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. For Singaporean consumers, you can now, for the first time, 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 — these are just some of the current listings on MyRent. Meanwhile, 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.
Ishwar Dhanuka, CEO and Co-founder of MyRent said: “The idea behind MyRent is to primarily allow users to own experiences instead of things. We want to decentralize 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?”
According to a study jointly published by Google and Temasek, Singapore’s e-commerce market is valued at over US$1 billion. Of this, online shopping comprised 2.1 percent of all retail sales in 2015, but is projected to soar to US$5.4 billion by 2025. Meanwhile, peer-to-peer retail platforms have gained popularity in the industry, with platforms like MyRent shifting focus towards providing consumers with experience versus the traditional ownership of goods. 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 a good opportunity to capitalize on the Singapore market, with over 4 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!”
“MyRent is currently the most affordable and efficient platform for me. Before I joined, customers would only come across my website by using search engines, so partnering with this rental platform has afforded me increased exposure,” said Maureen Knight, who rents out winter wear on MyRent.
Sean Eng, a merchant who uses the rental platform, said: “Before our partnership with MyRent, customers had to pay a deposit to rent one of our GoPros for their holidays — which they were hesitant to do. With MyRent, we’ve now been able to get rid of the deposit requirement, so customers are happier and more than willing to rent with us via this platform.”
“Tennis rackets usually retail for more than $200, so I worry about losing these items when I rent them out,” said Wayne Ko, who used to rent his items from a consumer marketplace. “I’m glad I switched to MyRent, because with their Lender Protection Guarantee, I know that I’m covered in case something happens to one of my rackets.”
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.
