In the last few years, Pune has witnessed a tremendous transformation in the commercial and residential sectors. The growth of automobile and IT industries, along with the presence of state-of-the-art educational institutions in Pune has resulted in an influx of migrant population, especially in the age group of 22-35 years. This has also resulted in healthy real estate growth with different preferences of property available across locations and varying budgets for investment and rental purposes. Owing to a large number of expats in the city and a growing trend to rent, the rental furniture industry has been an enormous beneficiary in this segment.
Segments responsible for the growth of the rental furniture market in Pune
The education capital of India, Pune attracts thousands of students every year from all across the country. Although hostels are the prime choice for accommodation, not all institutes provide quality accommodation. In such cases, students are faced with the most probable solution to opt for co-living accommodation. In the case of co-living accommodation, one has to share the furniture, appliances, and housekeeping services in smaller spaces. There’s a bigger hassle involved if you have to buy furniture for your needs, and have to make a sizeable investment on a student budget. Moreover, one might end up wasting precious time and money looking for a piece of furniture that’s affordable as well as stylish. If one settles for pre-owned furniture, there isn’t anything you can do if the furniture is sub-par or damaged.
There’s another caveat to buying furniture if one has to share a flat with a colleague or friend. There’s a chance of significant financial loss if the other occupant moves out abruptly during the tenure of the stay. “Last year, my roommate and I bought an entire furniture set, including beds, a study table, and a TV unit for our home. A month later, my roommate had to move to the US. I had no choice but to return his share of the money on buying the furniture and other essentials. Sadly, I ended up spending more than my share. When I move out next year, I will have to incur a major loss as the value of the furniture will further depreciate,” says Sarthak Singit, a student pursuing his MBA in Pune. Under such circumstances, furniture rental can be a useful option as one does not have to invest a considerable amount nor worry about the hassles of ownership.
Young working professionals and bachelors who have just started their careers may find it hard to invest or have stable financial savings. For such professionals who often find themselves with minimum requirements and a short-term outlook, renting of furniture makes perfect sense. If one isn’t sure of how long they would be working in the same city, renting offers the flexibility of relocation and damage waiver, in case of any accidental damage. Renting is the perfect option for those looking for a complete home furnishing package on a limited budget.
Newly married/DINK couples
While preferences tend to evolve or change over time, there is an inevitable shift when it comes to choosing a piece of furniture for your home. A newly married couple or DINK (double income, no kids) couple may dream of setting up an ideal home with elegant and stylish furniture. Going ahead, this may change as the family makes room for children in the family. The same elegant furniture will be replaced by furniture that’s sturdy, child-friendly, and practical. As the children grow up, a need might arise for furniture or essentials like a study table or a single bed in place of a bunk bed. “With needs changing every two to three years, buying and selling furniture to suit one’s current needs will make little sense, as every time the consumer only will lose money, owing to the depreciating nature of furniture. For such people, renting furniture that is needed at a point of time and then, upgrading it going forward, works best,” concludes Geetansh Bamania, founder of RentoMojo.