Online Home Rental Services Market: Rise In Demand For Rented Homes In Metropolitan Cities

Press Release

Online home rental services are services in which vendors provide an online platform to landlords to feature their properties in order to appeal and reach out to a large number of tenants. The online home rental services market is comparatively new that has grown quickly in the last five years. Companies operating in the market use websites to provide tenants with listings for apartments. Renters can view images of properties, search by budget, amenities, and neighborhoods, and contact landowners and agents through such websites. The companies generate revenues by charging landlords and brokers for listing their properties, promoting listings, and including advertisements on their websites.

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Rise in demand for rented homes in metropolitan cities is responsible for significant growth of the in the online home rental services market. There has been a surge in the population of metropolitan cities across the globe due to migration, as sources of economic growth are primarily concentrated in cities. Growing number of migrants to metropolitan cities is stimulating the demand for rented apartments. During the period, 2015 to 2017, numerous metropolitan cities across the world observed a rise of 6%-8% in the migrant population. Such upsurge in the number of people relocating to different cities has increased the demand for rental apartments, thereby boosting the growth of the online home rental services market.

The global online home rental services market can be segmented based on deployment type, end-user, type, and region. Based on deployment type, the market can be categorized into cloud and on premise. In terms of type, the online home rental services market can be divided into flats, semi-detached houses, and detached houses. Based on end-user, the market can be classified into commercial and residential. With the advent of startup companies, demand for online rental services in the commercial sector has increased significantly.

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Online home rental services has low-penetration in emerging markets, such as, China, Brazil, and India due to low adoption of online services in these countries. However, increasing price of properties and need for rental houses are driving various equity firms and companies to capitalize in the online home rental services market. For instance, venture capitalists, such as, Tencent and Sequoia are investing significantly into China’s rental space. In January 2018, Ziroom raised funds worth US$ 570 Mn, led by Warburg Pincus, Sequoia, and Tencent.

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