Innovative Job Seekers Lead to Boom in the Renting Economy

At the brink of a new economy where job security is a real problem for the young population of India, renting is an extremely viable and convenient option. This young work force does not hesitate to move cities and take new risks to secure their lives however what they do not want to do is add liabilities and expenses to their pockets.

The renting infrastructure helps these job seekers move freely from city to city or even across the globe hassle free. The only thing they need to worry is opportunity and not of setting up a home and the maintenance cost of it.

The renting option has given them freedom to choose what they want and when they want with an option to upgrade their lifestyle every now and then. From renting a single table to a complete home with appliances, fitness equipment’s and necessary gadgets like air purifiers are on rent with an ease of access.

Due to this convenience, the renting industry is growing year by year and is predicted to grow at $5 Billion by 2025. One of the major contributor’s is the shifting lifestyle of people who are ready to invest for an experience yet, do not want to buy. Not only the metro cities, the work movements have called for professionals to non-metro’s as well.

It’s easier said than done, renting companies are making it more easier for people to access with good quality and perks like delivery, maintenance, upgrade or exchanging the products time to time and as well as movements. There is a shift of perspective towards renting. It is now more looked at as a preferred option. From individuals to the corporate ethos, shifting their base are way more likely to operate from ready to move in space rather than buying assets that’s far more expensive than the renting.

One of the best feature the industry has given it to the individuals to choose and customize their products as per the need, from a single table to a complete house package to a full set up office space with a timeline to upgrade it as per the trends.

This generation of workforce is very well aware of their options and the renting economy allows them to take those risks to explore their options. Demography is not a question anymore as peer-to-peer (P2P) marketplaces is changing, however, as more millennial become fully active members of the working world, this group will represent 75 percent of the total global workforce by 2025 and is now juggling expense reports, budgets and other financial concerns before even looking at expenses like buying furniture, house or a car. They would rather save for a holiday or activities that enable them to deal with a competitive lifestyle and pressures.

Renting brands have helped job seekers secure their life by not getting tied down to one place and not being able to explore multiple option which they have access to in this world of digitalization. While everything they do is online, they do not wish to be associated with anything that does not mirror their liberal mindset. This generation is the future and their making a choice to be liability free.

While Indian diaspora is talking about the gloominess of the economy the India Skills Report 2020: Reimagining India’s talent landscape for a $5 trillion economy—released recently talks about engineers and other skilled people will have more jobs in 2020.

The report by online talent management firm Wheebox and the Confederation of Indian Industry (CII), says that nearly 40% of employers across a wide range of industries including auto, auto components, and information technology want engineers on their rolls. This demand for engineers is expected to grow by almost 10 % next year. This is a welcome news for job seekers and we as a part of the sharing economy are happy to make their choice easier

About the Author

Neerav Jain is the founder & CEO of Cityfurnish- India’s fastest growing furniture, furnishings and consumer appliances rental platform. Mr. Neerav has worked in various key positions at Climpex Furniture and his family business Chandra Shekhar Exports before founding CityFurnish, in a career spanning 3 years. He Neerav has extensive experience in furniture industry in managing sales, marketing and business management (B2B and B2C) and formulating strategies for growth with an overall business perspective.

Neerav holds a Bachelor’s Degree in Commerce from Delhi University, and Business & Enterprise Management from Indian Institute of Management, Ahmedabad, Neerav landed his first job as an Export Manager with Pepperfry. He later went on to attend the Lean Launchpad and Business Innovation course at Utrecht University.