How much should I charge for gear rental?

I have someone that wants to rent my EOS 7D and 70-200 f/2.8 IS II for some video work. I'm not sure about how much I should charge them from gear rental since it's for 3-4 hours. Any ideas?

Phone around rental places to work out local rates. Most charge by the day, not the hour. Check your insurance covers you when it's rented out.

Personally I would refer them to something like lensrentals.com. They rent lenses like the 70-200 for 4 days for $100 and bodies like the 7D also for$100, shipping included.

And your stuff isn't risked.

Do you plan to compete with that? If you're actually in Korea then perhaps you can.

Why not rent your services, along with " your " gear.

check pricing online...many stores rent and have pricing available online 24/7

Yeah I'm a bit nervous about doing it so I think I'm going to take everyones advice on this and pass on the offer. Thanks guys!

I'll go the other way...
If you know the bloke, what's wrong with renting, or even lending, your gear to him?
Yours the situation to your advantage.
I do it with with most of the photogs I shoot with - lend stuff out and borrow stuff back on a fairly frequent basis.
It doesn't matter what it is, if I'm not using it or going to be for a few days and someone else wants to borrow it, be my guest.
There's about 8 or 9 photogs, and between us we have just about every one of Canon's current L series lens line up (except the 800 and 1200) plus quite few third party lenses and every body from the 350d to a 1D MkIV. Not to mention accessories like flashes, pocket wizards etc.
If there's anything any of us need, it's just a case of a phone call.