The Top 10 Most Rented Items in 2024 - Booqable Rental Software (2024)

In recent years, the rental industry has experienced significant growth as more people opt for renting rather than buying certain items, which has continued into 2024. Some choices may surprise you initially, but the list makes perfect sense when considering the revenue each niche generates and people’s interests and reasons for renting these items.

When people rent products, they generally have a specific task or goal in mind. Whether it’s creating a beautiful event or exploring the countryside on a bike, people generally only require these items for one task, so it’s much more affordable to rent than buy. So, let’s delve into the most rented items in 2024 thus far and which products are set to grow!

1. Event decor and equipment

Topping our list is event decor and equipment! People are more eager than ever to socialize and celebrate, leading to a surge in events like weddings, corporate gatherings, bar mitzvahs, and proms. As a result, rental businesses that deal with decorations and equipment for events have seen significant growth leading up to and continuing into 2024.

Every celebration and event needs decor and equipment to succeed, so it is a lucrative industry. If you’re into design and planning events, it is a great industry to get started in. It is a super-friendly industry that requires a lot of networking. This boom will continue into the rest of the year as we get into the warmer months and people spend more time together.

2. Camera and AV equipment

The film, television, and photography industries may have faced challenges recently, but as safety regulations are implemented, they have seen a resurgence. Productions are back in full swing, leading to high demand for film, photography, and audiovisual equipment rental. This trend has been the most in more developing nations as gear has become more accessible.

As a result, we have seen a massive increase in the number of people renting out film, photography, and audiovisual equipment for their productions. It’s exciting to witness the creative arts thriving again, and this upward trend is likely to continue as filming conditions and access to equipment improve.

3. Bikes and e-bikes

Bike rental is one of the most consistent industries, and it has been boosted by the popularity of e-bikes. Many people love exploring but are often limited by how far they can physically cycle. E-bikes help to remove this obstacle as they allow people to cycle further while using less of their own energy. This has made cycling much more attractive in the past couple of years.

Of course, getting started with e-bike rentals is more expensive, but it is easier to see a return on investment. E-bikes generally command a greater rental price, which makes them more profitable. However, more traditional mountain and road bikes are still popular, so whether you invest in electric or not, you can still create a successful bike rental business.

4. Party equipment and inflatables

Much like weddings and other events, parties have seen a resurgence during the past couple of years. This is due to people gathering more easily and celebrating with their loved ones. As a result, party rental businesses have seen increased demand, and it is one of the most active rental niches in 2024, and that doesn’t look like it will change anytime soon.

Parents can now celebrate their children’s birthdays more, which means they are renting more party equipment and inflatables. It’s very accessible to get into, and you can start a party rental business with a tent and a few tables and chairs. So, if you want to get into the party rental business, this year is the perfect opportunity.

5. Camping and hiking equipment

With the economic downturn, many people choose to vacation in their own country instead of traveling abroad. This has resulted in a great increase in the interest in camping and hiking equipment. Of course, these were always beloved pastimes, but they are seeing a renaissance as people look to make their money go as far as possible, especially when it comes to vacations.

Camping and hiking equipment has a fairly wide scope, including tents, RVs, backpacks, stoves, mini-fridges, harnesses, and ropes. Most of this equipment is affordable if you’re going to use it several times a year, but for a one-off, it often makes more sense to rent them. The high season is, of course, in the summer, so you need to be prepared early.

Construction projects are never-ending, whether it’s ongoing neighborhood renovations or roadworks. Therefore, it’s no wonder that tools and construction equipment rentals have made their way onto this list. Builders, tradespeople, and DIYers constantly require tools for repairs, construction work, and home improvement projects.

Tools and construction equipment are rented daily, from drills and chainsaws to heavy machinery, like diggers and forklifts. This industry offers accessible entry points for entrepreneurs due to the high demand for tools and machinery. It has seen significant growth as more people are working on their homes instead of buying new ones, so it is set to have strong demand for years to come.

7. Suits and dresses for all occasions

Suits and wedding dresses have always been popular rental items and continue to be so. However, the clothing rental industry is seeing an evolution as people move from fast fashion to renting dresses. This has become more popular as renting is just as affordable as fast fashion, but you generally get much higher quality dresses when you rent them.

