People learning more to earn passive income by renting out assets they own for short or long periods. Here are the types of assets used for income generation through renting:
Vehicles: Renting out personal vehicles is another common way to generate income. Vehicle sharing platforms allow individuals to rent out their cars for short periods. Demand is particularly high in urban areas where public transportation may be limited. According to a 2022 report, the car-sharing market is projected to grow to $7.4 billion by 2026.
Storage Space: Renting out storage spaces is popular, particularly in large cities where living spaces may be limited. Garages, storage units, and even closets can be rented out for additional income. The U.S. self-storage industry generated approximately $39 billion in revenue in 2022.
Vacant Land and Farmland: Owning vacant land or farmland presents opportunities for income generation through renting. These spaces can be rented out to farmers, gardeners, or other businesses. As of 2021, the rental rate for farmland in the U.S. averaged $138 per acre.
Sports and Recreational Equipment:Â Sports and recreational equipment, such as skis, bicycles, and water sports gear, can be rented out for income. These items are particularly popular in seasonal destinations. The sports and recreation equipment rental market was valued at $4.2 billion in 2021.
Technology Gadgets: Technology gadgets such as cameras, drones, and audio systems can also be rented out for income. There is high demand for these items for special events and projects. The U.S. market for camera and photography equipment rentals reached $1.5 billion in 2022.
Clothing and Accessories: Luxury clothing and accessories are also rentable assets for income generation. The rental of formal attire and accessories for special events has gained popularity. The clothing rental market in the U.S. is expected to reach $2.5 billion by 2026.
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