The global online home rental services market is expected to post a CAGR of close to 15%, according to the latest market research report by Technavio.However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
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Technavio has published a new market research report on the global online home rental services market from 2018-2022. (Graphic: Business Wire)
A key factor driving the growth of the market is the growing demand for rented homes. There is a global increase in the population of metropolitan cities resulting from migration as most of the economic growth focused on cities. An increase in the number of migrants to metropolitan cities has raised the demand for rented homes. During the period 2015-2017, various metropolitan cities have witnessed a rise of 5%-8% in the migrant population. This increase in the number of people relocating to other cities has driven the demand for rental homes, which has led to the growth of the online home rental services market.
This market research report on the global online home rental services market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increase in the number of vendors offering privately rented services as one of the key emerging trends in the global online home rental services market:
Global online home rental services market: increase in the number of vendors offering privately rented services
The online home rental services have less or low-penetration in emerging economies such as China, South Africa, India, and Brazil because of its low adoption in these economies. However, the rising property prices and demand for the rental houses are driving various companies and equity firms to invest in the market. In 2017, Alibaba, a China-based e-commerce company, entered into China's housing rental market by signing an agreement with the Zhejiang provincial government to create online systems for house rentals. Also, the sparsely-penetrated online rental market in India is driving the growth of startups such as Nestaway and SQUAREPLUMS. Such developments in the global online home rental services market will drive the growth of the market during the forecast period.
"The revamping of the housing industry post the economic crisis in countries such as the US, France, the UK, Germany, Sweden, Spain, China, and India has increased real estate prices. The prices of the houses have witnessed a substantial rise across the globe. The high prices can be attributed to the shortage of housing supply as compared to the demand from the growing population. Thus, the lack of supply, the unavailability of sufficient land, and delays in receiving clearance for infrastructure projects are factors that are driving the growth of the rented houses market," says a senior analyst at Technavio for research on enterprise application.
Global online home rental services market: Segmentation analysis
This market research report segments the global online home rental services market by dwelling type (flats, semi-detached houses, and detached houses), and by geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2017 with a market share of over 46%, followed by EMEA and APAC respectively. However, during the forecast period, the APAC region is expected to show the highest incremental growth followed by the Americas.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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