Rental Business Trends
The Covid-19 pandemic has changed everything that we know about the rental industry. Any savvy business owner must stay on top of the latest trends. What matters today won’t necessarily matter tomorrow.
You need to know what will matter most in the coming years to stay ahead of the competition. From digital marketing strategies to how customers interact, there are plenty of ways you have to ensure.
In this article, we’ll break down five of the biggest rental market trends you need to know about. We’ll discuss what makes a business successful and key strategies you should use to maximize success. Read on to learn more about staying ahead of the competition and keeping your rental business thriving in an ever-evolving market.
5 Upcoming Rental Business Trends For 2023
The rental industry is booming and there’s no sign of slowing down anytime soon. With the increasing demand for rentals, businesses are finding new ways to stay competitive. Let's explore seven of the latest trends for rental businesses that can help them stay ahead of the competition.
Improve Customer Experience
One of the most important factors of any business is customer experience. To ensure that it is the best quality possible, you must consider all details. Improving customer experience should be the top priority for all businesses. When booking online, customers should be able to find all the necessary information quickly without having to dig deep. The booking process should be seamless and easy to follow.
Because according to research, 79% of users who don’t find what they are looking for on one website will search on other websites. That means you are not going to lose a user. You’re just going to lose a sale. This means you have to make sure you offer the best customer experience possible from start to finish.
Focus On Online Bookings
Online bookings have become increasingly popular in recent years, and this trend will likely continue. According to Statista, online sales will generate 73% of revenue in the travel & tourism sector by 2026. In addition, research has shown that offering online booking options can help businesses to increase their revenue and improve customer satisfaction.
One reason for online bookings' popularity is their convenience to customers. Rather than having to call or visit a physical location, customers can easily browse and book rentals at their convenience, any time of day or night. This can be especially appealing to busy customers who value convenience.
Online bookings also increase accessibility for businesses, allowing customers to book rentals from anywhere, at any time. This can be especially important for businesses that serve customers in multiple locations or time zones. In addition, online booking systems can handle a large volume of bookings without additional staff, improving efficiency and reducing costs.
It can provide many benefits for rental businesses, including increased convenience and accessibility for customers, improved efficiency, and increased revenue potential. By focusing on online bookings, businesses can stay competitive in an increasingly digital marketplace and better meet the needs of their customers.
Increase Social Media Efforts
The world is changing. Leveraging social media has never been more important. Platforms like YouTube and TikTok can be used to connect with potential renters and advertise creative promotions. If you're looking to make a splash in the rental business, there's no better way to do it than by ramping up your social media presence.
People aren't just talking about apartment availability and price points anymore; they're going online for ratings, virtual tours, and user reviews that equip them with the info they need to make an educated decision. That said, getting noticed online is increasingly important if you want your rental unit to be filled as quickly as possible.
Make sure your profiles are full of up-to-date information from detailed descriptions and quality photos to customer interactions and referrals - it's all integral to ensuring your rental is top of mind.
Invest in Sustainability
Consumerism has a considerable impact on the health of our planet, and it's increasingly vital for rental businesses to invest in sustainability. Rental companies that actively support sustainable practices can help reduce the negative impact of consumerism by providing customers with more sustainable options for renting items. Most people rent instead of buying, as renting provides convenience and lower costs.
Therefore, it is important to prioritize sustainability in both short-term and long-term business strategies. Taking the right steps now will ensure that consumers continue seeing value in renting over the long-term while feeling good about how they impact their environment. Investing in sustainability is no longer just a way to boost customer loyalty; it’s now essential to doing business successfully.
Developing sustainable rental policies can help rental businesses to reduce their environmental impact, save money, and become more competitive in the long run. Incorporating energy-efficient technology and renewable energy sources into operations can help businesses reduce their carbon footprint while still providing customers with a quality experience.
Clients Like Customization
A rental business offering customers the option to customize their rental experience will surely have them returning for more. When a customer can make a space truly theirs, it can take an ordinary outing or event into the extraordinary.
Many clients may prefer to have the ability to customize their rental experience to better meet their specific needs and preferences. This could include options such as choosing the type of table, chair or equipment they want to rent.
Offering customization options can help rental businesses to stand out from competitors and appeal to a wider range of clients. It can also help increase customer satisfaction and loyalty, as clients can tailor their rental experience to their specific needs.
Make 2023 Your Best Year
As the rental business industry looks to what’s next, be sure you are keeping up with the trends. At Recipi we are always on top of the latest and greatest in digital marketing solutions for your business including rentals. We can help you increase your business and more. Reach out to us today if you need help with digital marketing solutions for your rental business so you can stay ahead of the competition.