Online Home Rental Services Market size to increase by USD 21.19 billion between 2022 to 2027, Market Segmentation by Type and Geography, Technavio

NEW YORK, April 19, 2024 /PRNewswire/ -- The global online home rental services market size is estimated to grow by USD 21,190.52 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of almost 12.9% during the forecast period. Government affordable housing initiatives in countries like China, India, Australia, and others will boost homeownership, reducing demand for rented properties. In India, the "Housing for All" scheme will promote home construction by 2023. Australia's National Affordable Housing Agreement aims to increase new housing supply and improve housing through the NPAH and NAHSSP. This trend impacts urban real estate, particularly rental markets, affecting landowners, hospitality chains, and online platforms.

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The Type segment emerges as the fastest-growing segment in the online home rental services market

The Online Home Rental Services Market in North America is a significant business opportunity, primarily driven by the US and Canada. With a robust technological infrastructure, these web portals enable landlords to list apartments for potential tenants, facilitating rentals through agents, brokers, and businesses. Smart phones and an internet connection enable renters to search for budget-friendly options from anywhere. Families seeking housing in urban cities, driven by economic growth and migration, fuel market expansion. Government policies, builder-lender collaborations, and estate agencies streamline tenant processes. IT/ITeS industry solutions, including Big Data and IT solutions, enhance connectivity and digital transformation. Potential investors, corporate developers, and financial backing further fuel market growth, ensuring customer centricity and trust in this dynamic sector.

Commenting on the market trends, a Senior Analyst of Technavio, stated," In densely populated metros like New York, Beijing, and Hong Kong, the soaring housing market drives demand for compact alternatives like capsule and box apartments. With an average house price of USD1.2 million in Hong Kong, online rental services for flats are increasingly popular among urban consumers. Key players include property developers, architects, IT/ITeS industry, and hospitality chains, leveraging IT solutions, digital transformation, and big data for customer-centric services. Potential investors and millennial consumers connect via online platforms for affordable, tech-enabled housing solutions."

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Analyst Review

In the dynamic world of urban living, the Real Estate Industry has witnessed significant shifts towards Online Home Rental Services. Single family residences and flats in metropolitan areas are increasingly being listed on online platforms for vacation home rentals and long-term rentals. E-commerce and virtual economies have paved the way for technological innovations, providing technological infrastructure for landowners, landlords, and potential tenants to connect seamlessly. Hospitality chains and businesses have also joined the bandwagon, offering budget-friendly options for renters. Agents and brokers leverage these online services to expand their reach and cater to the millennial consumer base, making the process of finding the perfect home more convenient than ever. Overall, Online Home Rental Services present a lucrative business opportunity for all stakeholders in the real estate sector.

Market Overview

In today's digital age, the Online Home Rental Services market has gained significant traction. With the use of technology, potential renters can easily search and find suitable properties through various platforms. These services offer a wide range of features, including property listings, virtual tours, and secure payment options. The trend of remote work and the desire for flexible living arrangements have further fueled the growth of this sector. However, the industry faces challenges such as regulatory compliance and ensuring the safety and security of properties and guests. Despite these hurdles, the Online Home Rental Services market continues to evolve, providing convenience and accessibility to consumers.

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About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio