The real estate rental market consists of real estate rental revenues earned by organisation that rent, lease and permit the use of buildings and/or land to rental services. Factors such as rise in demand for housing land space, rapid urbanization through migration in look for better amenities. Rapid economic development within the developing regions and countries like India, China, and lots of African countries has enhanced income levels and helped within the land market.
According to the report “Real Estate Rental Global Market Report 2019” Some of the key players include Cbre Group, Colliers International, Re/Max, Marcus and Millichap and Hff. There are numerous players expanding business globally owing to increased customer base, enhanced effective operations, and expanded geographical outreach. Furthermore, rise in urbanization and population to drive the commercial & industrial sector, successively predicting to propel the demand for land over the forecast period.
Asia Pacific was the largest region in the global real estate rental market, accounting for one-third of the market total market. The North America region was the second largest region accounting to one fourth of the global real estate rental market. African region held the smallest region in the real estate rental market.
Migration to city centres due to employment opportunities is predicted to further support the market growth over the forecast period. For the new generation needs, job mobility and site flexibility is that the primary priority and residential ownership is secondary. Rather, homes are viewed as movement commodities which will be upgraded as they advance in life. This unique demand opportunity created by the millennial propensity to spend has bought tons of personal equity investment and a replacement generation of entrepreneurs to the co-living segment. Urban Indian centres need a uniform supply of workforce to fuel their economic enterprise. However, appropriate housing supply is invariably inadequate either in terms of volume, quality or location.
Based on type, real estate rental market consists of residential buildings and dwellings rental services, non-residential buildings rental services, mini warehouses and self-storage units rental services, other rental services.
Real estate rental market also contains buying, selling and renting, leasing of property and condominiums for commercial and private household usage. Commercial land business had grown exponentially within the last decade due to increased number of key players entering the market. Government reforms, lower rentals, mortgage rates within the developing countries are probably going to spice up the market over the forecast period.
Real estate agents are further increasingly used for new technologies by using online listing, video and virtual reality, and associated to better services for clients and strengthening the buyer-agent relationship. The advancements in technology, role of real estate services is shifting from a local market expert and global service provider. The online real estate rental market services such as Zillow and realtor.com to provide the housing database and information on tax and purchase history. The new and advanced technologies such as video, VR tours and e-signing services also to streamline the real estate transactions over the forecast period.
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Ankur Gupta, Head Marketing & Communications