In India’s major urban centres, the online furniture rental business is undergoing significant transformation as startups compete for markets and customers’ attention.
Short-term city visitors, such as college students, recent graduates, and young families, may find it more cost-effective to rent furniture. If the customer wishes to move, all they have to do is return the borrowed furniture. To make an informed decision, there are a few things you should know before renting furniture.
Check out the difference between Leave and license agreement
How does the furniture rental process work?
The furniture Rental procedure is intended to be simple.
- Select your rental location and duration
- Decide on furniture items
- Place an order
- Set up your delivery
- Call to arrange a pick-up after you are done renting
Know all about HRA exemption on rent paid
Cost of furniture rental
There is a monthly cost associated with renting furniture. The cost of renting furniture varies significantly, depending on the quality of the furniture, the business and location from where it is being rented, and the duration of the subscription. The furniture may be yours to keep, depending on whether you are renting-to-rent or renting-to-own.
Rent-to-rent model
The rent-to-rent model allows customers to lease a furniture item for a certain length of time, typically from a few months to several. One may rent a single item or a whole collection. Rent-to-rent furniture may be ideal for those who require short-term furniture or wish to pay monthly with no long-term obligations. The furniture under this model typically has larger monthly payments than the rent-to-own model, but it also has fewer payments and costs less overall.
Rent-to-own model
Customers, who rent to own, pay a monthly fee towards the purchase price of the furniture. Longer payment windows, lower interest rates or a reduction in the overall price may all affect how long payments take. Like rent-to-own furniture, one may rent a single furniture item or entire set. However, with rent-to-own, consumers are often tied into paying payments for a fixed duration, rather than renting briefly. Rent-to-own consumers typically pay less than rent-to-rent consumers. They also get to retain the furniture once all the instalments have been paid.
Subscriptions
As the rental culture grows, so does the number of startups offering furniture subscription services. Recurring clients of subscription services may be eligible for a membership plan offered by the provider. Long-term clients benefit from discounts and special incentives like free upgrades or a lower delivery charge when they join these programmes.
Benefits of rental furniture
When it comes to the millennials and younger generation, the objectives of buying a house no longer seem to be the same. While in the past some couples may have saved up for special furniture items, nowadays many choose to invest their hard-earned money in learning new skills, buying gadgets, and going on adventure trips.
People all around the globe are renting their first homes for extended periods before purchasing one. Renting furniture has become a more cost-effective way to keep up with the current design trends while also enjoying aesthetically pleasing craftsmanship. With cons out of sight, here are some of the benefits of renting furniture:
Less expensive
There is a greater chance that someone may return rented furniture before paying the entire cost of it, depending on the length of the rental agreement. In most cases, the length of a rental agreement is anything from one month to two years, at which time certain rental firms allow you to keep it indefinitely without paying any further fees. In most instances, it ends up taking around two years to pay off the whole value of the furniture.
Environment-friendly
Each year, a billion pieces of furniture are destined for the landfill, but not all of it is recyclable. Materials like PVC and foam are difficult to decompose, which leads to landfill blockages and a resulting chemical imbalance in the soil. Furniture that has been leased simply returns to the supplier to be discarded or re-rented to the next person. Rather than ending up in landfills, non-biodegradable items are diverted from them and put to better use.
Depreciation not a concern
The value of furniture depreciates with time. Selling used furniture is often not worth it. Rentals, on the other hand, do not have this problem.
Millennials are more likely to rent than buy furniture for a variety of different reasons. In many scenarios, the benefits of renting furniture outweigh its cost since it offers:
- Lack of investment and freedom to move
- One can get the furniture of their liking with ease
- The furniture offered on rent is not unwanted, cheap or old
Short-term furniture rental: How it works?
So you’ve given it some thought and decided that renting is the best option. What’s the best way to go about it? Here are the simple steps you need to follow:
Decide on the furniture you want
Start by searching for furniture rental sites on the internet and then deciding what you want. Another option is to rent from a store that rents out furniture items. Consider doing some preliminary online research and then going to a furniture shop to see what they have in stock.
Handpick each furniture item
You may wish to hand-pick furniture items if you have a distinct sense of style. For those who find the thought of sorting among hundreds of pieces of furniture intimidating, several furniture rental businesses provide the option of sorting by colour, type, or design. Anything goes in a house, from big items like recliners and king-size beds to wardrobes, dining tables, home appliances, and much more.
Rent according to your space
If picking out every single piece of furniture you’ll need for a short-term rental seems like too much effort, furniture rental companies provide models of entire rooms from which to choose. Choosing a design style for each room is as simple as deciding on a retro look for the living room and a contemporary design for the bedroom.
Find a bespoke package
You may be able to choose a package from a furniture rental company that includes everything you need to equip your whole house. If you need furniture for your main bedroom, dining room, and living room, you may have it all in one package. All of the basic things you’ll need are included in the packages, but you may choose to add more or swap out other parts. Additionally, shipments may include goods such as glasses, mugs, mops, brooms, and doormats, making life even simpler.
Decide on a renting duration
Most places allow you to rent for one month or less. A month-to-month rental that is less than six or 12 months may be more expensive. Think about how long you’ll need your furniture before choosing a rental period. Inquire about the costs of shorter and longer rentals, and what happens if you decide to move sooner than what is mentioned in your agreement.
Complete verification and application form
You’ll be required to submit proof of identity documents to rent furniture items and an NOC from the owner if you happen to get the furniture delivered in a rented house. Your rental business will contact you to confirm your order after they’ve evaluated it. It’s important to remember that every company’s policies and processes vary somewhat, so be careful to ask questions upfront. When signing the agreement, rental companies will want your identity and address proof.
Set up a delivery schedule
The benefit of renting is that it’s hassle-free. Orders are sent within 72 hours, so you won’t have to sit around waiting for your furniture items for long.
FAQs
Should I buy or rent furniture?
If you're moving for an extended period, renting furniture may be a better option than purchasing since it's more cost-effective. In the long term, buying has its own set of advantages.
What things do I need to know before renting furniture?
Write down all the furniture you want to rent and the monthly or annual rental cost for each piece. In certain cases, the rental agreement stipulates a minimum time frame. Verify the amount of the deposit, the return conditions, the damage claims' terms, and other such things before signing anything.
Who sets up rented furniture?
The delivery team installs and lays out the furniture items as per your instructions.
What is the purpose of the security deposit?
Rental businesses take a security deposit of a certain minimum amount as soon as they make a decision on a plan. This money is refunded if the furniture items are returned in good condition and if you use them for the minimum period that you subscribed for.
Housing News Desk is the news desk of leading online real estate portal, Housing.com. Housing News Desk focuses on a variety of topics such as real estate laws, taxes, current news, property trends, home loans, rentals, décor, green homes, home improvement, etc. The main objective of the news desk, is to cover the real estate sector from the perspective of providing information that is useful to the end-user.
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