How to Build an Online Rental Marketplace Like Rentomojo?

Renting things has always been a better option rather than purchasing. Not only is it more cost-efficient, but we also get many options to choose from and change the choice from time to time. Renting the residence, cars, and things we need occasionally has been a familiar concept. However, renting day-to-day needs is a new and burgeoning concept, becoming the talk of the town. The apps like Rentomojo are delivering mattresses, television, washing machines, chairs, dressings, phones, and everything else to your doorsteps on a rental basis. 

Let’s dive into the concept a little deeper and understand how it can be a significant business opportunity for all of us. 

What is Rentomojo?

Rentomojo is basically a rental marketplace that offers basic household needs to users on monthly rent. The firm’s product portfolio covers everything, including packages, furniture, appliances, electronics, fitnesses, and WFH essentials. Just by signing in to the app, one can add things to the cart and rent them quarterly, half-year, or annually. One of the core competencies of Rentomojo is that the delivery of products to your doorsteps is free of cost. The user has to pay a security amount before renting the commodity, which is returned once the decided tenure has been completed. 

Rental Marketplace App- an Emerging Business Opportunity for You

Preference of people toward the looks of their residence is changed every few months. Moreover, adding new furniture and trying new appliances every now and then has become the habit of the majority of population. In such a landscape, they prefer to rent things instead of buying so that they can change the household furniture and other commodities without additional or significant cost. So, rental marketplace apps like Rentomojo becomes the platform they would turn to, for having options in goods and choosing the better one every couple of months. 

Similarly, owning such a platform can also be a significant business idea due to the increasing interest of users. Talking about Rentomojo, it has more than a million downloads on the Google Play Store alone. Not only generate revenue by renting out the products, but owners make good money through advertisements as well. 

How to Build an App Like Rentomojo? 

Developing an app like Rentomojo will require a good investment from your side. So, it becomes important that you take care of a few steps and factors while developing to ensure that the outcome meets expectations. Here are some of the phases that you should entertain during the process- 

1. Research Well the Market 

Know the depth of the water before diving in. Research about the competitors, market revenue, needs and preferences of customers, key players, etc. At the same time, also read about the core competencies of competitors, features they offer, services they provide, their target audience, revenue, business models, and much more. Make sure you offer something unique and better than your competitors in order to outperform the existing players in the market. 

2. Deciding on The Revenue Model

A business is all about generating revenue and profit. There are several revenue models that you can choose for your app. However, make sure you choose the one that best fits the customer’s preferences and needs. For example, if you are implementing the charges at the very beginning of the registration process, a user might not be interested in proceeding. Instead, you can implement a particular cost whenever the user rents anything from the platform. 

3. Mind Mapping the Workflow 

Make sure that you write the complete plan, milestones to be achieved, and considerations to be entertained before starting. This mind map is going to play a significant role in ensuring that the project is going on the right path, meeting all the expectations, and signing all the milestones. 

4. Listing Features and Functionalities 

Features and functionalities of any software or app are the deciding factors of performance and usability. Here, you should ensure that you provide all the features and functionalities in your software related to end users’ requirements. No doubt that the features are directly proportional to the cost of app development, still it is never a good idea to compromise with the feature list in order to save cost. 

5. Find a Development Partner 

App development requires a development partner. To develop an app like Rentomojo, you need to find a development partner who can do the complete technical work for you. Make sure that the app development company you choose for your project has ample experience working in a similar project. Moreover, there is a range of factors that you should consider while choosing the right development partner. Some of them are- 

• Technical expertise,
• Experience,
• Country of origin,
• Cost structure,
• Client reviews, 
• Product portfolio, etc. 

6. Review the Prototype 

Before delivering the actual product, the development team will deliver a prototype where you can experience the whole app functioning. You should review this prototype thoroughly and suggest changes, feedback, and reviews to the development team. The reason is that it is both easy and cost-efficient to implement the changes at this stage. Once the prototype has been passed, implementing any changes might cost both money and time to you. 

7. Ensure Proper Testing 

Once the coding work has been completed and the app is ready for deployment, make sure that the product is passed from the testing phase several times. It helps to ensure that the final outcome doesn’t consist of any bugs or errors. At the same time, testing makes sure that all the functionalities of the app are working properly. 

8. App Deployment

When you have performed all the tests and your app seems good to go, deploy it on the respective app market. Your app development partner will upload it to the Google Play Store or the Apple app store. Both platforms have particular deployment fees that you have to submit. 

