Renting camera gear before committing to a purchase is always a good idea. This way, would-be buyers can take a piece of equipment out on a test run, for cheap, and see if it’s something they’d want to invest on. Independent filmmakers also often rent high-end cinema cameras and lenses they don’t have in their fleet for projects that require a higher production value. Same goes for photographers renting a medium format system for the occasional high-end shoot for a prestigious client — renting allows businesses to drop their costs and avoid tying their own money around an entire system they don’t want to own long term.
The opportunity then for creatives, who have a wide range of older gear collecting dust, is to supply the increasing demand for gear rentals and set up a passive income stream. We’ve covered many different ways you can make money as a videographer, whether it’s active income shooting real estate photos/videos or passive income via selling stock footage. Today, we’re going to discuss how you can make money renting out your camera gear on ShareGrid and other peer-to-peer rental platforms.
What is a Peer-to-Peer Camera Gear Rental Marketplace?
If you’re familiar with Airbnb’s business model, then the concept behind peer-to-peer rental platforms isn’t too far off. Camera rental marketplaces, like ShareGrid, hosts a lot of gear rental listings from fellow photographers/filmmakers in your area. This creates a rental network made up of creatives that can rent, or rent out, their gear locally with other professionals. Rental platforms make their money off of transactional fees (renting and or buying gear), and in turn, they offer gear insurance programs, owner protections and customer support which is a pretty sweet deal if you ask me.
How Much Can I Make Renting Out my Gear on ShareGrid?
How much money you make on in these websites largely depends on several things. First, what’s the market value for your gear? Naturally, camera equipment falling in the high-end spectrum will command a higher rental rate. Second, how’s your risk tolerance? There are of course safety measures in place for owners and renters, but would you be willing to invest time and effort into pursuing a claim? Next, for how many days in a month can you realistically rent out your gear? Surely, you’ll have your own projects and you’d just want to rent out your equipment to offset slow weeks.
To get a rough estimate of what you can potentially earn on ShareGrid, check out the current rates for the gear you intend to rent out. Here’s a quick search I ran for A7S III listings within LA:
As you can see, the range goes from as low as $60/day body only, but can quickly go up into the hundreds if you bundle your gear with additional lenses and accessories.
In terms of what type of gear you can rent out, if it’s anything related to photography or video production, you can rent it out on ShareGrid. Anything from gimbals, video lights, a medium format system, to grip equipment like ladders — all of these can be found on the rental marketplace. If you need additional insight, here’s an awesome video from Pedro Borges of Kitchen Films who have made some sweet, sweet passive income renting out Moment lenses for iPhones on ShareGrid.
How Do I Start Renting Out My Camera Gear?
Here are a few tips that can help you get started with renting your camera gear out. Note: there are less-camera gear focused rental websites out there you can use, but we’re focusing on two of the largest platforms which prioritize camera equipment. These general guidelines should still apply regardless.
Pick a Marketplace – Currently, the biggest peer-to-peer gear rental platforms in North America are ShareGrid and KitSplit. Both platforms have very healthy communities in the biggest cities across the states so your location shouldn’t be an issue, but do check either platforms’ official list to be sure. Both ShareGrid and KitSplit offer great protection for owners (which we’ll discuss in a bit) and require short-term/annual insurance plans for renters. So instead of picking just one platform, consider signing up on both camera gear rental websites to maximize your visibility. This, however, would require that you pay more attention to keeping track of your listings across platforms to avoid the hassle of double booking your equipment.
Take Listing Photos – You’re renting out your camera gear, chances are you take decent photos. Take the time to shoot your own listing photos as these are the first things a potential renter will see on the search results. Avoid stock photos of your gear if you can as original images will always be more eye-catching than the generic ones a lot of people are already using.
Write Detailed Descriptions – Again, spend a little time writing out everything you’ll include in the package. Every SD card, media cable, ND-filters, flashguns and lenses that you want to throw in your listing. Your potential renters will appreciate the attention to detail and can certainly persuade them into going with your listing instead of your competitors’ — people don’t like having to ask unnecessary questions when shopping around!
Keep Your Prices Competitive – Both ShareGrid and KitSplit have a nifty price suggestion tool so you shouldn’t be totally lost. But a little market research would up your chances of getting more inquiries. ShareGrids recommends checking out individual vendor and rental house rates for your gear to get a better sense of how much should you be pricing your listings.
Manage Rental Requests – With renting out your gear, you’ll always have the last say. Ask questions, try to gauge the renter’s ability to use your gear properly and safely. Check out their reviews and see if there have been any past complaints about their behavior. Finally, when you get your gear back, check for any signs of damage and/or missing pieces thoroughly and right away — you’ll want to be 100% certain you won’t be covering repair costs later on before you give them the all-clear.
Security and Insurance Coverage when Renting Out Camera Gear
Perhaps one of the greatest issues people have when deciding whether they should rent out camera gear or not is security. Understandably so, as the thought of someone running away with your RED can be quite disheartening. Thankfully, both ShareGrid and KitSplit have internal vetting and verification systems for renters as their first line of defense against baddies. Renters are also required to purchase a short-term or annual insurance plan before they can rent gear which should cover most types of damages. Unfortunately, however, these systems aren’t exactly bulletproof.
Voluntary parting, the legal nomenclature for a renter running away with your gear — theft — had been a hot topic in these peer-to-peer rental platforms in the past. They do have insurance options for theft, when gear is stolen FROM the renter, but it’s a whole another story if the renter does decide to skip town with your gear in tow. The long and short of it is that “voluntary parting” is interpreted to be under insurance fraud, and the marketplace won’t be liable for any attempts at “insurance fraud.”
But in 2019, both ShareGrid and KitSplit (links to respective Owner Guarantee policies) have decided to step up and include theft protection coverage for up to $20,000 worth of gear. Best of all, these Owner Guarantee policies are free and you’ll always be covered for every transaction. Before you start creating listings on either platform, it’ll be best to have a read through their policies so you know what you can expect should you run into issues with rogue renters.
Renting out older gear you’re planning to dispatch or even some of the mainstays in your camera bag can potentially net you more of your gear’s market value in the long run. There are of course the usual risks tied into the rental business, but if you play by the rules and get to know your insurance coverage well, then there’s a golden opportunity to let your gear make money for you!