5 Things to know before starting online rental business

The revolutionary trend of “Renting over buying” is changing the scenario of re-commerce industry which is reflected in more than $ 1 billion has been invested in online rental startups. Recent US study states that 77 % of people prefer renting products over buying, as it’s a great source of income.

In past few years, niche based online rental marketplaces such as vacation rental, car rental, bike rental; home appliances are becoming popular among entrepreneurs. These rental marketplaces are giving huge rise to peer to peer renting through online mediums. While transportation and fashion industry are two sectors for which rental website are specifically famous among investors and aspiring entrepreneurs. Online rental marketplace for home appliances, equipment, gears are not too far behind.

Most popular categories for rental marketplaces

• House/Vacation- Airbnb
  
• Cars
  
• Dresses
  
• Appliances
  
• Books
  
• Equipment
  
• Furniture
  

Online rental services for customers

Travel enthusiasts young generation is more likely to rent things house, cars, bike and etc. It’s more practical and cost effective way to use resources instead of buying. In fact, a study found that most users of online rental marketplaces are below 35. An online rental marketplace offers customers with option to use products without buying them. On the other hand, these rental websites help people make some money from their unused products.

How renting website generate revenue

In renting website owner rents out less used product which another person would like to use temporarily. Charges per day or some time basis is updated by owner of the website to users. In this process rental website owner can generate revenue from peer to peer renting marketplace.

Commission fee

Website owner can charge nominal fee for every booking from owner of the product

Listing fee

Website owner charges money to get the products listed in the website.

How online rental marketplace works?

• Renter searched internet for specific product he/she is looking for
  
• Renter surfs on different websites according to search results. He/she gathers information about the product.
  
• Renter orders product for fixed period of time.
  
• After using the product for specified time, product is returned to owner.
  

Airbnb clone for rental business

One of the best ways to ensure these key features in your rental marketplace is to build it using airbnb like business model. Airbnb clone script for rental software enables entrepreneurs to open rental marketplace with advanced rental script.

HomestayDNN online rental script

HomestayDNN vacation rental software comes with fully customization feature with robust functionalities and intuitive design. This rental script is built with all vital feature upgrades similar to famous Airbnb. Building website completely from scratch is time consuming with no specific features and benefits which is no use for your business.

HomestayDNN customized solution for online rental marketplace helps you ready to go solution catering custom requirements to start your rental business.There is a huge demand and growth potential in idea of renting used items. Starting up renting marketplace is unique idea and lots of rental markets have very less direct competition. This allows new players enter the rental market with their rental platform and grow their business seamlessly.