The online home rental market is expected to be worth US$ 18.24 billion in 2023. Demand in the market is expected to reach US$ 77.09 billion by 2033, registering an 14% CAGR over the forecast period (2023-2033).
The online home rental service market is growing and developing in recent years as the existing organizations in the market are successfully satisfying the customer needs.
Housing on a rental basis is one of the most popular concepts in the Real Estate Industry. The online home rental services are platforms available for landowners where their properties can be listed to find and connect with the number of customers online. It has been observed that there is a drastic rise in the urban population in the different parts of the world.
The few drivers of population growth in different countries are development observed in their social and economic sectors. This has directly resulted in an increase in the number of people relocating from one country to another country or region or city.
This is one of the important factors that make the online home rental market look attractive.
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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.
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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)
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
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