A decade ago, renting was considered a taboo whereas owning anything was seen as a source of pride. Nowadays, people aren’t pressured to buy things that will only be used once because of social norms. For today’s millennials, having an “experience” is more important than owning something.
So, today’s young people don’t seem too worried about not having things they need or want, since they can easily rent these things even if they can’t afford to buy them. Especially when you are living away from your house (in a rented house), buying furniture on rent is a better deal.
Renting furniture is Becoming More Popular
People no longer choose to work for the same company for many years and live in the same city or suburb in a single house. For their jobs, people are on the move more and more. Since these millennials move every few years or even every few months, it makes more sense for them to rent a house and furniture than to buy them.
“In the world we live in now; lifestyle subscriptions are a new way to live. Geetansh Bamania, the founder and CEO of RentoMojo, says that the company’s products can be rented for low prices and delivered, set up, and picked up at the customer’s convenience. “We want our customers to try something new all the time instead of living with the same piece of furniture or appliance for decades,” he says.
Advantages of Renting Furniture
- One need not buy furniture according to the house one has taken on rent. Instead, one can transform the rented apartment into a cozy home by taking furniture for rent.
- While the cost of owning furniture can be spread out through EMIs, this can dent one’s finances, especially regarding 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 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 the case of rental furniture, there is always a promise of easy relocation.
- 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 purchasing it.
- By renting furniture, one gets to use contemporary furniture according to one’s liking, instead of being stuck with outdated furniture you have to live with, only because you have invested in it.
The rental industry has now expanded into numerous sub-sectors as a result of its increased visibility and awareness on a worldwide scale. PwC estimates that India contributes 10% of the global renting culture, which is estimated to reach USD 335 billion by 2025. Apartments aren’t the only thing that are rented these days; you can also get everything from vacation houses to luxury automobiles to designer clothing and accessories to luxury handbags. If you live in a rented house in bangalore, consider checking out rental furniture in bangalore.