According to a new report published by Future Market Insights, the global online home rental market is set to experience rapid expansion, reaching a valuation of USD 18.24 billion in 2023, with expectations to grow at a compound annual growth rate (CAGR) of 14% from 2023 to 2033. By the end of the forecast period, the market is anticipated to soar to USD 77.09 billion.
The online home rental market, which enables property owners to list and manage their homes digitally to reach a wide audience, has become a key player in the real estate and hospitality industries. The rapid growth of urban populations and the increasing trend of migration are driving a surge in demand for rental homes, particularly in metropolitan areas where housing availability has become increasingly challenging.
Factors Fueling Market Growth
- Urbanization and Migration: As global migration rates continue to rise, especially in regions like North America and Asia, the need for temporary or long-term rental housing has skyrocketed. Online platforms are catering to this demand by providing an accessible, transparent, and efficient way for consumers to find homes.
- Digital Transformation: The rise of e-commerce and the virtual economy has revolutionized the rental market. Consumers can now quickly browse listings, compare prices, and book homes—all from the comfort of their smartphones or computers.
- Millennial Consumer Base: Millennials, who are increasingly moving to urban centers for work and education, are driving the demand for online home rentals. Their preference for digital platforms for ease and convenience is propelling growth in this market.
- Vacation Homes and Single-Family Rentals: The demand for vacation homes and single-family properties is particularly rising, with both international and national tourism chains keen on tapping into the online rental market.
- Technological Advancements: Improvements in technology and infrastructure are expanding the reach and efficiency of online rental platforms, further boosting their popularity and market share.
Key Takeaways
- The global online home rental market is projected to reach USD 18.24 billion in 2023 and UDD 77.09 billion by 2033.
- The market is expected to grow at a strong CAGR of 14% from 2023 to 2033.
- Urbanization and migration are driving the demand for online home rental services globally.
- Digital platforms have made renting homes more accessible and efficient for consumers.
- E-commerce and virtual economies are significant factors propelling the growth of the online rental market.
- The increasing global millennial population is fueling demand for online home rental services.
- The rise of vacation rentals and single-family homes is contributing to the sector’s growth.
- Online home rental platforms provide a hassle-free and convenient experience for consumers searching for rental homes.
- The demand for online home rentals is increasing as more people relocate for work, education, and lifestyle changes.
- The online home rental market offers substantial opportunities for businesses to capitalize on digital transformation and evolving consumer preferences.
Key Players
- Airbnb
- HouseMe
- Quickr Homes
- Zumper
- Zillow
- Lodgis
- Ciirus inc
- Squareplums
- Invitation Homes Inc
Tap into Expertise: Discuss with Our Analyst on Email: sales@futuremarketinsights.com
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
Regions and Countries Analyzed in the Report
- North America (the USA., Canada)
- Latin America (Mexico, Brazil, Rest of LATAM)
- Europe (Germany,the United Kingdom, 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)
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 over 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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