As per a report from Future Market Insights, the online home rental market is set to reach a valuation of US$ 18.24 billion by 2023. From 2023 to 2033, it is expected to display a Compound Annual Growth Rate (CAGR) of 14%, eventually reaching US$ 77.09 billion in 2033.
The market of online home rental service is expanding and evolving over the decades because today’s companies in this sector meet customers’ needs successfully.
One of the most common ideas as far as Real Estate Industry is concerned is housing on a rental basis. The online home rental services are sites that serve as a medium for landlord to list their properties and get accessibility of the number customers through internet. In the various parts of the world, it has been noted that there is a significant increase in urban population.
The rise of e-commerce and virtual economies has bolstered the expansion of the online home rental industry. Obtaining rental homes on online sites is very easy for consumers because it shortens the time it takes to seek a residential space and is also trouble-free. Hence, the rapid advancement of digital innovations and the creation of technology resources in different nations are other variables contributing to the expansion of the online home rental market, making it appealing as a marketing opportunity.
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On the other hand, the demand for single-family homes is rising extensively in the Online Home rental market and the other concept of vacation rental homes is gaining popularity. The hospitality chains operating globally and nationally are largely attracted to the online home rental markets.
Reasons for covering Online Home Rental Market Title
The growing use of e-commerce and digital economies have fueled the growth of the Online Home rental market. Finding rental homes on online platforms is very convenient for the customers as it reduces the time to find a rental space and is also hassle-free in nature. Globally the customers are now extensively using these online platforms to search for rental homes as these online platforms can help the consumers to find out their home according to their desire.
On the other side, the increasing eminence of digital technologies and the development in the technological infrastructure in different parts of the world are other factors contributing to the growth of the online home rental market which makes the online rental market attractive in terms of a business opportunity.
Apart from convenience on the part of customers, the major developments made recently in the city areas and the growing population of millennials in different parts of the countries is equally contributing to the development of the online home rental market across different countries.
Global online home rental market : Regional Outlook
The global online home rental market is anticipated to register significant growth across many regions during the forecast period. The global rental home market is classified into seven key areas: North America, Europe, Latin America, East Asia, South Asia, Oceania, and the Middle East & Africa.
The online home rental service market in certain parts of America and Asia is likely to grow significantly in the coming years of the forecasted period due to many reasons like higher immigration rate, high millennial population, and many other reasons.
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Global online home rental market : Key Players
Few players from the western part of the world and the Asian regions which are operating exceptionally well in the Global Online Home Rental market are –
- Airbnb
- HouseMe
- Quickr Homes
- Zumper
- Zillow
- Lodgis
- Ciirus inc
- Squareplums
- Invitation Homes Inc
and many others organizations operating on large as well as small scale. These companies operating in the global online home rental market are adopting numerous strategies in order to expand and compete in the market. Airbnb, for example, has recently in August 2019 announced the acquisition of Urbandoors Infratech Pvt. Ltd.
This acquisition of Urbandoor by Airbnb is likely to strengthen its corporate travel community segment. Other companies like Ciirus inc. are closely working with their customer base so that they can set new standards in the area of technology and services provided to customers and their performance.
Regions and Countries Analyzed in the Report
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of LATAM)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
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Online Home Rental Market: Segmentation
On the Basis of Property Type
- Detached Houses
- Semi-detached
- Flats
On the Basis of the Price Range
- Economy
- Mid-Range
- Premium
On the Basis of End-user
- Resident
- Tourist
On the basis of Rental Duration
- Daily
- Weekly
- Monthly
- Yearly
On the Basis of Room type
- Single
- Double
- Twin-share
- Single with ensuite
- Double with ensuite
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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