Report Code: A16085 | Pages: NA | Jul 2023 | 1336 Views | ||
Author(s) : Roshan D | Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Online Home Rental Market
Request Now !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
Top Impacting Factors
Market Trends
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
Questions Answered in the Report
Online Home Rental Market Report Highlights
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Key Market Players | Company6, Company3, Company5, Company8, Company1, Company4, Company2, Company7, Company10, Company9 |
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