Generate a Rental Income During the Coronavirus Crisis

It is important to think outside the box when your norm is no longer the status. A new norm needs to be created and considered. At Rent Items, we believe the new norm is “access over ownership.”

It is more important to have access to resources compared to owning resources. Click To Tweet

And, if you own resources, it is more important to share those resources with your community instead of hoarding them for yourself.

Providing access to assets already existing in the market and sharing them with others in your community is more resourceful, sustainable, efficient, and economically beneficial to all parties involved.

These are Rent Items’ guiding principles which allow us to make a significant impact in the midst of a crisis like the coronavirus (COVID-19).

Three Entrepreneurial Lessons Learned From the Coronavirus

  1. Don’t solely rely on traditional ways of doing business or single methods of distribution and access to your items. Have multiple methods of distribution in place – buying/selling, renting, etc.
  2. Share-based digital commerce is especially necessary to deal with sudden disruptive and unforeseeable events.
  3. Always be resourceful with what you own and able to pivot quickly based on changing circumstances.

One of the best ways to take these lessons learned and immediately start to apply them is to rent your items instead of just accumulating and allowing them to remain sitting dormant.

Why Generate a Rental Income?

Renting existing assets you already own is a great opportunity to generate a supplemental or full income. Put your resources to work!

  • Renting your assets is usually more financially beneficial compared to selling. You keep the asset that has value, and it continues to pay dividends each time it gets rented.
  • If you need the item for future use, you can keep getting a return on your investment while the item is not being used.
  • Rentals serves an important needs within every community. In many cases, access to items are not available and buying an item that is only going to get used onces or twice is required. Meanwhile, tons of items already have been consumed locally and just need to be offered for rent.

How to Generate a Rental Income?

Borrowing, sharing, and renting items has been around forever. So the concept is not new. But, new standards and processes now exist thanks to the digital age and sharing economy.

There are two types of marketplaces – formal and informal. Rent Items is a formal marketplace which means that it helps to provide both technology and human resources to help manage the logistical issues that revolve around renting your items to and from other people you know and don’t know.

As an owner of the assets, you determine how your item will be rented. You set the price, location, duration, and other important details to set the expectations of the potential renter. Start renting your items today!

Let’s Connect

If you have any ideas, thoughts, or suggestions on the topic of this article. Please reach out to me via LinkedIn, Twitter, or leave a comment below. Remember to follow us on Facebook or Twitter to stay updated with the latest information about rental marketplaces, new sustainability concepts, and the sharing economy. Lastly, don’t forget to make an impact by registering and listing your items sitting idle on the Rent Items Marketplace.