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How Much Does It Cost To Build An Online Rental Marketplace?

The matchless success of many rental marketplaces like Airbnb, Zillow, Rentometer, etc. is unbelievable. Besides adding to the global economy, such rental marketplaces have come a long way helping millions of people requiring a particular service or product on a rental basis. Not only this, but it has proved to be a convenient way to temporarily own and utilize a product or service based on unique needs. 

 

Furthermore, it has encouraged many entrepreneurs like you to develop and launch a rental marketplace to taste the success of this domain. Now when thinking about developing and launching an online rental marketplace, it’s common to juggle the cost-related queries. 

 

Besides the cost factor, the other reason dragging people towards rental apps and services is the zeal to save the environment and reduce their carbon footprints. As a result, studies have proven that up to 70% of millennials and gen Z looks forward to renting apps than buying a product or property type for real. 

Curious to unravel more about the rental marketplaces? 

Let’s first begin with the statistics. 

 

Statistics Of Online Rental Marketplaces Belonging To Different Industries 

When talking about rental marketplaces, it’s hard to miss the car rental industry as it is one of the highly successful rental marketplaces globally. Here’s proof – 

  1. The car rental revenue is likely to touch 110,894.2 million U.S. dollars by the end of 2025. 
  2. The total number of car rental marketplace users in the United Kingdom is expected to grow to 6.4 million in 2025
  3. The car rental industry users in the United States have risen to a considerable extent. And how the industry experts expect the users to increase to 49.2 million by the end of 2025. 
  4. The car rental fleet is likely to increase to 7.3 million units worldwide by 2025. 

stats of global car rental market

The COVID-19 Effect – 

COVID-19 played a prominent role in accelerating the demand for remote services worldwide. The biggest example is when up to 70% of employees started working from home during the 1st phase of the COVID-19 pandemic. As a result, people started to look out for rented accommodations to break the monotony of WFH. eventually, rental marketplaces like Airbnb saw increased customer footfall in no time. 

 

Here’s a visual demonstration of rental marketplace demand during and after the COVID-19 pandemic. 

COVID-19 effects on rental marketplace - code brew labs

Features Of An Online Rental Marketplace

No matter what kind of value proposition you have in your head, the process of online rental marketplace development begins with a set of standard features. 

 

Registration 

Whether it’s the meditator (P2P platform owner), end user, or product/property owner, sign-up or login feature is mandatory for everyone. This unlocks the further realm of features and functionalities to process rental requests. 

 

Search 

There is a search option embedded with the advanced search filters to narrow down the search results and help the users find an appropriate list of results in one go. It’s a no-brainer to use the advanced search filters as most of them consist of – product color, size, type, purpose, location, dates, etc. 

 

GPS Integration 

Map integration is treated as a third-party integration feature in most rental marketplaces. It lets the end-user select a product or property based on the preferred locations and distance. The feature sails the user through Google Maps for utmost accuracy and dependency. 

 

Favorites 

Making a list of preferences for a nearby event or occasion? Generally, a market place for rent offers this feature in the form of ‘add to cart’ or ‘add to wishlist’. This lets the end-user surf, select the preferred items, and save them in the cart. 

 

In-App Text/Call 

The user can connect to the product or rental service provider to wave off any issues regarding the deal or product. This is yet another type of third-party integration that widens the service scope of the rental apps. 

 

Booking

Users can book and confirm rental product or property booking in seconds after selecting an item. Once the rental order is confirmed, the details are reflected in the ‘order history’ feature. 

 

Rent Order History 

The order history feature contains a list of rental orders placed in the past along with complete order details. The most common information found under this feature includes – product type rented, date of renting product/property, payment method opted, the amount transferred, and much more. 

 

Payment Integration 

This is one of the most crucial features of the rental marketplaces which lets the user choose from multiple payment options including – credit card, debit card, UPI, PayPal, Cash, and much more.

 

Push Notifications 

Whether it’s the aggregator, end user, or property/product owner providing rental services, anyone receives push notifications regarding the rental order placed. 

 

Reviews & Rating 

Users get the liberty to rate and review the rental services received at the end of completing the rental service tenure. This feature pops up after the rental service completes. 

 

Want A Quick Overview Of How Rental Marketplaces Are Built? Here’s A Video For You! 

How Much Does It Cost To Build An Online Rental Marketplace?

The close estimation of rental marketplace costs depends on – 

  • The features you require to suit your unique business model 
  • Number of developers aligned to the project 
  • Technology stack used 
  • Number of hours required to wind up the rental marketplace development process 
  • Location of developers and other IT service providers.

A Detailed Cost & Time Breakdown Of Rental Marketplace/App/Solution 

cost breakdown of online rental marketplace - Code Brew Labs

The overall cost estimation may change depending on the hourly development charges. 

 

Whom to Consult for Online Rental Marketplace Development – Freelancers or an Agency?

No wonder freelancers prove less expensive than many IT outsourcing companies. But then always keep in mind that there are many trust and work-quality constraints of hiring freelancers. 

Where technology outsourcing companies follow a predefined roadmap keeping a hawk’s eye on progress; freelancers may fail to handle your app development project with the same level of professionalism and sincerity. One of the biggest reasons is their being involved in multiple projects at one time.

How Code Brew Labs Can Help You?

We know and understand your zeal to be one of the Unicorn businesses in the forthcoming years. That’s why we continue to encourage our pool of knowledgeable developers to explore and inherit industry-rich trends.  

Our development team holds decades of enterprise-level experience in developing, deploying, and maintaining a rental marketplace. From drafting an app plan to executing it on the right path, we have got you covered. All you need is to initiate a discussion with our subject matter experts. 

So, connect & let’s brew some deserving success stories for you! 

 

Takeaway For Budding Entrepreneurs In The Marketplace 

Rental marketplaces like Airbnb have achieved a lot in a short span of time. As a result, the whole rental app industry sees it as an epitome of success among the cut-throat competition. 

No wonder it saw a realm of challenges but all those were overcome with a fair share of digital excellence. 

The secret to setting up and launching a robust & customizable rental app model is overcoming all challenges including – scalability, overhead costs, and innovative features adding to the overall user experience. 

July 26, 2022

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