Coronavirus overshadow rental market growth: Everything you need to know

The coronavirus wave had clobbered the world’s economy. With an overall downside, the revenue figures are very disappointing. Speaking in length about how this deadly outrage has shown its impact on the rental market growth, the statistical data shows a visible dip. 

More than a quarter of the world is locked down and has left people with no other option than staying at home. This fresh dimension added to people’s daily behavior has left the rental market flabbergasted with drowning revenues.  

We have handpicked most of the common behavior shift of the world that has left the rental marketplace to face the tough hardships. Few of them are listed below: 

The struggles;

• Social distancing

Social distancing is one of those terms that we have been listening to, since this outrage happened. As there is no vaccination still available in the market, health experts have urged the people to maintain a definite distancing from others in the society. This act of staying away from the crowd and detach oneself from the surroundings for a certain period of time is termed as “ social distancing”. This is the only way that can stop the COVID-19 contagious spread from an infected to a healthy individual.

How it impacts the Rental market industry?

When people refrain from coming out of their houses, there is no scope for the rental market to find any customer. This period of social distancing might help in distancing one from the virus but as a contra-impact, it is creating a strong hindrance in the rental market growth too. 

• Quarantine time

Self- isolation has become the newest trend in the world. People confining themselves into their houses have stopped looking out for any investment over rental places. This prolonged quarantine period has contributed to allowing the world to hibernate in its own nest; without moving out. 

How it impacts the Rental market industry?

People have paused their plans to invest and explore the rental market because of the COVID-19 sad wave. This has directly resulted in showing a major dip in the earnings of a rental market place. 

• People preferring no human contact

Yes, with the sudden outbreak of COVID-19, people are trying their best to avoid maximum of the human contact. This step is necessary to make sure that the contagious step of COVID- 19 could be stopped in the first place. 

How it impacts the Rental Market?

This 360-degree change in the behavior of people to stay distant and isolated from others has shown a drastic decrease in the rental market. This has slowed down the market in a very scary way. No human contact means, no in-person deal. 

The Future of Rental Marketplace after Coronavirus wave subsides?

The Coronavirus outbreak has made the rental market to suffer more than 25% of loss in these couple of months. The figures are no doubt disturbing but as far as the future is concerned,  the market will surely see some hope in the coming times. As soon as the COVID-19 threat would remove, people will explore the opportunity to invest and grow in the rental market. 

Want to learn about the rental market in the mobility sector? Check out Jugnoo.io’s website.

Like all say, this shall pass too! If you are planning to start your new venture after the Coronavirus wave, make sure you pick the best from the market.

If you are looking for a concrete solution to establish a strong network in the rental market, make sure you connect with Tiger experts. For more information, connect with us.