Harold is away, but has forgotten to light the central healing boiler, leaving Ethel cold in the house. Mr. Claypole tries to help bringing a pantomime dragon to life, and also hires Susie Starlight to work as a cleaner for the Perkins.
Villainous McSprite McDonald McDougle knew McWitch when they were both alive, and attempts to join Rentaghost. Yet when they reject his membership, he aims to get revenge.
Fred's parents pay a visit, as Rentaghost embark on a new venture in storage, using Claypole's powers to shrink objects. Unfortunately his mischievous side becomes dominant and he decides to shrink Fred and Mr Meaker too.
Ethel has given Harold an ultimatum - he must choose between her or Rentaghost. Wanting to help fix their marriage issues, Fred Mumford enlists the advice of a female ghost, in the form of Catastrophe Kate.
Fred Mumford returns to Earth from the spirit world to open a business called 'Rentaghost' which offers ghosts, spirts and poltergeists on a daily or weekly rental basis and is having trouble paying the rent on his shop.
Mr Meaker hires an efficiency expert to evaluate Rentaghost, who promptly dismisses Fred. Claypole casts a King Midas spell on Mr Meaker, ensuring that everything he touches turns to gold, literally.