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Online Rental Marketplace – A Quick Industry Penetration With Statistics

The lure of experiencing almost all luxurious amenities without burning a hole in the pocket has emerged the need for multiple online rental marketplaces worldwide. Moreover, the digital influence has made everything readily available at a click. A business can get online rental marketplace development services, get a solution build, launch, and reap the profits of the global rental world in no time. 

Wondering why invest in an online rental marketplace in the current business world? Well, here’s your answer. 

Meet Rental Needs Quickly 

Capitalize on the emerging market trend which prefers renting over buying with a fully customizable online rental marketplace that connects asset owners and renters seamlessly. 

Better Profits 

While your customers choose to rent over buy, the owners earn from their underutilized assets. Bridging the gap, you get a chance to earn more.

Simplifies Renting Process

Give your renters an easy way to hire products, spaces, or vehicles they need. Allow them to search, compare, choose, and rent, effortlessly. One of the biggest examples is Airbnb clone platforms available to customize, launch and run. 

 

Principles Of Ruling The Rental Marketplace Industry In One Go

A rental deal between two parties is successful when both parties are trustworthy enough to proceed. This can be done by doing documentation formalities involving both parties (end-customer and rental property owner). The property owner should clear the property or rental product policies in advance to ensure no loophole at the end. 

In terms of value, unused value = wasted value. For instance, if a car/bike is used once a week, then 14.28% is being used whereas 85.72% is considered waste. This is a common formula to evaluate the closest value from rental products.

principles of online rental marketplace - code brew labs

Want to keep it short? Let’s cut to a quick video on how to build an online marketplace in 2022. 

Growth Statistics of Rental Marketplace 

  • The rental marketplace was valued at $19 billion in 2017 and is expected to grow to $59.4 billion by the end of 2022.
  • The growth rate is unexpectedly high in the United States region due to higher demand & improved rental marketplace service areas.
  • The total revenue generation of the global equipment rental marketplace is 93.1 billion USD.

DID YOU KNOW?

The global car rental market size was valued at $92.92 billion in 2019 and is projected to reach $214.04 billion by 2027, registering a CAGR of 10.7% from 2020 to 2027.

car rental marketplace statistics - code brew labs

 

vacation rental marketplace - code brew labs

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 –

 

  • WeWork, MatchOffice – Rental office spaces or floors
  • Twogo, BlaBlaCar – Carpooling or ridesharing services 
  • Happily Ever Borrowed, Rent Jewels – Rent jewelry pieces and accessories 
  • FlipKey, Airbnb – Rent properties for personal or corporate use 
  • 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. 

 

Opportunities In Multiple Rental Business Models

The online rental marketplace leaders like Airbnb, Uber, RentOMeter, etc. follow different business models. The amazing part is all business models are effective, progressive, and profitable in their respective business streams.

 

Decentralized Business Model

Here, the product or vehicle owner sets the rental protocol or rental policies for the end customers. The rental marketplace owner lets the product/property owner list & market the rental properties effectively. Airbnb practices this business model type mentioning all rental policies in advance.

 

Hybrid Business Model

The product owner is limited to providing services & earning commissions. Whereas, the product rental pricing policies are defined by the rental marketplace. Here, the upfront cost seems to be lower than the usual rental cost of the product. As of now, rental businesses like Uber & Lyft practice a hybrid business model.

 

Centralized Business Model

The rental marketplace has its own string of rental products/properties listed along with the rental policies, charges, availability, etc. This working model is far more successful than the decentralized one because of better transparency and less operational complexity.

 

Ready To Get Started & Launch An Online Rental Marketplace?

 

The Code Brew Labs team can help you succeed in your plan. We have a team of 500+ subject matter experts with keen knowledge & experience in accessing the latest technology stack to deliver a robust product within 3 weeks. Be it developing a product from scratch or customizing the white-label solutions available, we can be your technology partner anyway. As of now, we have developed & delivered up to 1000+ online rental marketplaces to clients in locations like – United States, United Kingdom, & UAE. If you wish to be the next in our line of happy clients, let’s initiate a project-based discussion over coffee & get started!

August 10, 2022

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