A rental activity is any activity where gross income is derived principally from amounts paid by customers for the use of tangible property. The industry includes establishments involved in renting and allowing the use of buildings and land for payments made principally.
The global rental activities market was valued at $2347 billion in 2017. Asia Pacific was the largest geographic region accounting for $1138.2 billion or 48.5% of the global market. And China was the largest country accounting for $687.6 billion or 29.3% of the global rental activities 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.
Companies Covered: CBRE Group, Colliers International, RE/MAX, Marcus and Millichap, HFF
Market Segments Included: Residential Buildings And Dwellings Rental Services, Non-Residential Buildings Rental Services, Miniwarehouses And Self-Storage Units Rental Services, Other Rental Services
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