Top Rental Business Trends to Watch Out for in 2021
The rental industry has undergone a significant transformation in the past few years, and the COVID-19 pandemic has accelerated many of those changes. The industry has shifted to meet the evolving needs of consumers and has emerged as an integral part of the economy. As we look ahead to 2021, several trends are expected to shape the rental industry. Here are the top rental business trends to watch out for in 2021.
1. Sustainable Rentals
Sustainability is no longer a trend but a necessity, and rental businesses are no exception. Customers are becoming increasingly environmentally conscious and are seeking sustainable rental options. To cater to this demand, rental companies are adapting their offerings to include sustainable products. For example, car rental companies are now offering electric vehicles to reduce the carbon footprint. Moreover, customers are willing to pay a premium price for eco-friendly rentals, making sustainability a lucrative trend for the industry.
2. Contactless Rentals
The pandemic has undoubtedly changed the way we live, work, and interact with others. Contactless transactions have become the norm in the rental industry to eliminate physical contact, making customers feel safe while renting. Rental businesses are adopting new technology, such as self-check-in and digital contracts, to provide a seamless rental experience. Customers can now rent without any human interaction, making it a convenient trend that is likely to continue beyond the pandemic.
3. Subscription Rentals
The subscription-based business model has been successful in several industries and is making its way into the rental industry. Subscription rentals provide customers access to products without buying them outright, and the trend is gaining popularity. Subscription rentals are beneficial to customers as they provide access to products that may be too expensive to purchase outright. Rental companies benefit from a recurring revenue stream, improving their financial stability.
4. Event Rentals
Event rentals have always been a significant part of the rental industry. However, the pandemic caused a significant disruption in the events industry, resulting in a shift towards virtual events. As the world is gradually opening up, event rentals are expected to make a comeback. Rental businesses are adapting to the new normal and are offering safe, socially distanced rentals for events. Hybrid events are also becoming popular, combining virtual and in-person elements, making event rentals a trend to watch out for in 2021.
5. Peer-to-Peer Rentals
Peer-to-peer rentals have disrupted the rental industry, providing customers with access to products at a lower cost. The trend is expected to continue in 2021 as customers are becoming increasingly comfortable sharing their assets. Rental businesses are collaborating with peer-to-peer rental platforms, providing customers with a broader range of products to choose from. The trend benefits rental businesses as they can expand their product offerings without incurring additional expenses.
Conclusion
The rental industry continues to evolve, with several trends shaping its future. Sustainable rentals, contactless rentals, subscription rentals, event rentals, and peer-to-peer rentals are the top rental business trends to watch out for in 2021. Rental businesses that adapt to these trends will stay ahead of the competition and provide customers with a seamless rental experience.
