Peer to Peer Rental Marketplaces: How the Sharing Economy Is on the Rise
Have you ever borrowed your sibling’s sweater without asking or accidentally swiped your dad’s tools for months after moving? Then chances are, you might have thought about sharing economies.
If you stayed in an Airbnb with your friends, you are one step further. Congrats, you’ve used a peer-to-peer rental marketplace!
This concept has been quickly growing in popularity across most markets and industries. What is it, and should you be a part of it? Read on to learn more.
What is a peer to peer marketplace?
A peer-to-peer marketplace is a model where individuals trade goods or services with each other. This type of platform allows users to act as lenders, renters, or both.
Inventory-based business models dominated the rental market for a while, but P2P is a rapidly rising alternative with several advantages.
4 Examples of peer to peer rental marketplaces
Do P2P marketplaces ever make it big?
The following 4 examples are some of the innovative companies that participate in the peer-to-peer economy across different industries.
Wedio is Europe’s fastest-growing film gear sharing community on a mission to keep great stories alive. The platform provides lenders the opportunity to earn money on their photo- and film equipment when they aren’t using it.
Renters only pay to have access to gear on a project basis, saving their resources to spend elsewhere.
Wedio offers Global Coverage for every rental transaction to ensure all members’ peace of mind.
We’re experts on camera equipment! Want to learn more? Read about how Wedio works to find out how you can easily and safely rent or rent out your camera gear.
GoMore is a P2P ride-sharing and car rental app connecting car owners with potential passengers. Users can make a request after providing relevant details to cut down on costs and carbon emissions simultaneously.
The company’s goal is to help people share cars to reduce CO2 emissions and better use existing resources. GoMore operates in Denmark, Sweden, Finland, Spain, and Switzerland. Download the GoMore app in the Apple Store or Google Play.
Founded in 2008 in California, Airbnb revolutionized tourism and vacation rentals globally. Long gone are the days when you have to stick to expensive or limited hotel rentals. Airbnb allows users to lend out rooms or even entire apartments all over the country.
Airbnb is often more flexible and affordable than comparable traditional rentals. Whether you want to stay in a small apartment in the heart of Budapest or rent out a whole Irish castle, Airbnb got you covered. With over a billion stays booked through Airbnb, they’re definitely doing something right.
Uber has been connecting riders with drivers since 2009. Developed in San Francisco, the app transformed the car rental and taxi transportation scene in most countries globally. The company values sustainability, good service, and safety above all else.
Uber now employs 22,800 people and created or acquired several subsidiaries like Uber Eats and Postmates.
Why peer-to-peer rental marketplaces?
There are various benefits to taking advantage of peer-to-peer rental marketplaces in your area. Here are some of them.
7 Benefits of peer-to-peer platforms
1. Save money
Renters no longer need to spend heaps of money on short-lived whims or needs. Why buy a large tent if you’re only going to use it for that music festival weekend?
P2P renting lets you access just about anything, and you only pay for the time you actually need the items. Try out new things you always wanted without making a big financial commitment.
The lack of inventory allows most p2ps to charge a lower fee on transactions than traditional rental houses. This further keeps the cost down and lets you use your money how you want it.
2. Experience flexibility and convenience
Well-designed peer-to-peer platforms are extremely easy to use. They let you filter and compare options directly from the website or app before making decisions.
You can manage your messages and payment straight through the rental platform and let it take care of the heavy lifting for you.
3. Reduce waste
Circular economies are the way forward to reduce waste in our society. If you have a kayak that stands in the garage 340 days of the year, why not let someone else use it and make a little extra money while you’re at it?
Stop buying things you don’t need or plan to throw away. Profit yourself, others, and the environment in one move. It’s a win-win-win!
4. Trial runs
Try before you buy expensive items you’re uncertain about. Borrowing a snowboard for your weekend getaway can help you decide whether it’s worth investing in!
Don’t waste your money on things you won’t like. Stop scraping Google for obscure reviews. Try the item for yourself with minimal risk.
5. Same end results
What are the benefits of purchasing outright? Not much really. As long as you have access to objects for the time you need them, your experience will be the same.
Peer-to-peer rentals get the job done in the same way but benefit your pockets and the environment.
6. Helping each other
This business structure allows for those rare, precious cases where everyone’s a winner. Lenders help renters save money and access items they want or need.
Renters provide the lenders with extra income, allowing them to get more value out of their initial purchase and make back some of their investment. It’s good karma!
7. Being part of a community
Several peer-to-peer marketplaces go beyond simple transactions. In niche markets like with tools or say, camera gear, lenders can provide way more than just a simple transaction.
They walk you through the equipment and give personal tips on your goals or projects. Users can make connections and meet like-minded individuals with the same interest.
Fostering the community benefits everyone. It allows members access to what they need and sharing knowledge, improving their skills.
How to join a peer-to-peer community
Joining a peer-to-peer community is usually easy as pie!
Go to the P2P of your choice and decide whether you’d like to lend or rent equipment, or maybe even try both.
Then follow the instructions:
If you have spare equipment that’s gathering dust, it’s time to put it to good use. All you have to do is:
- Set up an account,
- Take photos of your equipment,
- Create a listing or let us do it for you,
- Set your daily rate, and
- Wait for the profit!
If you’re planning a project and need extra equipment, you’ll also have an easy time.
- Set up an account,
- Search and compare local options,
- Request a rental,
- Get access to gear!
Join the Wedio P2P community
What peer-to-peer rental marketplace are you excited to join?
Our platform at Wedio awaits every ambitious creator at any skill level.
Join the community to access gear and grow your competencies in filmmaking, photography, or more.
Already have a project lined up? Rent a camera with ease.
What is a peer to peer marketplace?
A peer-to-peer marketplace is a model where individuals trade goods and services with each other.
What is meant with peer to peer rental?
Peer to peer rentals involve two or more individuals, rather than companies or rental houses.
What are some peer to peer rental examples?
Some peer-to-peer marketplaces include Airbnb, Uber, and Wedio.