Online home rental services market to accelerate at CAGR of 14.72%

(Credit: TechNavio)

The international online home rental services market size is estimated to grow by USD 28.01 billion from 2024-2028, according to Technavio, a leading global technology research and advisory company. The market is estimated to grow at a CAGR of almost 14.72% during the forecast period. High real estate prices make homeownership unaffordable is driving market growth, with a trend towards growth in demand for small innovative home structures. However, government policies for promoting housing poses a challenge. Key market players include PTE Ltd., Airbnb Inc., Avail, BoutiqueHomes, CoStar Group Inc., Elite Destination Homes, Expedia Group Inc., HomeToGo GmbH, Lodgis, LVH Global Inc., MakeMyTrip Ltd., NestAway Technologies Pvt Ltd., Oravel Stays Ltd., Rentberry Inc., Inc., Upad Ltd., Wyndham Destinations Inc., Zillow Group Inc., and Zumper Inc..

The global online home rental services market is experiencing significant growth due to the increasing demand for alternative housing solutions in densely populated cities. With the affordability of traditional housing becoming a challenge in metropolitan areas like New York, Beijing, Shanghai, Hong Kong, and Tokyo, small home structures such as capsule apartments, box apartments, and micro-apartments are gaining popularity. The vacation rental marketplace is also contributing to this growth, as platforms like Airbnb, HomeAway, and VRBO provide homeowners with an opportunity to rent out their properties when they are away. These innovative business models are driving the expansion of the online home rental services market.

The online home rental services market is experiencing significant growth, with an increasing number of consumers turning to digital platforms for finding and booking properties. Corporate and temporary residents, in particular, are driving this trend, seeking convenience and flexibility in their housing solutions. Customers value the ability to search for properties based on location, price, and amenities, and to make secure payments online. The use of technology, such as virtual tours and instant messaging, is also enhancing the user experience. Additionally, the integration of artificial intelligence and machine learning algorithms is enabling more personalized and efficient services. The market is expected to continue expanding, with digital solutions becoming the norm in the home retail industry.