Renting Out Musical Instruments
Our Side Hustles Breakdown
Join the world of harmonious earning by renting out musical instruments. It’s a golden opportunity to transform unused musical instruments into a consistent source of income while supporting aspiring musicians. Although the responsibility of maintaining the instruments is paramount, the financial and emotional rewards are noteworthy.
- Maintenance: Regular upkeep and repair of instruments is necessary.
- Risk of Damage: Instruments could be damaged or lost.
- Limited Market: The demand might not be consistent year-round.
- Passive Income: Earn money from instruments that would otherwise sit unused.
- Support Music Learning: Help aspiring musicians who cannot afford to buy instruments.
- Minimal Effort: Limited active management is required after the initial setup.
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.
An Overview of Renting Out Musical Instruments: A Primer
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.
How Much Can Renting Out Musical Instruments Earn You?
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:
- Value of the Instrument: A French horn that costs over $2000 will earn you much more than a $500 guitar, even for one day.
- Amount of Time: If the instrument is borrowed for an extended amount of time, you’ll get paid more.
- Demand: Drum kits are much more in demand because of how difficult they are to move around. Local gigs will always be on the lookout for kits at a fair rate.
How Much Does It Cost to Start a Renting Out Musical Instruments Side Hustle?
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.
Where Can You Rent Out Musical Instruments?
There are two main ways that you can start a rental instrument business:
Where to Independently Rent Out Musical Instruments
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.
Gig Economy Companies That Offer Gigs Renting Out Musical Instruments
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!
Why You Should Consider Renting Out Musical Instruments As a Side Hustle
Let’s take a quick look at the reasons you should consider a musical instrument rental business:
- Passive Income Source: You won’t have to spend time and effort working, which you can devote to other areas of life.
- The Instrument Pays for Itself: Renting out an instrument enough times can help you recover its purchase price, which makes it a good ROI.
- Considerable Demand: Music students, local venues, and traveling musicians all need to rent instruments from time to time, generating a decent demand for instruments at an affordable price.
Problems With Renting Out Musical Instruments
Now, let’s consider some of the downsides to renting out instruments:
- Chance of Damage or Theft: The borrower may handle the instrument carelessly, or steal it. And you have very little control if they do so.
- Borrowers May Change Things: Musicians who rent Instruments could modify things to their taste, which may damage the instrument in the long run.
- Only Some Instruments Generate High Demand: Inexpensive stringed instruments, percussion, keys, or flutes may not be as in demand as a different instrument with higher value, like brass instruments or drum kits.
Frequently Asked Questions
Are Musical Instruments a Good Investment?
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.
Is it Cheaper to Buy or Rent Musical Instruments?
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.