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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