Major companies in the real estate rental market include CBRE Group; Colliers International; RE/MAX; Marcus and Millichap and HFF. The global real estate rental market is expected to grow from $1727.
New York, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Real Estate Rental Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06025310/?utm_source=GNW
23 billion in 2020 to $1765.5 billion in 2021 at a compound annual growth rate (CAGR) of 2.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2365.93 billion in 2025 at a CAGR of 8%.
The real estate rental market consists of sales of real estate rental services by entities (organizations, sole traders and partnerships) that rent, lease and allow the use of buildings and/or land. The rent of goods or services is governed by a rental agreement or contract between an owner of a product and an end-user where a payment is made by the end-user for the temporary use of the product. The rental agreement is a document used for the occupying of space (either commercial or residential) for a period of time in exchange for monthly rent. The real estate rental market is segmented into residential buildings and dwellings rental services; non-residential buildings rental services; mini warehouses and self-storage units rental services; and other rental services.
Asia Pacific was the largest region in the global real estate rental market, accounting for 33% of the market in 2020. Western Europe was the second largest region accounting for 29% of the global real estate rental market. Africa was the smallest region in the global real estate rental market.
Real estate agents are increasingly using new technologies such as online listing, video and virtual reality (VR), to provide better services to clients and strengthen the buyer-agent relationship. With advancements in technology, the role of real estate agents is shifting from just an information arbitrator to a local market expert and service provider. Online real estate listing services such as Zillow and realtor.com provide housing database and information on tax and purchase history. Technologies such as video, VR tours and e-signing services also streamline the real estate transactions. For instance, in 2016 Sotheby’s International Realty, a luxury real estate franchisor, began hosting 3D home tours on its listing pages.
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