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.
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. Furthermore, increasing government initiatives to improve residential development activities and enhance transparency in real-estate investment are expected to contribute significantly to the growth of the market. Moreover, advent and popularization of e-commerce in emerging economies are expected to propel the online home rental services market during the forecast period. However, variations in government regulations for renting properties in different regions are expected to limit the market growth during the forecast period. Furthermore, lack of affordable rental services is anticipated to hamper the online home rental services market in the near future. Nevertheless, emergence of new technologies is expected to offer lucrative opportunities to the vendors operating in the market.
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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. In terms of region, the global online home rental services market can be segmented into North America, Asia Pacific, Middle East & Africa, Europe, and South America. The online home rental services market in countries, such as, the U.K. and the U.S. is anticipated to grow rapidly during the forecast period due to rise in adoption of cloud-based solutions in these regions.
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.
Key players operating in the global online home rental services market include HouseMe, Nestaway, Commonfloor, Service Star Realty, QuikrHomes, Airbnb, CoStar Realty Information, Lodgis, Upad, Onerent, Portiqo, Ziroom, Zumper, Invitation Homes Inc., CiiRUS, SQUAREPLUMS, and Zillow. These players are adopting strategies, such as, partnerships, R&D investments, acquisitions, product innovation, etc. in order to remain competitive in the market. For instance, in 2017, Alibaba entered China’s housing rental market by signing an agreement with the Zhejiang provincial government to make online systems for house rental.
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