The rental industry is one industry that is growing at a very high rate these days. One of the main reasons behind this growth is the rising trend for renting in millennials. The modern lifestyle, standard of living and flexibility in work and ambitions induces them to believe in the concept of renting. The concept of renting homes is known to everyone and many of us have to opt for it due to financial crisis. But the rental industry today is not just limited to renting houses, it is much more than that. renting automobiles, clothes, utensils, or even aircraft is possible.
let us explore some renting options which are available in today’s world.
Talking about renting homes, people who are still growing in their career and exploring themselves, especially in the age bracket of 25-35 years, find it very difficult to settle at one place. Even if they want to invest, investing in a house is not a piece of cake and is a huge investment. Thus, purchasing a house is rarely on these young minds. People doing internships and freelances prefer to stay in PGs and the ones with a group of friends or even family find it comfortable to rent a house according to their needs and stay there. India has a $20 billion residential rental market consists of $13.5 billion in urban, $0.8 billion in rural, and $5.7 billion in vacant non-resident Indian property brokerage.
These figures are enough to expand the growth of the rental industry and to encourage investors to get into this business.
Apart from renting houses, many other rental options are available in the market today. People who do not have permanent homes and keep shifting often face the problem, buying furniture, as it gets very difficult to shift it to different places in different cities. The furniture market is valued at $800-850 million in India alone, Because renting furniture is such a convenient way to have what you want without having to worry about so much on spending to buy.
The blooming car rental industry is very familiar these days. Self-Drive car rental options provide the joy of owning a car to the customer without the hassles of owning it. India’s car rental market is predicted to be more than $11.74 billion by the end of next year. It is growing at a high rate of 35% Compound Annual Growth Rate.
Clothing rental is another element added to the rental industry which is indeed quite useful. Going with the fashion and trends and being well dressed could be very costly. But this generation doesn’t want to compromise on how they look and thus this is an extremely advantageous system for the young generation.
The prominence of the Rental industry had made the younger generation slowly abandon the old idea of purchasing and buying things, and thus they are shifting to a modern lifestyle that is fast-forwarded and flexible. Renting seems to be an economic and feasible idea. Though investing in purchasing goods is at all times a good idea, but checking your pockets and taking rational decision is important.