Online house rental services are services in which vendors give landlords an online platform to showcase their properties in order to appeal to and reach a large number of potential tenants. The industry for online house rental services is new, and it has grown rapidly in the previous five years. Websites are used by market participants to supply tenants with apartment listings. Renters can use such websites to examine photographs of properties, search by budget, features, & neighborhoods, and contact landowners & agents. The businesses make money by charging landlords and brokers to list their properties, promote those listings, and place adverts on their websites. As a result, the ease of accessing online web portals and the advancement of technology is expected to generate a huge chance for this market to grow in the coming years. Smart phones and easy internet connection are anticipated to help the online home renting service to flourish during the forecast period.
COVID-19 Impact Analysis
- The COVID-19 pandemic has hampered building, made it impossible for many families to afford houses, and harmed the housing sector. Governments have reacted by enacting a slew of policies aimed to protect tenants and mortgage holders, as well as to assist builders and lenders.
- The lockdown has imposed significant restrictions on estate agencies and tenant processes, which resulted in a reduction in the number of rental transactions. Many brokerages have closed, and those that are still open, just offer online property viewings rather than in-person viewings.
- As the process is carried out on an online platform, online home leasing may provide a small benefit, and this also aligns with the government's social distancing standards. People may consider buying or renting properties as a result of job loss during the pandemic.
Top Impacting Factors
- The enormous rise of the online home rental service sector is due to an increase in demand for rented properties in metropolitan areas. As sources of economic growth are predominantly concentrated in cities, migration has resulted in a spike in the population of metropolitan cities around the world.
- The demand for rented apartments has increased as the number of migrants to metropolitan areas has grown. the migrant population in several urban cities around the world has increased. The growth in demand for rental apartments as a result of the increase in the number of individuals relocating to different places has boosted the expansion of the online home rental services business.
- Furthermore, rise in government attempts to increase residential development activities and improve real-estate investment transparency is likely to contribute significantly to the market's growth. Moreover, the surge of e-commerce in emerging nations is likely to boost the market for online home renting services during the forecast period.
- During the projected period, however, differences in government laws for renting homes in different countries are anticipated to impede market growth. Furthermore, the online house rental services market is expected to be hampered in the near future due to a shortage of inexpensive rental options.
Purchasing a home for self-consumption
Over the last few years, the changing millennium mindset has begun to favor rental housing, challenging the established alternative mindset of "settling" primarily with home ownership. The pandemic has reduced people's desire to own a home, since many people's demand to be close to work has decreased.
Corporate developers with a solid financial backing and a strong brand are projected to get a larger portion of the market. Players who are stressed or weak have begun to sell their holdings, either through development management agreements or business takeovers. This trend is anticipated to only intensify, and the use of technology to increase efficiencies is expected to eventually lead to improved customer centricity and trust.
Changes in the Workplace
This is especially true in the IT/ITeS industry, where the work-from-home approach has gradually become a long-term strategy. CEOs throughout the world look for ways to cut costs, and real estate is the first place they go. “The tendency of consolidation at one location, which corporations were considering, may now be realigned to the hub and spoke model.
Technology and digital advancement to boost the market
BIM (Building Information Modeling) is a cutting-edge technology that property developers use to show off soon-to-be-built developments to potential buyers. Architects can display a 3D design of a development using this technology. This gives potential investors a better understanding of the building's physical proportions, with a focus on the structure's strength, lighting, and skeletal system.
The demand for connectivity has increased as a result of the digital transformation. To properly manage a complicated real estate portfolio, the explosion of Big Data brought on by the Internet of Things (IoT) and continual technical developments necessitates simple connected IT solutions. The on-premise deployment of various solutions necessitates the procurement of separate servers for distinct solutions, which not only adds to the redundancy, however, necessitates the hiring of additional staff, thus increasing the project's cost-to-completion.
Key Benefits of the Report
- This study presents the analytical depiction of the online home rental industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the online home rental market share.
- The current market is quantitatively analyzed to highlight the online home rental market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed online home rental market analysis based on competitive intensity and how the competition will take shape in coming years
Questions Answered in the Report
- Which are the leading players active in the online home rental market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps?
- What is "Online Home Rental" Market prediction in the future?
- Which will be the niches at which players profiling with recent advancements should set a presence?
- What are the driving factors and opportunities in the market?
- What are the current trends and predicted trends?
- What are the challenges faced in the "Online Home Rental" Market?
Online Home Rental Market Report Highlights
By End User
Key Market Players
Expedia, City Relay, TripAdvisor, VRBO, Airbnb, FlipKey, Nestpick, HomeAway, Roomorama, Spotahome