Do you think it might be financially beneficial if I purchased a "backup" digital camera from ebay to rent to college students for the semester?
If so, how much should I charge them? Per month or per semester?
I can buy a Rebel XT for anout $400 new on ebay. In the store they cost about 7 hundred dollars.
I have just had people ask to borrow my digital (something I don't do.) I thought if i had a camera specifically meant to be loaned out I could profit as well as help out a few struggling students.
29 minutes ago - 3 days left to answer.
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16 minutes ago
I would of course have them sign a contract regarding damage to the camera (but mine is under warranty so if they break it no big deal-I have coverage) in addition to a deposit (of about $250? or is that too high?) they would get back when they returned the camera.
I was planning on only lending it to students in the photography program.
Daily: $15
Weekly: $50
Weekends: $20 a day Are these costs affordable? Or too high or low? You might be onto something here. I checked around and found this, for instance: http://www.aperturepro.com/digital_canon...
I'm sure you've looked into similar sites. You are charging around 10% of what they are charging, so I'd say your rates are certainly fair to the renter - if not to you. By the time you get a camera and lens, even used, you will have over $500 in your rental piece. It would take about a year of average renting (I think) for your return on investment to pay for the camera. If people treat rental cameras the way they treat rental cars, a lower level DSLR might not last a year!
The deposit would have to cover the cost of a new camera and this would be the hang-up for most students. Yeah, they'd get their money back, but I imagine if they asked Daddy for deposit money, he would say, "Why don't you just buy your own darn camera?" I know I would.
You could charge less than the value of the camera and cover the rest with insurance, but I imagine that would cost even more. I checked into a photo equipment rider on my homeowner's policy and I would be able to buy new equipment every three years for the amount of additional premium I'd pay for adequate coverage.
On the face of it, I like your idea. Your rentals seem fair and might be a little low, but you ARE dealing with a student population. Anticipate someone asking for an hourly rate and just say one hour equals one day and that's all there is to it. Do not get into renting memory cards. Anticipate someone wanting a 400 mm lens. You might buy a used 70-300 to rent for an additional $15-20 a day.
You are filling a need where there is no competition. Maybe you'll be rich one day. Sounds good but most Dslr's for rent are higher end ones like the 30d or the 5d, also by purchasing a Nikon or 2. you can market to a wider group of students. |
