According to a report published by Future Market Insights, the online home rental market is poised to expand to a valuation of US$ 18.24 billion in 2023 and is anticipated to exhibit a CAGR of 14% from 2023 to 2033 and reach US$ 77.09 billion in 2033.
Online home rental services are technologies where landholders can record their properties in order to attract and communicate with a broad spectrum of consumers digitally. It has been demonstrated that urban people are rapidly increasing in various regions around the globe.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value of Online Home Rental in 2023 | US$ 18.24 billion |
| Anticipated Forecast Value of the Online Home Rental Market in 2033 | US$ 77.09 billion |
| Projected Growth Rate of the Global Home Rental Market from 2023 to 2033 | CAGR of 14% |
The few key drivers of population expansion seen in various nations are an evolution in their socioeconomic sectors. This has actively led to a rise in the sheer number of individuals migrating from one nation to another, from one province to another, or from one town to another.
This is among the key aspects that render the online home rental market appealing. In recent decades, the online home rental service market has grown and developed as current market organizations have accomplished customer requirements.
On the opposite hand, growth for single-family residences in the Online Home rental sector has risen significantly, and the notion of vacation home homes is gaining steam. The online home rental markets are majorly appealing to international as well as national tourism chains.
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.
Aside from customer satisfaction, current revelations in urban areas and the population explosion of millennial consumers in various parts of the world are both devoted to the growth of the online home rental market in various nations.
The flats segment is projected to rule the online home rental market in terms of property type because a primary unit necessity from most customers is flats in high-priced metropolitan areas where granting a house is now challenging. On the basis of end-user, the resident segment is anticipated to lead the online home rental market, since most customers' prime objective for renting homes lucratively is for a prolonged period of time or at least a year.
The online home rental service market in certain parts of America and Asia is projected to experience substantial growth in the forthcoming years for a variety of reasons, including greater immigration rates, a large millennial citizenry, and many others.
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Housing on a rental basis is one of the most popular concepts in the Real Estate Industry. Online home rental services are platforms available for landowners where their properties can be listed to find and connect with a number of customers online. It has been observed that there is a drastic rise in the urban population in 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 looks attractive. The online home rental service market is growing and developing in recent years as the existing organizations in the market are successfully satisfying customer needs.
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.
The growing use of e-commerce and digital economies has fueled the growth of the Online Home rental market. Finding rental homes on online platforms is very convenient for customers as it reduces the time to find a rental space and is also hassle-free in nature. Globally 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 are equally contributing to the development of the online home rental market across different countries.
Principal Consultant
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 a higher immigration rate, a high millennial population, and many other reasons.
A 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 -
and many others organizations operating on large as well as small scales. 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, 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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Online Home Rental Market
