Risks and Challenges That Come With Sharing a Rental Products through online rental platform
The furniture rental market in India is expected to reach a projected revenue of ₹59,890.5 Crore by 2030. A CAGR of 9.4% is expected for the India furniture rental market from 2023 to 2030. Platforms like www.nobuyrent.com are making it easier than ever for product owners and renters to connect.
(source: https://www.grandviewresearch.com/horizon/outlook/furniture-rental-market/india?)
Risks Faced by Product Owners in Online Rentals
1. Product Damage or Loss
One of the biggest fears for any product owner is that the rented item might come back damaged, incomplete, or not returned at all.
Solution:
- Use rental agreements with damage clauses.
- Take a security deposit upfront.
- Explore platforms like NobuyRent that confirm verified owners with KYC documents like recognized ID proofs and certificates.
2. Trust Issues with Unknown Renters
Owners often don’t know who is renting their items. Lack of identity verification increases the chance of misuse or fraud.
Solution:
- Ask for government ID verification and contact details.
- Use platforms with user reviews and ratings.
- Prefer renting within your city to track and follow up locally.
3. Underpricing or Improper Valuation
Many owners struggle with setting the right rental price, which leads to losses or no rentals.
Solution:
- Analyze competitors and market prices.
- NobuyRent’s listing system allows you to update pricing anytime based on product performance and inquiries.
Risks Faced by Renters in Online Rentals
1. Receiving a Faulty or Low-Quality Product
Renters often complain about receiving broken, dirty, or non-working items, especially electronics or event supplies.
Solution:
- Ask for recent pictures or videos of the item.
- Check reviews of the product or owner before renting.
- Use secure platforms like NobuyRent that allow you to contact owners and verify product condition before confirming.
2. Hidden Charges or Rental Scams
Scammers may list fake products or demand payment upfront outside the platform.
Solution:
- Avoid direct payments. Use only verified rental platforms.
- Get written confirmation or chat records.
- NobuyRent ensures direct contact with genuine owners, minimizing middlemen fraud.
3. No Return or Refund Policy
Many renters hesitate due to the uncertainty of refunds or no cancellation policy..
Solution:
- Clarify all terms and conditions before booking.
- Only proceed with listings that offer a written rental agreement or cancellation terms.
Key Data Supporting Rental Safety Concerns
- According to a 2024 survey by Statista, 43% of users cite trust and product condition as top barriers to online rentals.
- A 2023 Deloitte report reveals that 58% of rental disputes arise from misunderstanding or lack of formal agreements.
- Platforms that offer transparent user verification and in-platform chat options reduce fraud by up to 72%.
How NobuyRent Helps Reduce Rental Risks
- 100% Free Listing with View Contact Features
- Category-Wise Listings with Product Images
- Indian Number Verification for Product Owners
- Focused on Short-Term and Temporary Needs
Visit www.nobuyrent.com today and list or rent with more confidence.
Recommended Best Practices for Safe Renting
- Always take product photos before and after rental.
- Use QR code-based agreements or digital receipts.
- For high-value items (like cameras, laptops), request government ID verification.
- Always record conversations to have proof on hand.