The Real Estate Rental Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Real Estate Rental Global Market Report 2024, The real estate rental market size has grown strongly in recent years. It will grow from $2601.92 billion in 2023 to $2806.83 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to consumer confidence, economic conditions, interest rates, consumer preferences, global events.
The real estate rental market size is expected to see strong growth in the next few years. It will grow to $3749.95 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to growing sustainability and green practices, remote work trends, affordability challenges, government policies, global events and health factors. Major trends in the forecast period include remote work impact, technology integration, sustainability and energy efficiency, flexible lease terms, affordable housing initiatives, health and safety concerns.
The elevated home prices are expected to increase the demand for real estate rental market. Due to the pandemic-induced lockdown and rising interest rates, housing prices are seeing a jump. Real estate rentals provide an alternative accommodation option for people who cannot buy a home, increasing the demand for rental units. For example, in 2022, in India, Delhi- National Capital Region (NCR) saw the highest increase in residential prices at 10% year-on-year (YoY), followed by Ahmedabad and Hyderabad with 9% and 8% YoY increase, respectively from 2021. Therefore, the elevated home prices are expected to contribute to the demand for real estate rental market.
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The real estate rental market covered in this report is segmented –
1) By Type: Residential Buildings And Dwellings Rental Services, Non-Residential Buildings Rental Services, Mini warehouses And Self-Storage Units Rental Services, Other Rental Services
2) By Mode: Online, Offline
3) By Property Type: Fully Furnished, Semi-Furnished, Unfurnished
Major companies operating in the real estate rental market are introducing innovative platforms such as Airbnb-friendly buildings to drive revenues in the market. Airbnb-friendly buildings are a great option for renters who want to earn extra income by hosting their homes on Airbnb part-time, while still complying with the rules set by their building and all applicable laws. For instance, in November 2022, Airbnb, a US-based real-estate company introduced an Airbnb-friendly buildings platform. This platform allows rentals to host the apartments in collaboration with major landlords. The apartments in these buildings are designed to be the renter’s primary residence, and each building has its own community rules for hosting, including a limit on the number of nights renters can host per year.
The real estate rental market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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