How to Capitalize Your Rental Equipment During International Events, Olympics, Conferences & Global Summits?

The 2024 Paris Olympics, marked as the Greenest Olympics ever, attained new levels of sustainability for a global event. Its overall carbon emissions were 1.75 tonnes, which is 50% of those of Tokyo, Rio, and London Olympics. To achieve its sustainability goals, Paris Olympics took several initiatives, including selecting eco-friendly venues, using wood and recycled plastic, replacing air conditioners with geothermal cooling, and creating multiple green spaces.

After the construction of the Olympic Village, the Paris Olympics focused on utilizing the circular economy that focuses on the rental model to keep up with its sustainability goals. As per the information, the Olympic Village rented out 75% of all sports equipment (nearly 150,000 items) and electronic equipment (including TVs, computers, printers and games), 600,000 items of furniture, and 100% of temporary infrastructure such as stands and tents.

Similar to the Paris Olympics and other sports events, several international-level events, such as conferences, summits, exhibitions, trade shows, and cultural fests take place all around the year. To make them more sustainable and adequately fulfill the event requirements, the reliance on the circular economy is inevitable. To capitalize on the upcoming business opportunities, rental businesses can launch a best-in-class online rental marketplace that makes them more discoverable, establishes brand value, and is solid proof of their commitment to sustainability and circular economy.

This article focuses on all aspects required to help you gain business leverage from global events.

Upcoming Important Global Events with Lucrative Rental Opportunities

The following international events and conferences are expected to draw a large number of international tourists, attendees, and delegates in the host country. They hold immense potential for rental businesses if all essential investments are done in time.

Event	Host City and Country	Scheduled Time
United Cup (Tennis)	Perth & Sydney, Australia	December 2024 – January 2025
World Police Summit	Dubai, UAE	May 2025
2025 IEEE International Conference on Robotics and Automation (ICRA)	Philadelphia, USA	May 2025
2025 FIFA Club World Cup	Multiple Locations Across the US	June – July 2025
2025 American Medical Informatics Association (AMIA) Annual Symposium	Washington DC, USA	November 2025
2025 United Nations Climate Change Conference (COP 30)	Belém, Brazil	November 2025
2026 FIFA World Cup	Multiple Locations Across North America	June – July 2026
Rugby League World Cup	Australia and Papua New Guinea	October – November 2026
2027 ICC Cricket World Cup	Multiple Locations Across South Africa	October – November 2027
2028 Olympics	Los Angeles, USA	July 2028
2030 FIFA World Cup	Multiple Locations Across South America	June – July 2030
2032 Olympics	Brisbane, Australia	July – August 2032

Rental Opportunities During the Global Events

Global events open up diverse business opportunities for rental products and equipment. With a magnified emphasis on sustainability and the increasing preference for the circular economy, you can expect the demand for rental products to be higher than ever. 

Primarily, the following rental niches will benefit the most from these events:

• Heavy Equipment Rental: To provide accommodations or players and or to simply host the events, there is a need to build or renovate infrastructure and prepare an attractive venue. Thus, for heavy construction, rental heavy equipment is required. A heavy equipment rental marketplace can be useful to connect equipment seekers with the product owner to rent out equipment. 
• Car Rental: The demand for rental cars for airport pickups and city travel receives a major boost during any sports or political meet-up. 
• RV Rental: Luxury RVs are the choice of numerous tourists and celebrities who prefer to explore the host country in comfort.
• Power Tools Rental: To meet the added requirements for power tools like drills, saws, sanders, grinders, nail guns, heat guns, etc. rental emerges as a highly cost-effective solution.
• Electronic  Equipment Rental: As seen during the Paris Olympics, electronic equipment such as televisions, computers, printers, ACs, projectors, and video games are rented out on a large scale.
• Event Supplies Rental: Event supplies including catering equipment, tents, canopies, lighting, decorations, stages, and podiums are often sourced on rental contracts for global events. 
• Furniture Rental: Along with event supplies, essential furniture, such as sofa sets, beds, tables, wardrobes, cabinets, etc. are rented out to make temporary stays for international guests.
• Sports Equipment: To maintain integrity and provide a fair tournament, the host supplies the sports equipment to the players. To ensure sustainability and meet the large-scale demand in a short time, sports equipment is also rented out. 
• AV Equipment Rental: Event venues have to rent out important audio-video equipment such as speakers, woofers, microphones, LEDs, displays, amplifiers, equalizers, cables, and other accessories to meet the increased demand.
• Designer Wear Rental: Luxury designer wear including tuxedos, women’s dresses, handbags, and other accessories are the most rented-out fashion products for parties and fine dining.
• Dumpster Rental: Dumpster rental services often include heavy-duty dumpsters and routine waste disposal services, which make it easier for hotels and event stays to manage waste.
• Cruise Rental: Private cruises and boats are luxury recreational activities for international guests and tourists.
• Adventure Gear Rental: For recreational purposes, tourists also tend to rent out adventure gear for hiking and camping.
• Scaffolding Rental: For the maintenance of high-rise, screens, decorations, props lighting, stages, and seating, rental scaffoldings are utilized.
• Light Tower Rental: These are high-power portable light towers that are often required during sports events.

Launching a Full-Fledged Rental Marketplace in Time

While there is still time for the aforementioned events, you need to allow sufficient time for your branding and marketing efforts as well. Thus, it is not advisable to invest in longer marketplace development options that will unnecessarily increase your overall time to market, especially when many readymade rental solutions are already available. 

Readymade rental solutions like YoRent come with essential features and interfaces to streamline your rental operations. However, they might have different pricing structures, which you can verify after visiting their official websites. To assist you in making an appropriate selection, we have listed all the crucial features that you need to look for in a rental solution. We have also shared our recommendation that best matches those features and is highly cost-effective in the long run.

