment Rentals

So now let’s discuss how to start an equipment rental service.

The first step to rent out equipment is to obtain equipment to begin with. Next you’ll need to find clients to rent out the equipment to.

Now let’s break down each of these important factors on how to start an equipment rental service in full detail below.

Requirements For Renting Out Equipment

Before we jump into the everything there is to know about running a equipment rental business, we need to discuss the requirements. 

Generally you’ll need to be sure that you are abiding by your state’s requirements for reporting additional income. It is important you are following any rules in place for running a equipment rental service out of your residence. 

Here is a list of requirements for renting out equipment:

  • Obtain equipment to rent out
  • Select a place to operate the rentals from
  • Create no-liability waivers and legal documentation
  • Draft check-in and check-out agreements
  • Consider insurance for your equipment
  • Keep track of revenue and income for taxes
Now that we know the requirements for equipment rentals, let’s move on to some examples of what equipment can be rented out.
 

What Equipment Is Great For Equipment Rentals?

Any profession equipment can make for great equipment rental options.

Really anything that the average person may not own or want to invest in fully-purchasing is perfect for equipment rentals.

Let’s go over some great examples of equipment that is perfect for equipment rentals.

Here are some options of what can be rented out through equipment rentals:

  • Professional cameras
  • Electric buzzsaws
  • Bikes
  • Tables
  • Chairs
  • Gardening tools
  • Pressure washers
  • Snow gear
  • Sound equipment
  • Instruments (guitars, drums, etc.)
  • Industrial vacuums
  • Concessions machines
  •  Bounce houses
  • And much more!

There are many more options for what you can rent out through equipment rentals, so keep your mind open and consider any opportunities that work best in your own interests.

How To Get Equipment To Rent Out

If you find yourself short of equipment to rent out, some equipment renters buy equipment and tools primarily to rent them out. By doing this you can add a piece of equipment to your arsenal all while making money off of it. 

To maximize profits you should do your research and search for great deals for your equipment. Try to refrain from purchasing equipment on a whim, if you’re patient you’ll be able to find perfect equipment at a decent price. 

Here are some great places to look for equipment for equipment rentals

  • Offerup
  • Shop Goodwill
  • Facebook Marketplace
  •  Local thrift stores

Try looking on OfferupShop Goodwill, and Facebook Marketplace for affordable equipment. This is the easier way to minimize your costs and maximize profits.

Note: If you intend on investing in equipment for renting out, I would recommend purchasing equipment that you’ll find use for, as you don’t want it just sitting around when it isn’t being borrowed. Additionally I would recommend that you slowly buy equipment to lower the burden of start-up costs. If you slowly add more equipment to your arsenal, you won’t find yourself $3000 down with no business.

How To Find Clients To Rent Out Equipment To

The ability to obtain clients for your equipment rentals will depend on your ability to market your services in your area.

Here are some ideas for finding clients to rent equipment out to:

  • Online marketplaces (Facebook Market, Offer Up, Craigslist)
  • Facebook groups
  • Create a Facebook page
  • Local ads
  • Word of mouth

The best way to get and keep clients for your equipment rentals is to offer great equipment, customer service, and convenience to your customers.

If someone needs your services once, it is likely they may need it again or recommend it to someone else that does. So be sure to always rent out high-integrity equipment so that word of mouth can spread regarding the quality of your equipment and services.

Where Do You Rent Out Equipment?

This is where the equipment rental side hustle can get a bit iffy. It is likely that you will need to meet up with strangers or even have strangers come to your place of residence to check-out and pick-up the equipment you offer. 

Be sure to always be cautious to who you rent out equipment to, and it can’t hurt to have someone with you to back you up during pick-up and drop-off times.

It can’t hurt to go the extra mile to ensure your safety when dealing with strangers.

Risks Of Renting Out Equipment

Equipment Rentals

The risks involved with equipment rentals mostly come at equipment damage, theft, injuries, and privacy concerns.

As long as you have insurance for your equipment or know how to repair them yourself, you shouldn’t have to big of a problem regarding damages.

However, as mentioned previously, you’ll want be be extra careful when dealing with strangers, especially if they will be coming to your primary place of residence.

Here are the risks involved with equipment rentals:

  • Equipment damages
  • Repairs
  • Theft
  • Privacy concerns
  • Start-up costs
  • Dealing with strangers
  • Insurance issues
These are some of the many risks and factors to consider when offering equipment rentals
 
Be sure to consider your safety during any meet up regarding your equipment rentals.
 

How Much Money Can You Make With Equipment Rentals?

Equipment rentals have been known to make $200 to $4,000 a month. The ability to maximize revenue will come from the amount of equipment the renter has available and the quality or scarcity of the equipment in stock.

Equipment Rentals Tips

  • Rent out the equipment you use when you aren’t using it yourself
  • Purchase additional equipment for your field and rent it out
  • Use Facebook Marketplace to advertise equipment rentals
  • Search Offerup, Shop Goodwill, Facebook Marketplace, and Garage Sales to find affordable equipment to add to your rental selection
  • Rent out unique equipment that others may not be willing to purchase in full

Equipment Rentals Pros & Cons

Pros:

  • Make money from already-purchased equipment
  • You get to keep new equipment purchased for rentals
  • Your equipment (new or old) can pay itself off
  • Investing in additional equipment can help out your other side hustles
  • Money is made passively after renting out the equipment

Cons:

  • Some individuals lack equipment to rent out
  • Worthwhile equipment can be expensive to initially purchase
  • There are safety concerns considering you have to exchange your equipment with strangers
  • Your equipment’s mileage will add up without you using it yourself

Other Side Hustles

13 Amazing Side Hustles

Looking for some more side hustles that can help you bring in some supplemental income? Check out my article on 13 Side Hustles You Can Start Right Now.

Within this article I break down 13 other side hustles that anyone can do. Each side hustle is unique with different amount of time commitment and income potential, but hopefully you find at least one that fits your interests.

Go ahead and check it out if you’re interested in more opportunities to make some supplemental income.

Closing Thoughts

There you have it! That is everything you need to know on how to make money with equipment rentals.

 Overall, I think it is a great way to earn supplemental income on the side. It isn’t a get-rich-quick-scheme by any means, but with the right planning and business skills this can become a lucrative side business at the very least.

What do you think about equipment rentals as a side hustle? Do you have any experiences to share? Please feel free to start up a conversation in the comments, and I look forward to hearing some other opinions.

Good luck and happy renting!