Kids often want to earn some small amounts of cash without bothering their parents or getting involved in something illegal. As a kid, I rented out my consoles to other kids and even some bored adults. Here are some tips.
Having popular games is the key factor in having people actively look for you. As you get money, consider buying some popular games. How do you know what's popular? People will ask for it all the time, so just note what people are clamoring for. In general, they are sports with a multiplayer option.
If you don't want to invest money, trade your less played games with a kid. Kids often get consoles and games as presents but don't understand their value. Yeah, it's like stealing candy from a baby except that the baby gets a candy in return, something like licorice.
You'll soon get customers who rage and bang up your console. If that happens, you have little recourse, so try to detect and avoid ragers. Ideally, your customers would be kids younger than you, who will accept your authority and do as they're told.
You might also get thieves trying to snatch a console from you. I had that happen once, where an unknown kid waltzed in, rented my console and just disappeared.
Only rent to kids for who you know where they live and, if possible, get to know their parents. If something does go wrong, complain to their parents and hopefully you'll get some recompense in case your console goes missing.
There is a school of thought that suggests renting the console only to those kids who carry an ID, but I found that shrinks the customer base considerably without adding to security. In fact, I know of a case where a kid stole an ID to steal a console, which isn't something you want to get involved with as a kid.
Once you start renting out your console, you'll have repeat customers, some of which might even be adults. Whether you rent out to them is up to you, but I've done it and there wasn't a problem at all.