Reasons to Select a Readymade Rental Software

Due to the following reasons, readymade rental solutions should be your first preference for capitalizing on upcoming events:

1. Overall Reduction in TTM

Readymade rental solutions come with rent-centric features right out of the box. Thus, you don’t need to customize them to support rental operations. This immensely reduces the overall Time-to-Market (TTM) and helps rental businesses capitalize on their digital ventures on time.

2. Already Tried and Tested

Being already tried and tested by thousands of entrepreneurs, readymade rental solutions are very efficient in helping you deal with multiple rental use cases, such as managing rental inventory, booking dates, rental security, rental terms and conditions, and more. Via the custom development approach, you may need to undergo a lot of trial and error to reach this level of efficiency in operations.

3. Highly Cost Effective

Being readymade means that there is no custom development cost, which often includes hourly rates for developers and higher charges for complex tech stacks and integrations. Instead, you just need to purchase and deploy the software and can get started with your rental business operations.

4. Suitable for all Businesses

Due to longer delivery timeframes, the high cost of development, and the expertise required in managing development sprints, the traditional custom development approach is only viable for large enterprises. On the other hand, readymade rental solutions are mostly suitable for all sizes of businesses.

Features to Look for in Online Rental Software

To select the most appropriate rental software, look for the following features:

• Accept Rental Order & Payment Online: The rental software that you select should allow you to accept 24/7 online orders and payments.
• Rental Booking Calendar: The rental calendar will display accurate product availability to customers and accept rental date inputs on the marketplace. It will also prevent double bookings.
• Rental Agreement Management: When dealing with a diverse audience including tourists, delegates, and expats, every rental business has some terms and conditions. Your rental software should have the option to validate these conditions through an online agreement.
• Rental Security Management: To ensure the safe usage of your rental equipment, you require rental security collection and management features on the marketplace. Any damages can be reimbursed from the rental security. 
• Tiered Rental Pricing: To target different customer segments, varying rental pricing will help you out. For example, some customers may prefer daily rentals while some prefer weekly rentals. Thus, you require hourly, daily, and weekly booking features in your rental marketplace software.
• Inventory Management: Adept inventory management is important to ensure high order fulfillment rates. Features such as overdue returns tracking, custom stock level alerts, unavailability management, and inventory reports are essential.
• Late Returns Management: To encourage timely returns of the rental equipment, your rental solution should allow you to create different late return periods and charge a penalty amount accordingly. These features will help you maintain a consistent order fulfillment rate and reduce lost opportunity costs.
• Late Cancellations Management: Late order cancellations lead to missed opportunities and loss in terms of order processing costs, which may include hourly labor costs, cleaning costs, servicing costs, and delivery costs. To prevent late cancellations, you need to define late cancellation periods and penalties as well.
• Rental Add-ons: Some customers prefer to rent or buy complementary products and services as well. For example, in terms of car rentals, these can be child seats, soda cans, and chauffeur service. In event rentals, the add-ons can be a DJ or lighting systems operator.
• Rental Buffer Period: Returned equipment undergoes strict inspection before being added back to the inventory. The rental buffer period will allow you to define this inspection period and sync under-maintenance inventory with online inventory.
• Request-for-Quote (RFQ) Module: To accept complex orders, such as tenders and purchase orders, you need an RFQ management module. This module will help you accept detailed order requirements and share a price quote with the client. All details and negotiations will be directly stored on the system.
• Bulk Order Discount: To attract big-ticket clients, you can offer them bulk order discounts. Your rental software should have the features to do so and also let you define multiple order quantities.
• Homepage Management: The rental solution should allow you to manage the homepage, which will make the first impression of your rental marketplace. The manageable sections should include the color scheme, content blocks, homepage slider, header, footer, and more.
• Reports and Analytics: In-depth reports and analytical tools are important to help you make important business decisions related to growth, marketing, management, products, and more. You can view your top-performing products, top customers, revenue generation, and more.

Yo!Rent: The Most Versatile and Ready-to-Deploy Rental Software

While there are numerous rental software available in the market, Yo!Rent is the most distinct one and stands unparalleled in terms of offerings. First, it is a self-hosted rental solution available at a one-time cost at a fraction of what a SaaS solution would cost you in a period of 2-5 years. Being fully scalable with unlimited listings and transactions, Yo!Rent accommodates all stages of business right from the startup level to entrepreneur level.

Due to its industry-specific designs, Yo!Rent helps you launch a full-fledged and business-ready rental website within 2-3 working days. Its rent-centric features such as booking calendar, tiered pricing, agreement management, and rental security collection streamline all your daily business solutions. Moreover, you get access to all its features from day one, no paid updates are required.

Being a multilingual and multi-currency solution, Yo!Rent is again highly useful for targeting a global audience and conducting multi-regional business operations, which is exactly what we require to capitalize on different international events. To process quick payments, Yo!Rent has 20+ payment gateways that are operational in 160+ countries.

• Ready to deploy self-hosted software
• Next-gen rent-centric features
• Industry-specific highly professional themes and designs
• Fully customizable
• Fully scalable
• Free one-year technical support
• Zero transaction charges or commission fee

Final Words

Global events and conferences are often hosted to resolve and make improvements on important matters related to the environment, health, security, technological advancements, and even sports. Due to their sheer importance and the involvement of so many nations, these events often become the pride of the host nation. Thus, the host nation put the best of its effort towards providing the utmost convenience and unparalleled hospitality to all attendees. To make these events even more memorable and increase their grandeur, rental remains a primary consumption method that is sustainable and does not increase carbon footprints. Considering its benefits and the need to fulfill the surged demand in a short time span, rental businesses can leverage the increased business opportunities during these events.