Do you know, there were 358.2K visitors on Rentmojo in August 2023? Such a high traffic resulted in the company’s revenue reaching somewhere between $25M-$50M. However, if you are planning to create an app like Rentmojo then you are at the right place. Here we will inform you about the necessary steps required to create the app.
Let’s have a look at the content of this post-
- What is Rentomojo exactly?
- How to Create an App Like Rentomojo?
- Popular Manufacturers in the Rental Market for Good
- Cost Of Creating AN App Like Rentmojo
What is Rentomojo?
Rentomojo is essentially a marketplace for renting essential household items for a monthly charge. The company offers bundles, furniture, appliances, electronics, fitness equipment, and WFH necessities. Users can add items to their inventory and rent them on a quarterly, semiannual, or annual basis by registering into the app. Free delivery to the entryway is one of Rentomojo’s core competencies. The user is required to pay a security deposit prior to renting the item, which is returned after the rental period concludes.
Every month, people’s preferences regarding the appearance of their residences change. In addition, the majority of the population has adopted the practice of purchasing new furniture and appliances on a regular basis. In such a situation, they prefer renting over buying so that they can readily replace household furniture and other items without incurring additional or significant costs. Every couple of months, they would use rental marketplace applications such as Rentomojo to compare products and choose the best one.
Due to rising consumer interest, ownership of such a platform may also represent a lucrative business opportunity. More than one million copies of Rentomojo have been downloaded from the Google Play Store alone. Not only do proprietors generate income through the rental of their products, but they also profit significantly from advertising.
How to Create an App Like Rentomojo?
Developing a Rentomojo-like application will require a substantial investment on your part. Consequently, it is essential to consider a number of steps and factors throughout the development process to ensure that the final product meets expectations. Here are some factors to consider throughout the process:
1. Examine in depth the Market
Determine the water’s profundity before entering. Conduct research on the competition, market revenue, consumer needs and preferences, key players, and so on. Additionally, read about the core competencies of competitors, the features and services they provide, their target audience, revenue, and business models. To outperform the current market leaders, you must ensure that your product is unique and superior to those of your competitors.
2. Selecting a Profit Model
A business exists solely to generate revenue and profit. You can choose from a variety of revenue models for your application. Ensure that you choose the option that meets the customer’s requirements and preferences the best. For instance, if you implement the fees at the beginning of the registration process, a user may not continue. You can instead implement a fixed fee each time a user rents an item on your platform.
3. Diagramming Process Workflow
Ensure that the complete plan, milestones to be attained, and considerations to be taken into account are documented prior to initiating the project. This mind map will play a crucial role in ensuring that the project is proceeding properly, meeting all expectations, and reaching all milestones.
4. Mentioning Capabilities and Features
The functionality and features of any software or application determine its performance and effectiveness. In this section, you must ensure that your software includes all of the features and functionalities required by end users. It is never a good idea to sacrifice features in order to save money, despite the fact that the number of features is directly proportional to the cost of app development.
5. Attempt to Find a Development Partner
App development requires the assistance of a development collaborator. To construct an app comparable to Rentomojo, you must find a development partner capable of handling all technical work. Ensure that the app development company you choose has extensive experience working on similar projects. Additionally, there are numerous factors to consider when choosing the optimal development partner.
6. Consider the Prototype
Before producing the final product, the development team will deliver a fully functional application prototype. You should conduct a thorough evaluation of this prototype and provide the development team with modifications, feedback, and reviews. Implementing the changes at this time is straightforward and affordable. Once the prototype has been approved, implementing changes could be time and money intensive.
7. Guarantee Accurate Testing
After the application has been coded and is ready for release, ensure that it has passed the testing phase multiple times. It ensures that the ultimate product is flawless and error-free. Additionally, testing ensures that the functionality of the application is functioning properly.
8. Application Installation
Publish your app to the appropriate app market once all tests have been performed and it appears to be functional. Your app development partner will submit your app to the Google Play Store or the Apple App Store. Both platforms require payment of specific deployment fees.
9. Support and Enhancements
After the application has been uploaded, there is still much to do. Ensure that you provide consistent enhancements with new features so that your customers do not need to look elsewhere. Similarly, eliminate defects as soon as users report them. To attract a large number of consumers, you must effectively market your app.
Popular Rental Marketplace Providers
The segment of the rental marketplace is experiencing unprecedented growth. With people’s increased familiarity with the website and applications, it is now easier for them to rent the items they require using this technological innovation. In this market segment, numerous well-known brands offer comparable services, attracting a substantial user base. These are some of the most recognizable names in this landscape:
Similar to Rentomojo, this platform allows users to rent basic furniture, appliances, and other home furnishing necessities. Additionally, Rentickle rents out bicycles, automobiles, and fitness equipment. This platform’s service includes complimentary delivery, installation, maintenance, a straightforward exchange, and rental cycle renewal.
2. City Furnish
City Furnish is a well-known platform that provides rental discounts on domestic necessities. The application offers its rental services in various Indian cities. Additionally, the platform includes an upgrade policy that enables users to convert to a superior version of an item whenever they tire of the current one.
Fabrento furnishes offices, rooms, and other locations with furniture and other necessities. The company’s mission is to provide consumers with affordable, contemporary apartments by situating all rental furniture within the apartment. The variety of products includes double mattresses, single beds, work-from-home essentials, tables, sofas, dining, wardrobe, and more.
Furlenco’s furniture is tailored to the day-to-day requirements of consumers in order to solve problems relating to essentials. The platform has been downloaded over a million times from the Google Play store alone, and is also accessible from the Apple App Store. Similar to these other rental marketplaces, Furlenco offers a variety of product options and rental durations.
Rentsher is a platform situated in India that enables consumers to rent electronic appliances. In addition to televisions, Apple products, projectors, laptops, desktop computers, LEDs, Server Systems, and speaker systems, the product line contains a number of additional items. Nevertheless, a person looking for home furnishings and interior products.
Cost to Develop an App Similar to Rentomojo
Developing a rental marketplace application comparable to Rentomojo is without a doubt a considerable investment with a significant return. However, the cost of developing such a platform will always be a major consideration. It should be noted that the cost of app development is never constant, as it is dependent on a number of variables. To gain a better understanding of app development costs, kindly review the following:
|Development Time||400 Hours||500-800 Hours||800-1500 Hours|
|India (Appic Softwares)($30/Hour)||$12,000+||$15000-$24,000||$24,000-$45,000|
- The development cost of an app is proportional to the number of its features.
- The project’s complexity will increase app development costs.
- The country of your app development collaborator has a substantial effect on their recruiting costs.
- Cost of application development is directly proportional to the time required to develop the application.
- The design and functionality of an app have a significant impact on its price.
- Providing routine updates and ensuring maintenance also necessitates the expenditure of funds.
We hope that through this post you were able to learn how to create an app like Rentmojo. However, if you are looking for a firm that can help you create a similar rental app, then you should check out Appic Softwares. We have an experienced team of developers that are well versed across every industry.
You can even hire dedicated developers from us and let them manage your site development.
So What Are You Waiting For!