Mumbai (Maharashtra) [India], April 29: Do you remember the days when we used to rent a bicycle for a day with 10 RS? Or the time when we rent a room for studying in another city? Or when your mother decided to rent jewelry just because the one at home doesn’t match the dress?
India holds millions of stories, but we believe, thousands of them are somehow related to rentals in one way or another.
Like yesterday one of my relatives said she rented a bed just because her mother-in-law was visiting her. It just feels amazing to think of what sense of satisfaction she would have felt when nobody had to “adjust” for a guest and yet, giving them the utmost comfort.
Furniture Rentals are the next big thing. As India is transitioning from Agriculture based sector to a Service-based sector and many young Indians are moving to cities as a young workforce, there is ever ongoing demand for Furniture that can be rented.
The concept of renting furniture is not yet properly settled in the mind of the old generation as owing the basic thing like furniture is often thought as the best option. But millennials are practical, they know the hardships that come with owning furniture. It’s not just practical for them to own a 40-50k sofa set when they know they would be in another city in the next 2-3 years and transportation is not cheap!
The concept of using rental furniture is new to tier 2 and tier 3 cities but it’s not entirely an alien concept as we saw the success of OLA and Uber in these cities. As per the reports, investors are really confident in these cities for the future of furniture rentals as we saw a rise in startup funding in this sector. As we saw in a recent PWC study, that the sharing economy in India is valued at $1.5bn with future projections of $10bn by 2030
Today’s generation is more evolved and adapts to the modern lifestyle than its counterpart. With unique and individual preferences, this set of people are opting for modern furniture and flexible usage and hence makes for an important category to the retailers.
Indian furniture rental market can be divided into further categories as per the needs of the customers. For example, the “Bed” category is the most popular one and gets too many customers with respect to other categories like Sofa, chair, tables, etc.
This is quite obvious too, as any practical person would say that Bed is more of a necessity rather than luxury and the young working force would think of renting a Bed before anything else. Then there is kids’ furniture, which is said to be the next big thing in upcoming years.
Another category that can be added is the time period. It has been observed that an ideal time period for renting furniture often comes around 1-2 years. This is the most preferred duration by youngsters for renting any furniture.
For more information, visit https://cityfurnish.com
Mumbai, Maharashtra [India]: Rent or purchase? When it comes to choosing and furnishing a living space, it is a question young people often ask themselves as they begin establishing their personal as well as professional lives. Well, of course, buying everything that you need in your house seems like a great option but with time, this perception is changing. Haven’t you heard? Renting is said to be the new way of living for millennials!
In India, the boom has fueled the rise of new furniture and appliance renting in recent years. The country’s furniture and appliances rental market alone is expected to be worth $1.89 billion by 2025, according to Research Nester. For millennials, choosing to take furniture on rent option is as much about taking a road less travelled as it is about saving money.
Call it the change of lifestyle, change in preferences, or simply the budget. According to a survey of 1000 students living away from their homes, 7 out of 10 prefer to order their furniture on rent and even home appliances instead of purchasing everything. Why? Well, due to the nature of their jobs, millennials most often seek mobility and do not want to stick to one particular geography. They go where their jobs take them. Moreover, it’s not just the working-class people, but the ones who study as well. Interestingly, with a new generation, there is a shift in values & culture. Millennials are not so amused or keen on furniture or even home appliances ownership like the previous generations.
Instead, they are now more focused on their jobs and look for financial freedom rather than buying everything and getting ownership of assets. This paradigm shift in their mindset compared to previous generations has also meant that millennials shy away from the obligations and hassle that tag along with buying the furniture. Searching, making huge payments, paying extra while moving to another place, or finding a buyer to sell the furniture to, etc. There are a lot of factors involved. Plus, it is a huge toll on the pockets.
Due to the nature of their jobs, millennials seek mobility and do not want to get stuck in one location. Taking the furniture on rent offers more flexibility and freedom of moving base when a more exciting job opportunity comes their way. Well, there are other benefits too. Let’s discuss in detail why renting is their preferred option and what benefits do they get out of it.
Here are the reasons why renting is the new revolution amongst millennials –
Taking Furniture on Rent is Easier on Pockets
You know how much a single piece of furniture can cost. And if you are furnishing your place from the scratch, purchasing every single item of furniture can take a huge toll on the budget. The down payment itself is a big deal. Therefore, renting is the most preferred option. Why? Well, of course, because it is extremely easy on pockets. Taking the furniture on rent involves no huge down payment or huge investments. There’s a nominal monthly fee which even students can pay. Therefore, millennials prefer a small monthly rent for the things that they need, instead of putting a load on their pockets and purchasing everything. Plus, as mentioned before, it’s a perfect option for students as well. If they are living on a sharing basis, even this monthly rent of both the furniture and the home appliances can be divided. This makes the whole process extremely easy on their pockets.
Renting Makes Moving to a New Place Much Easier
As we said, millennials are more focused on their jobs, and due to this, they move to different places more frequently. When you’ve purchased everything, you either have to tag everything along with you wherever you move (which is extremely hard and involved a huge pickup and delivery costs) or you have to sell (which again, is hard because you have to find the buyer and wait for the things to get sold). But with renting, moving out and settling into any place becomes easy. There’s no headache of searching for sellers and selling everything or packing everything and moving everything to the new place. With rentals, there are easy returns and you save on extra costs of pickup services. Plus, furniture renting companies like Cityfurnish provides free delivery and pickup options!
Furniture Rentals Give You the Freedom to Upgrade
Owning the furniture is a long-term investment. No one would be willing to invest that big of an amount to change the furniture every 6 months or so. Unless, of course, if you are extremely rich. Buying the furniture means you are stuck with it for years. 10 years, 15 years, who knows? And what if when you moving out of a place but don’t want the same furniture or home appliance at your new place? What if there are some new models of furniture or appliances that you want but you restrain yourself due to the budget? With renting, you have this option. This is also the main reason why millennials prefer renting over purchasing. Don’t like to keep the same piece of furniture for more than 6 months? Change it! A great option, right? With rentals, there is the freedom to upgrade to newer or fancier models because there is no heavy investment or loss involved. New place, new furniture, new ambience. Sounds great, right?
No wonder millennials prefer renting over buying. From getting everything that they want in their set budget to getting added benefits like free delivery, pickup, and maintenance of the home furniture and home appliances, millennials have it best. And given that the demand for furniture rentals is increasing and there is relevant supply too, we at Cityfurnish believe that renting furniture is set to grow significantly in the future.
Haven’t tried renting yet? Well, what’s stopping you? See how taking furniture on rent can benefit you. Save up on costs and get free services with renting. No hassle on the documentation process as well, as we provide doorstep documentation too. Check out our huge range of furniture and appliances, compare and order without any hassle!
Premium furniture at affordable monthly rentals is available on https://cityfurnish.com, the official website of Cityfurnish.