Did you know that renting out musical instruments can be a profitable side hustle? Learn the dos and don'ts and how to get started.
Are you a musician who owns a professional instrument but struggles to find the time to play it while working full-time?
You’ll be surprised to know that it can be an extra source of income since you can rent it out.
We’ll cover everything that you need to know about renting out musical instruments in this article, including where you can get this gig started and how much you can make from it.
When you rent out musical instruments, you’ll be letting other people use them for a fixed amount of time (usually one day). In exchange, you’ll receive a fixed amount of money as agreed upon with the borrower.
The best part about this side hustle is that you don’t have to spend a lot of time or effort working. You just need to screen the borrower, agree on the details and logistics, and make some cash!
You might want to start with beginner level instruments, since they’re pretty low risk. In time, you’ll find you can purchase more high-end instruments that’ll pay for themselves through rental payments.
Either way, it’s a good idea to invest in liability insurance to protect yourself in case of damage or theft to the musical instrument you’re planning to rent out.
There is no set amount that musical instrument rentals can earn you, but there are a number of factors that determine how much you’ll make. Here are some you should take into account:
Instrument rentals are a creative way to make money since you don’t have to invest a lot of time and money actively working. It can cost anywhere between $500 and $5000 to start a musical instrument rental business. The deciding factor is the kind of gear that you invest in.
For studio sessions or big shows, musicians will prefer borrowing higher-end instruments to investing in it for a short period of time.
We’re leaving out the overhead costs of storage since you probably won’t be opening a brick-and-mortar store. That said, you might need a storage unit if you plan on expanding your business.
There are two main ways that you can start a rental instrument business:
To get started independently, you can start advertising your business on social media platforms like Instagram and Twitter.
You can also join local musician groups on sites like Facebook and post on them to attract borrowers.
Another way is to negotiate a rental agreement with a local music teacher or venue to provide them with PA systems, drum kits, or other instruments.
You can also partner up with a local music store in your area and ask them about their rental program. Usually, they allow people to borrow instruments, and you could register yours as a possible option.
Here are some other companies where you can post your instruments and attract people who want to borrow them:
Platforms like FriendsWithA and RentMyInstrument.com charge around 10-11% of the amount you will receive as commission. This is one of the downsides since it could restrict your total earnings from rent.
RentMyInstrument.com screens borrowers before they can rent out an instrument from the site, which helps you avoid unpleasant run-ins with thieves or vandals.
Another platform of this kind is Fretish, which operated from 2017 till 2021, but due to the pandemic had to be put on hold. However, the website is still up, so it might become operational again soon!
Let’s take a quick look at the reasons you should consider a musical instrument rental business:
Now, let’s consider some of the downsides to renting out instruments:
Yes, musical instruments are a good investment since they hold their value over time. A signature guitar, expensive drum kit, or keyboard can have a high resale value or be a good option to rent out.
In the long run, it is cheaper to buy a new instrument. But if you need a better instrument for a single studio session or gig, it makes more sense to rent than to pay a lot of money upfront.