The worldwide furniture rental business is estimated to be valued at more than 300 billion dollars, with an exponential growth rate. People have started accepting the fact that rented furniture is the future. Startups and majority offices now use rented furniture. They brought previously unstructured, community/locality-based enterprises into the internet sphere.
Why rented furniture?
City life is itself expensive. People move to cities for better exposure and projections, but to live in a city with the basic average Indian salary people can’t cover all expenses and save enough to decorate their houses with lavish decorations. Expenses like commuting, food, and house rent demand a major chunk of the in-hand salary. But this should not stop anyone from living in the dreamhouse. This is why furniture renting has become so popular in urbanized India. People can easily rent the furniture that they need by paying a nominal monthly fee and enjoy the comfort without needing to spend a lump sum at a go.
Marketplaces offer modern appliances on rent. Subscribing to these is extremely easy and there are hundreds of options to choose from. If anyone needs to shift from one city to another, they can unsubscribe immediately and the owners will take the furniture away. This is a completely hassle-free process when we compared it to the traditional way of buying furniture.
A premium sofa set costs around 100000 or more. For any corporate worker in their 20s, spending 1 lakh on a sofa set sounds ridiculous. Devadrather invests it and gains compounded returns on it.
Investing in furniture is not like investing in land. The value depreciates as soon as you buy something. So there is less or almost no resale value. If you move from one state to another, the amount you need to pay for its transportation adds to the unrecoverable expenses. Renting furniture is a one-stop solution to this.
Not only furniture but machines are also available for rent. Multiple agencies provide machines on rent for people who don’t want to spend their immediate fortune. These include any appliances that people need for their daily usage, like:
- Air conditioners
- Kitchen appliances
- Gas oven
- Microwave ovens
And many more.
Revenue Analysis of Rentable Furniture in the last 5 years
According to data from market researchers, it has been concluded that countries like Japan, England, America, etc are major contributors to the global furniture renting market. These are other countries where furniture renting has boomed exponentially. The market value of furniture on rent has increased by about 4% from 2016 to 2020. This steady rise in demand has spread to other countries like ok India and the Netherlands where people are starting to become a member of the furniture renting community. Hundreds of IT forms use furniture and equipment worth crores of rupees. In the past decade, they have started to rent furniture, contributing largely to the furniture renting ecosystem.
If you are moving to a new town and need furniture for setting up your home, renting is the best option available. As the demand has increased, renting agencies have also increased in frequency. Machines on rent are available as per your request and appliances are available for your daily needs.