Startups are contributing to the growth of Rent Economy

Nandini Mukherjee, Managing EditorThe rental industry has rapidly emerged as a popular, fastexpanding and offers ample number of opportunities to entrepreneurs. The market was valued at $19 billion in 2017 and is expected to be $59.4 billion by 2022. It has positive implications; some of which includes increased convenience, resource utilization, job creation, digital transformation. Renting itself is not a new phenomenon. Car, bike, video, furniture and book rentals are quite commonplace. The process of renting has been, for the most part, fragmented. The business is now not just taking a more structured form but also expanding to include everything from clothes and
accessories to even sharing of financial resources and in a rare case pets.

The techsavvy, travel enthusiasts youth generation is more likely to rent things house, cars, bikes etc. instead of buying, as it is a more practical & cost-effective way to use resources. In fact, a study found that most users of online rental marketplaces are below 35. Thanks to the horde of such startups that have mushroomed in India in the past few years, letting users rent, use and return products at low as five percent of product's actual cost and for any duration. With the rent market now booming, many of these startups are looking to leverage this opportunity to serve this growing market.

Interestingly, these startups are provising a one stop rental solution for furniture and other home appliances, other products across various categories like bikes, laptops, cars, music instruments and electronic items on rent through its technology platform. In our current edition, we have featured a list of & 10 Best Online Rental Startups. The list consists of new age start-ups that are exploring endless possibilities in the segment and making renting a time saving and convenient activity for all. We also recommend you to read our cover story on Rentlite a company that enables complete office furniture solutions for the urban corporate. Do let us know your thoughts...