Singapore’s first on-demand rental marketplace MyRent launches
By Digital News Asia May 22, 2019
- Has over 2,000 registered users and over 800 active listings in Singapore
- Looks to expand into Kuala Lumpur, Malaysia by end-2019
MYRENT, Singapore’s first peer-to-peer on-demand rental marketplace, has formally launched. MyRent allows Singaporeans to rent items including photography and sporting equipment to seasonal apparel and video games.
Singaporean consumers can now rent a Canon EOS 550D for as low as S$5 / day; a DJI Spark Drone for S$6 / day; a Nintendo Switch for S$8 / day and Ski Jackets for as low as $5 / day. Singaporeans can now avail of a safe rental platform and build up a community of sharing with the security of Lender Protection Guarantee.
MyRent has been developed to address a shift in consumer behaviour, with an increasing number of people opting to rent items and engage in a sharing economy — rather than purchasing products for their own use. Since its soft launch in December 2018, MyRent now has more than 2,000 registered users in Singapore alone, with over 800 active listings.
MyRent co-founder and chief executive officer Ishwar Dhanuka said: “The idea behind MyRent is to primarily allow users to own experiences instead of things. We want to decentralise ownership, and create a win-win for both listers and renters — where the former can earn money by renting what they own and rarely use, while the latter can rent a product without actually having to pay the full amount to use it. Simply put, why buy something when you can rent it?”
With evolving consumer spending habits and increasing awareness of sustainability, Singaporeans are less likely to purchase seasonal one-off items for a quick getaway or a new hobby. MyRent has an opportunity to capitalise on the Singapore market, with over four million people using e-commerce to purchase products.
“Imagine being able to get the latest GoPro for all your vacations without being dragged down by huge upfront costs,” said Ishwar. “By purchasing an item, you're essentially signing a long-term contract for using it. With short-term rentals, you get the flexibility of using the latest technologies and paying only per use!”
To be a mobile-first marketplace that gives both listers and renters convenience and on-the-go accessibility, MyRent is focused on being accessible everywhere — either via their web portal, or through a dedicated app that is available for both iOS and Android users.
To further add to a seamless experience, MyRent is working on reducing the time it takes to list items on their platform, to less than a minute. It is the brainchild of three co-founders, each with their own experiences of growing and working in a variety of startups, including companies such as Funding Societies, and PropertyGuru.
MyRent plans to make its peer-to-peer rental platform available in more markets, with a Malaysian release date slated for end-2019. It is also exploring merchant partnerships to help stores rent out unused inventory, and ecosystem partnerships (insurance, logistics sector), and is looking into the possibility of adding a delivery option in the future.