Renting, also called hiring or leasing, is a provision in which an expense is incurred for the transient use of a product, provider or assets owned with the aid of some other person. For renting the property a pay-out known as rent is paid either at a constant time basis or the usage basis. Renting market is expected to grow to 25$ Billion by 2025. The rental enterprise of India forms around 10 percent of the whole global sharing financial system. The leasing and sharing market benefits from making it accessible with additional facilities and picking up your favorite
items at a very low cost. In this article, we will discuss different types of rental businesses/start-ups.
Different types of Rental Business in India
1) Vehicle Rental start-ups
You can book vehicle rentals with a driver via a ‘delivery agency,’ which concentrates on providing automobiles and drivers. Their business generally depends upon the word of mouth publicity and is greatly affected by each customer’s experience.
Nowadays there are many start-ups like Uber and Ola which are a prime example of a creative idea reaching the grassroots of the society and aiding people who have no availability of the vehicle and if they have to reach a particular destination, these platforms provide options like a car, auto, and bike, and the customer can then book according to their convenience. This facility is very useful for individuals who do not require a car on a day-to-day basis but use it occasionally.
2) Room rental Start-ups
The most primary necessity is undoubtedly a roof over the head. Leave apart proudly owning a residence, even taking a small residence for a brief period in maximum metros is a big-budget affair. Oyo and Nest Away have changed the way people used to rent a room all over the country.
Oyo being the third-largest hospitality chain in the world is best known for its value for money and standardized budget hotel experience. Recently, Nest Away had been awarded as the emerging start-up and work on an idea of non-discrimination for outsiders who are trying to find a home in a big city.
3) Vacation rental start-ups
A vacation rental is to lease a rented apartment, a house or a privately run resort complex temporarily to visitors as an alternative to a hotel. Several start-ups like Airbnb and Home Away have been quite successful in delivering their services in an equitable and accessible manner.
Airbnb came up with a concept of fully supplied residences with internet, cleaning, kitchen facilities. The young renters transferring to other cities for employment or transferring to a locality close to the office typically rent rooms on a sharing basis.