The global online home rental services market is expected to grow by USD 14.24 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global Online Home Rental Services Market 2020-2024 (Graphic: Business Wire)
Growth in economic activities such as trade, jobs, and manufacturing has led to an increase in the population of metropolitan cities as more and more people are migrating to these cities to improve their standard of living. The increasing population of migrants in these cities has propelled the demand for rented homes. The need for rental apartments in and around the US cities has risen by 11% between 2018 and 2019. Cities such as New York City, Houston, Washington, D.C, Chicago, and Dallas have experienced a high demand for rented homes and online home rental services. Thus, the growth in the demand for rented homes will boost the growth of the online home rental services market during the forecast period.
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As per Technavio, the reduction in housing space due to an increase in the urban population density will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Online Home Rental Services Market: Reduction in Housing Space due to an Increase in the Urban Population Density
Urbanization has increased from 53.84% in 2015 to 55.27% in 2018 around the globe as per The World Bank Group. This has minimized the housing space in metropolitan cities. As a result, the construction industry is developing newly designed housing units such as tiny houses, multi-floor buildings, and micro-apartments without compromising on comfort level of these ultra-small living spaces. This will boost the demand for online home rental services. Thus, with the reduction in housing space due to an increase in the urban population density, the market for online home rental services is expected to showcase a positive outlook during the forecast period.
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Online Home Rental Services Market: Segmentation Analysis
This market research report segments the online home rental services market by type (flats, semi-detached house and detached house), and geographic segmentation (APAC, Europe, MEA, North America and South America).
North America led the online home rental services market in 2019, followed by Europe, APAC, South America and MEA. During the forecast period, North America is expected to register the highest incremental growth due to factors such as accelerating economic activities, growing relocation to the US in search of jobs, adoption of mobile homes, and the prevalence of the concept of trailer parks.
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Some of the key topics covered in the report include:
Type
- Flats
- Semi-detached house
- Detached house
Geographic Segmentation
- APAC
- Europe
- MEA
- North America
- South America
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200309005066/en/
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