We live in an era where nothing is permanent, and our fast-paced lives can evolve daily. So, when everything can be changed and replaced in one go, why buy when you can rent?
Well, the asset-acquiring habit among Indians is now taking new parameters, and we commonly call it Renting.
Yes!! You read it right. From houses to furniture, smartphones to vehicles, everything is readily available on rent. Talking of rental economy, the most common age group that is more likely to avail the rental services is of millennials (i.e., those falling between 22 to 37 years of age).
There is no denying the fact that the rental economy is experiencing a great boom, and the primary reason behind the increasing demand for rental startups is the ease of setting up an entire place on a low budget and living the best possible life. With so many millennials moving to a new city every day, it becomes difficult to invest a considerable amount of money in buying new furniture and appliances. What is even more painful is transporting the same furniture in a loaded truck, if one needs to move to someplace else.
To make things easy, the rental startups are providing the service of free transportation, easy switching of products (in case you get bored of the one you have rented), and easy return of the same. Besides offering financial ease, these are some of the factors luring millennials into renting more than buying. So, it does not matter if people want to rent a TV or furniture and appliances for the entire house; they get everything at just the click of a mouse.
According to a report, the total of India’s electronic appliances, furniture, and two-wheeler rentals is around $ 1.5 billion. Well, the boom in the rental industry can also be estimated from the fact that in recent years (approximately three years), almost 100 rental service provider companies have come up to cater to different needs of people.
The idea of sharing economy is simple and a good one too. But the main question that arises is:
- Why anyone would spend a specific amount of money on renting which could have otherwise been used on buying?
Well, the answer is simple and has already been talked about in the article earlier. The frictionless services offered and the products that are more economical and practical to own makes renting an easy-to-go option for most people.
With so many rental services offering companies including Rentomojo, Furlenco, and many more, it is not only the affordability and secure services that make the millennials want to rent. As already mentioned earlier, the constant on-the-move lifestyle of the millennials leans them more towards renting.
According to the consulting & audit firm PricewaterhouseCoopers, the sharing economy may be able to generate potential revenue of $335 million by the end of 2025.
With the younger generations abandoning the idea of traditional buying and settling as they are moving towards a fast-paced lifestyle, the rental startup ventures are cropping up to fulfil the rising demand of rental items, and as a result, the rental market is continuously growing in numbers.
How Is Rental Industry Affecting Lives?
With its hype among the millennials, the rental industry is taking the nation by storm. Well, over time, people of all age groups understand the benefits of getting furniture, appliances, and other stuff on rent.
So, how is the rental industry affecting lives for the better?
Let’s take a sneak peek at some of the benefits of renting stuff rather than buying.
- Ease of Moving
In a transferable job, relocating to new places with old and bulky stuff could be a headache. This also calls for a lot of time, effort, and money to arrange for packers and movers. However, under such circumstances, renting could provide an easy solution.
- Easy Maintenance and Return
Furniture and appliance maintenance is a tough chore. Thus, to ease the process, many rental companies provide complimentary maintenance service to their customers.
- Trial Before Buying
There are times when people regret their decision to buy a piece of furniture or fancy appliances. Well, this problem has been solved by the rental companies. They not only allow their customers to use the rented products for months but also give them the freedom to try the product before renting.
- Hassle-free Change Policy
People usually get bore of their furniture and home decor items quickly. This is where renting comes effective. Many of the rental companies provide their customers the freedom to change the product any time with the one they like whenever required.
With all the benefits, renting becomes an easy option in comparison to buying.
What is the future of the rental landscape?
Although buying is always a good option of investment, the rental startups are booming as they ensure that everybody has convenient and economical living options. Well, no one can tell what items are up for the rental market next, but it is considered a wise decision on the part of anyone who decides to invest in the potential rental industry.
As the generation of the millennials comes into power and with the rising demand of products available on rent, the rental industry grows to equip its customers with everything they need, and investing in such a vast industry is a decision which no one will regret.
To Make the Story Short…
With everything changing significantly, the trend of renting over buying is making life easy. Enabling people to live life the way they want while being pocket-friendly, the rental industry is going to experience tremendous growth in the coming years.
Not only will renting help in making life easy by settling down at a new place without having to worry about moving with a truckload of furniture and appliances, but the availability of designer clothes and accessories without the need to break the bank will fulfil the desires of customers to live a classy life.
So, there is no doubt in saying that with the rental startups noticing a gradual rise at a fast pace while offering their impeccable services to the customers, renting is taking the place of huge investments otherwise made in purchasing, and is the modern-day buying.