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you can rent anything. what the land can be legally used for is another thing. I own lots of land near sea side towns. In NSW on site sewerage treatment is a touchy matter with most councils cracking down on any useage of land anywhere near the ocean unless you have that covered. even camping for the legal 3 months of the year requires on site sewerage treatment. and you will need a council permit to camp .
using the land for business is another entire matter with many more options open.As an example I’ve had land for 6 years now slowly developing the lots. Power, fencing, landscaping and some minor road construction. It has acted like a catalyst with other like minded people doing the same. The land has probably increased in value some 300 – 400%. It still has the ability to increase another 300 – 400% with large developers now getting involved in the area. Do I sell now and take the increase or hang on another couple of years and hopefully get even more? Or will rates go up so high no one will want to buy at any price? It’s all an educated guess. I work on capital gains not rent return. How greedy are you and how much risk do you want to take? Environments change too. What was once an attractive area getting good rent can quickly change with the wrong development. No straight answer here.
