New York, NY – Feb. 28, 2022 (PRNewswire) The online home rental services market size is expected to grow by USD 14.24 billion from 2019 to 2024, However, the growth momentum will decelerate at a CAGR of 13% according to the latest report by Technavio. North America was the largest online home rental services market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The accelerating economic activities, adoption of mobile homes, and the prevalence of the concept of trailer parks will significantly influence the online home rental services market growth in this region.38% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for online home rental services in North America. Market growth in this region will be faster than the market growth in Europe.
Online Home Rental Services Market: Growth in the demand for rented homes to boost market
Growth in the demand for rented homes is one of the key drivers for the online home rental services market. An increase in the population of metropolitan cities owing to the growth in economic activities, such as manufacturing, trade, and jobs, has increased the migration between the cities in different countries worldwide. An increase in the number of migrants to metropolitan cities has raised the demand for rented homes. In 2019, the demand for rental apartments in and around US cities increased considerably and rose by 11% compared with the previous year. As per a survey released by Freddie Mac, a mortgaging company, consumers were found to prefer renting to buying a house. Furthermore, the demand for rentals was found to be the highest in cities such as Chicago, Dallas, New York City, Houston, and Washington, D.C. In India, approximately 81% of consumers in rented properties were salaried employees in Bengaluru. This was followed by Hyderabad (>77%), Pune (>76%), and Mumbai (>75%), compared to the national average. Moreover, approximately 71% of people preferred online platforms to search for rented homes, with the percentage being higher in tier-II cities. The market is also driven by the emergence of a generation of people who prefer to rent homes. In 2019, young millennials or people in the age group of 25-35 years in India accounted for roughly 20% of the customers of privately rented houses. Around 36% of home renters were older millennials in the age group of 35-35 years. As the number of houses is less, it increases the demand for rented homes, driving the global online home rental services market during the forecast period.
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Online Home Rental Services Market: Increase in the urban population density will also drive market growth
Moreover, online home rental services market trends such as the reduction in housing space due to an increase in the urban population density will also drive market growth. Rampant urbanization has reduced the housing space in metropolitan cities across the globe. This has led to an increased demand for newly designed housing such as tiny houses, micro-apartments, and multi-floor buildings to increase the efficiency and comfort in the ultra-small living spaces, increasing the demand for rented houses. This trend is expected to continue during the forecast period, contributing to the growth of the online home rental services market.
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Global Online Home Rental Services Market: Segmentation Analysis
Technavio report provides a detailed analysis of the market by type (flats, semi-detached house, and detached house) and geography (APAC, Europe, MEA, North America, and South America).
The growth in the urban population has led to a high density of population in cities and is driving the demand for flats across the globe. This, coupled with the high percentage of the population in the 25-34 years age group that prefers private sector services, will drive the online home rental services market growth. Market growth in the flats segment will be faster than the growth of the market in the other segments. Technavio report provides an accurate prediction of the contribution of all the segments to the growth of the online home rental services market size.
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Companies Covered
The online home rental services market is fragmented with the presence of numerous regional and international vendors. The report provides information on the production, sustainability, and prospects of several leading companies, including:
- 9flats.com Pte Ltd.
- Airbnb Inc.
- Booking Holdings Inc.
- CoStar Group Inc.
- Expedia Group Inc.
- Lodgis SAS
- Oravel Stays Pvt. Ltd.
- Upad Ltd.
- Wyndham Destinations Inc.
- Zillow Group Inc.
What our reports offer:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers market data for 2020, 2021, till 2025
- Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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Online Home Rental Services Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist in online home rental services market growth during the next five years
- Estimation of the online home rental services market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the online home rental services market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of the online home rental services market, vendors
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| Online Home Rental Services Market Scope | |
| Report Coverage | Details |
| Page number | 120 |
| Base year | 2019 |
| Forecast period | 2020-2024 |
| Growth momentum & CAGR | Decelerate at a CAGR of 13% |
| Market growth 2020-2024 | USD 14.24 billion |
| Market structure | Fragmented |
| YoY growth (%) | 16.76 |
| Regional analysis | APAC, Europe, MEA, North America, and South America |
| Performing market contribution | North America at 38% |
| Key consumer countries | The US and Canada |
| Competitive landscape | Leading companies, competitive strategies, consumer engagement scope |
| Companies profiled | 9flats.com Pte Ltd., Airbnb Inc., Booking Holdings Inc., CoStar Group Inc., Expedia Group Inc., Lodgis SAS, Oravel Stays Pvt. Ltd., Upad Ltd., Wyndham Destinations Inc., and Zillow Group Inc. |
| Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period, |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Content
Executive Summary
- Market Overview
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Five Forces Summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Type
- Market segments
- Comparison by Type placement
- Flats – Market size and forecast 2019-2024
- Semi detached house – Market size and forecast 2019-2024
- Detached house – Market size and forecast 2019-2024
- Market opportunity by Type
Customer landscape
- Overview
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America – Market size and forecast 2019-2024
- Europe – Market size and forecast 2019-2024
- APAC – Market size and forecast 2019-2024
- South America – Market size and forecast 2019-2024
- MEA – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver – Demand led growth
- Volume driver – Supply led growth
- Volume driver – External factors
- Volume driver – Demand shift in adjacent markets
- Price driver – Inflation
- Price driver – Shift from lower to higher priced units
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- 9flats.com Pte Ltd.
- Airbnb Inc.
- Booking Holdings Inc.
- CoStar Group Inc.
- Expedia Group Inc.
- Lodgis SAS
- Oravel Stays Pvt. Ltd.
- Upad Ltd.
- Wyndham Destinations Inc.
- Zillow Group Inc.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses 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.
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