9. Maintenance and Updates 

Uploading the app is not all as there is a lot to do even after that. Make sure that you provide the regular updates with new features so your customer doesn’t have to look for substitutions. Similarly, remove the bugs as soon as reported by the users. Perform efficient marketing for your app to attract a good user base. 

How Do These Rental Marketplaces Actually Work?

The working principle of Rental marketplaces is pretty simple. It goes as below- 

• User downloads the app and registers with personal details. 
• User searches for the product he/she wants to rent. 
• Choose the package of the month, quarter, half year, or yearly, based on preferences. 
• User puts the booking request and pays the rental price. 
• Service provider accepts or rejects the rental request. 
• Post confirmation, the product is delivered to the doorstep. 
• Once the tenure is over, the rent cycle begins all over again or the user returns the item. 

Features of A Rental Marketplace App Like Rentomojo

As we interpreted earlier, features define the usability of any app, make sure that your app carries all these features. 

Popular Names in The Commodity Rental Marketplace

The rental marketplace segment is growing like never before. With increased familiarity of people with the apps and website, it has become convenient to rent out the things they need by using this technological advancement. Due to same, numerous popular names in this segment provide similar services, attracting a considerable user base. Some of the most famous names in this landscape are- 

1. Rentickle 

Similar to that of Rentomojo, it is a platform where users can rent basic furniture, appliance, and other home furnishing essentials. One can even rent bikes, cars, and gym equipment from Rentickle. The service of this platform covers free delivery, installation, maintenance, easy exchange, and renewal of the rental cycle. 

2. City Furnish 

City Furnish is a known platform that provides attractive discounts on renting home essentials. The application is majorly focused on Indian market, providing its renting services in different cities of the country. The platform even has an upgrade policy that helps to upgrade to a better version of the item whenever you feel bored with the existing one. 

3. Fabrento

Not only home, but Fabrento provides furniture and other essentials for your office, rooms, or any place. The vision of the firm is to provide a comforting modern apartment to their users by setting all the rental furniture in the space and saving the cost. The product portfolio covers double beds, single beds, work-from-home requirements, tables, sofas, dining, wardrobe, packages, office essentials, and more. 

4. Furlenco 

The furniture at Furlenco are designed according to the day-to-day household needs of users to solve their essentials-related problems. The platform has more than a million downloads on the Google play store alone, with availability on the Apple App Store as well. Similar to those other rental marketplaces, Furlenco also provides a range of variety in product choices and rent tenure. 

5. Rentsher

Rentsher is India based platform that provides electronic appliances on rent to their users. The product portfolio includes television, Apple products, projectors, laptop, desktop computers, LEDs, Server Systems, Speaker systems, and much more. However, one looking for home furnishing items and overall interior products. 

Cost of Developing an App Like Rentomojo

Undoubtedly, developing a rental marketplace app like Rentomojo is an enormous investment idea that can give you a significant return. However, the cost of developing this type of platform is always going to be at the center of concerns. Here, you should note that the app development cost is never constant as it depends on various factors. For a better understanding of the cost of app development, have a glance over the following statements- 

• Features in the app are directly proportional to the app development cost
• Complexity of the project will increase the cost of app development
• Country of your app development partner will determine a lot about their cost of hiring
• Time it takes to develop the app is also directly proportional to development cost 
• App design and functionalities influence the cost to a great extent 
• Providing the regular updates and ensuring maintenance also requires dollars 

However, to have a basic idea about the app development cost, an app with basic functionalities and features starts at $10,000 which keeps moving upwards according to the preferences. 

How Can Emizentech Be a Helping Hand to You?

Emizentech is a well-known app development company with an experience of more than a decade. Our long journey in the app development segment has allowed us to achieve experience in developing different types of software and technological solutions. Our client base includes several names from Fortune 500 companies list for whom we have developed mobile applications of different niches. Emizentech works with a team of 250+ in-house developers, carrying expertise in their domain. More than 50% of this workforce is senior and experienced staff. So, while working with Emizentech, your project is going to be in safe hands. 

Wrapping up  

Rental marketplace apps are reshaping the way we used to think about using household furniture and appliances. Until now, buying the things we need was the only option in order to have the daily essentials in our homes. However, with the emergence of platforms like Rentomojo, a more cost-efficient concept has taken over the market where people can rent the commodities like tables, television, sofas, beds, dressings, refrigerators, air conditioners, and everything else. At the time, when people prefer to upgrade to new things every few months, such concepts get a lot of attention. So, developing such an app has also emerged as a significant business opportunity as it has the potential to put dollars in the pocket of the owner. Contact Emizentech to share your idea and bring it to reality.