Entrepreneurs are noticing this trend, and clothing rentals have grown in popularity over the past few years. This has increased the demand for such services and has led businesses to serve customers far beyond their local area. In addition, the increased frequency of events has led to significant overall growth in the clothing rental industry which will likely continue.

8. Water sports equipment

Water sports have become a much more popular pastime and vacation activity as people become more active. This category encompasses many items, including kayaks, canoes, jet skis, and diving gear. Many people will plan their vacation based on the activities and amenities available, and water sports are now on that list of demands more often.

As people plan their vacations around water-based activities, the need for rental equipment becomes evident. With record-breaking temperatures in recent summers, the demand for water sports equipment has soared. This rental niche will likely experience continued growth throughout the coming years and climb higher on the list.

9. Winter sports equipment

Like water sports, winter sports have seen an upward trend for many years and are a popular vacation activity. All but the most-seasoned skiers and snowboarders will rent the equipment they need when they hit the slopes, making winter sports incredibly lucrative. With longer and colder winters, this trend is only set to continue in the coming years.

Of course, there are very few places in the world where winter sports equipment is a feasible rental venture to invest in. However, if you’re in one of those places, it’s worth investigating and potentially investing in if you want to start a rental business in your local area. It’s also worth considering expanding into winter clothing as it is becoming more popular to rent.

10. Toys and baby equipment

Surprisingly, toys and baby equipment have entered the top ten most rented items. This can be attributed to a baby boom and economic situation seen in recent years. This has increased demand for items related to infants and young children. They often outgrow toys and equipment quickly, making renting a cost-effective choice for new parents.

This niche presents an excellent opportunity for rental businesses, as the demand for these items still needs to catch up. Over the past few years, there has been an increasing demand, particularly in maternity equipment, lego sets, and wooden toys. New rental business owners are likely to see the best return on their investment in these areas.

The growth of the rental market, particularly in the sectors highlighted for 2024, carries significant environmental implications, primarily by promoting a more sustainable model of consumption. Renting instead of buying can lead to a substantial reduction in waste and lower the demand for the production of new items, which in turn reduces the resources used and the carbon footprint associated with manufacturing and disposing of goods. However, this shift also raises concerns about the potential increase in transportation emissions due to the frequent movement of rental items. To mitigate such impacts, rental businesses might adopt green logistics practices, such as optimizing delivery routes or using electric vehicles.

How has the COVID-19 pandemic influenced the rental trends mentioned in the article, especially for items like event decor and party equipment?

The COVID-19 pandemic has undeniably influenced rental trends, especially for items related to events and gatherings such as decor and party equipment. As restrictions eased and people became eager to reconnect, there was a notable resurgence in social events, albeit with a heightened awareness of safety. This has led to changes in consumer behavior, with an increased preference for outdoor or well-ventilated venues and a greater emphasis on hygiene and sanitation practices within the rental industry. Rental businesses have adapted by implementing rigorous cleaning protocols and offering flexible cancellation policies to accommodate the unpredictability of pandemic-related restrictions.

What are the insurance and liability considerations for both renters and rental businesses across these diverse categories?

Insurance and liability considerations for renters and rental businesses vary widely across the diverse categories of rented items. High-value equipment like cameras and AV gear often require a deposit or insurance coverage to protect against damage or loss, with the terms of liability clearly outlined in the rental agreement. For items more susceptible to wear and tear, such as party supplies or sports equipment, businesses might include maintenance and replacement policies as part of the rental fee. On the other hand, consumers are generally advised to check their personal insurance policies to see if rented items are covered under existing plans or if additional coverage is necessary. Rental businesses must navigate these issues carefully, balancing the need to protect their assets with the desire to offer accessible and user-friendly services. This often involves clear communication with customers about their responsibilities and the use of technology to streamline the rental process, from inventory management to damage assessment.

From event decor and camera equipment to bikes, party supplies, camping gear, tools, formal attire, water sports equipment, winter sports gear, and baby items, these rental niches reflect consumers’ evolving interests and needs. By catering to these demands, rental businesses can use equipment rental software to thrive in an ever-changing market and provide valuable services to their customers.