For today’s millennials, ‘experience’ is of primary importance, while ‘owning’ is not a priority. ‘Hoarding’ of things is almost disappearing from the scene. However, when it comes to aspirations, the sky is the limit. Consequently, today’s young generation do not seem too concerned about the absence of essentials or luxury items, as one can easily rent such items, even if one cannot afford to buy the same.
Renting has evolved from what it was a decade back, when it used to be viewed as a taboo, while owning stuff gave people a sense of pride. Earlier, people would spend a lot of money on something that they would use for a limited period of time, owing to peer pressure. Now, with global exposure and awareness, the rental market has proliferated into multiple segments. According to a report by PricewaterhouseCoopers, India contributes to 10% of the global renting culture, which is expected to touch USD 335 billion by 2025. In addition to the renting of apartments, one can now rent anything, including holiday homes, clothes, shoes, luxury bags, toys, luxury cars, etc., and furniture is no exception.
Furniture on rent: A growing trend
Gone are the days when people opted for long careers in the same company and settled down in one city or suburb, in a single house. People are increasingly on the move, for their careers. For these millennials, who are on the move every few years or even within months in some cases, it makes better sense to rent a house and furniture, rather than buying.
“In today’s world, lifestyle subscription is a new way of life. At RentoMojo, our products are available for rent at affordable prices, delivered, installed and picked at the convenience of our consumers, where they to experience something new always instead of settling in with a piece of furniture or appliance for decades together,” explains Geetansh Bamania, founder and CEO, RentoMojo.
See also: Furniture on rent: A growing urban trend
With the emergence of online portals, shopping for rental furniture is easier than ever. One can choose from a large number of options, in terms of size, type, material and colours, to suit the need of the living room, bedroom, kitchen or balcony.
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Advantages of renting furniture
- One need not buy furniture according to the house that one has taken on rent. Instead, by taking furniture on rent, one can transform the rented apartment into a cosy home.
- While the cost of owning furniture can be spread out through EMIs, this can dent one’s finances, especially when it comes to fittings and fixtures, which have a short lifespan. Instead of paying heavy EMIs for furniture that is out of trend or gets damaged, easy monthly rentals or rentals designed as per your needs, could be a much better option, financially.
- While moving from one place to another, furniture that is owned, will also have to be shifted. This will involve calling packers and movers and every relocation will decrease the life of the furniture. In case of rental furniture, there is a promise of easy relocation always.
- Unlike a house or gold, the value of the furniture only depreciates. Thus, if you decide to sell it, you will only get a fraction of the money you spent on purchasing it.
- By renting furniture, one gets to use furniture that is contemporary and according to one’s liking, instead of being stuck with outdated furniture which you have to live with, only because you have invested in it.