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How To Build An Online Rental Marketplace?

Once you have switched to rental services, there is no going back. And why not when you have a more simplified and streamlined way of cutting costs without hampering your lifestyle choices? 

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 for real. 

Eventually, the market has introduced multiple rental marketplaces to facilitate easy renting services for real estate properties, vehicles, home appliances or other household belongings, clothes, and much more.

As a result, we see a massive demand for online rental marketplaces. And why not when it has become one of the most prominent business models of the current times?

Let’s begin with exploring the multiple types of rental marketplaces. 

Leading Rental Marketplace Models:

B2C Platform- 

Such platforms offer products or used items, properties, and vehicles to rent out at nominal charges for a specified time duration. The market is flooded with multiple such platforms including –

 

  1. WeWork, MatchOffice – Rental office spaces or floors
  2. Twogo, BlaBlaCar – Carpooling or ridesharing services 
  3. Happily Ever Borrowed, Rent Jewels – Rent jewelry pieces and accessories 
  4. FlipKey, Airbnb – Rent properties for personal or corporate use 
  5. FashionPass, Rent The Runway – Renowned spots to rent fashionable clothes for your upcoming events. 

P2P Platform- 

A platform that acts as a mediator between the product provider and end-user. Most product or property owners see such platforms as an added source of income to rent products or properties and earn a handsome amount of income. In return, the P2P platforms seek a commission amount seen in the form of direct profit. 

 

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

Want A Quick Brief? Here’s A Video Crafted Just For You! 

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 & Ratings 

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. 

 

Things To Consider When Getting An Online Rental Marketplace Developed & Launched

Eliminate Frauds

The chances of getting trapped in fraud cases or meeting scamsters on rental marketplaces are at higher risk. In order to save your platform from such unpleasant experiences, ensure that you seek ID proof and other identity verification checks at the time of creating a profile. Another security tier can be verification of the product uploaded on the portal for rental purposes. All these security practices can uplift the market reputation of your marketplace helping you rule the rental service world in no time. 

Attracting Customers 

Overcome the cheesy ways of luring your target customers rather than give them a solid reason to join your rental marketplace. It can be anything including – highlighting your app or solution feature, reducing the service package prices for new customers, or much more. 

 

Competitors! Competitors! And Competitors 

Whether it’s about entering the property or car rental business, jot down the fact that you will be welcomed with tough competition. Thus, come up with a solution that lets you stand out from them and help you get an identity. All in all, your solution has to be extraordinary in all terms. 

 

How To Build An Online Rental Marketplace?

You would need the right technology partner to make it happen for you. Developing and launching an online rental marketplace need a set of practices to follow and implement. 

Step 1 – Understanding Requirements – 

Our business development experts team interacts and understands your idea of a delivery app, discusses budget, and other constraints to get started. 

Step 2 – Developing Strategy – 

We use a set of tools, and conduct thorough research to bring the latest features and functionalities to the table for you. Strategy making process reduces the chances of unexpected loopholes in the execution process. 

Step 3 – Implementation – 

Our project managers align a team of developers to execute the rental marketplace development process in full swing. The process is carried out with the latest technology stack to ensure an enterprise-level product is delivered at last. This is one of our approaches to let your business stand out in this cutthroat competition. 

Step 4 – Deployment – 

The development process is followed by rigid quality tests to ensure a bug-free app. Furthermore, we proceed to the deployment stage after receiving a green signal from the QA team. 

Step 5 – Post-Deployment Services – 

Our team remains aligned with your in-house team to ensure timely updates, maintenance, and a bug-free app user experience. 

 

All Set To Build An Online Rental Marketplace?

We at Code Brew Labs hold decades of experience in developing and delivering on-demand online rental marketplaces in 3 weeks. Our team of knowledge-rich developers works on the latest technology stack follows the agile methodology and evaluates your business needs minutely, so you can have a robust final product ready within weeks.

As of now, we have served 1000+ businesses with a reliable rental marketplace yet we continue to strive and prove ourselves as a preferred on-demand app/solution development company suiting your business needs. Be it developing and launching an Airbnb clone marketplace or developing a new concept from scratch, we have got you covered. 

Final Takeaway

The idea of building and launching an online rental marketplace sounds exciting and profitable. But only when you have a detailed plan in your hand. From market research to planning the final product, you as an entrepreneur need to walk an extra mile to enter and rule the market smartly. For this, ensure to join hands with a technology partner and business expert guiding you through the right path. 

July 21, 2022

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