This world is all about the revolution – always and forever dynamic. And currently, our world is being taken over by the generation born between 1981-1996, also known as the “millennials”.
Millennials are practical, they believe in living in the moment, and are not that keen about ownership of big or costly assets. Why not rent it out, when it’s a more efficient way? Be it renting a house, or a vehicle, or even taking their furniture on rent – everything has a “rent-it-out” outlook. They choose to rent instead of buying, and rightly so because just look at the benefits!
Rental services help with the budget, they help with the constant urge for change, they help with the very moving nature of people’s work, the ever-changing & unpredictable lives, and even the student who move to other cities to get an education.
The furniture rental market has witnessed significant growth in recent years and with time, the curve has been steadily moving upwards. Take the last year itself – the aggregate revenue of the furniture market was approximately $40 billion. Out of this, a staggering $2.5 billion was contributed by the furniture rental market. Reports and researchers suggest that this will further rise to $850 billion by 2030. Which is a huge deal! This has all been possible because people are now getting more familiar with the option of taking furniture on rent, which provides them with a huge variety of furnishings, including home furniture, home appliances, etc., and that too at highly affordable offers.
“Wanting to spend their disposable income on apparel, grooming, travel and overall lifestyle, this generation is choosing to rent durables rather than purchase”, said Neerav Jain, the co-founder and CEO of Cityfurnish, talking about this change in buying behaviour.
Of course, with the growing development, comes the need for mobility. Moving to a new city due to work can be a big change and it does put some extra burden on your plate. On top of it, when you have to move all that furniture and set it all up again in your new house? Well, that’s a major headache. Here’s when furniture rentals come into play. Why purchase furniture and go through all that trouble when you can just take any piece of furniture on rent, return it when it has served its purpose and move on with your life?
This smarter, more efficient and effective way of living has now become a revolution amongst millennials, and rightly so. After all, who wouldn’t want to make the transition from one home to another with such ease? Not just this, but there are actually many other reasons why millennials choose rentals over owning furniture – Well, it’s all about the experience, after all!
Lack of Investment &Freedom to Move
While buying home furniture seems like a great idea if you want to settle in, but in today's fast-paced world where you constantly need to move for competitive jobs and have a packed schedule, buying furniture doesn't seem practical.
When you move to a new city and rent a house, you know you'll have to move after a year or two. Thinking of moving all the furniture to that new place and then to another just adds to the anxiety of general change. This is why taking home furniture on rent is a great option if you move that frequently and are on a small budget. Some great furniture rental service providers like Cityfurnish even provide free delivery and pick up services, so you end up saving more than expected. Plus, the documentation process is smooth and there’s no heavy down payment on basic furniture items such as sofas, double bed, tables, etc.
No Worries About Depreciation
While the value of investments such as gold or a house might increase with time, the value of furniture only decreases. So, when you decide to sell your furniture, you end up with a fraction of the money that you spent initially on buying it. However, this is not the issue but rentals. When you have rented furniture, you get to skip the pain of loss.
Plus, shopping for permanent furniture can be really tedious. You not only waste money but also your precious time. Initially while searching and purchasing the furniture, and again when you have to sell as it's hard to find the right buyers.
The Power of Change
Not only the change of place but millennials love to have a change of scene or ambience as well. It's like change was injected into their veins.
This is why they’re inclined towards the rental options. See, along with being a huge investment, purchasing furniture is also a long-time commitment and you get stuck with it for years. Not trying to freak you out, but it can even go up to 15 years. Yes, that's a long, long duration with the same vanilla pattern of furniture. Renting gives you the access to change, the flexibility, and the power to replace your furniture as you please. Saw a new model of the wardrobe you have? Well, get it replaced with the new one!
Eco-Friendly on Many Levels
While we deal with the environmental crisis, here's a deal, furniture rentals can help the environment. You might ask how. Well, here’s how.
Every year tonnes of furniture products are sent for landfilling but not all of it is environmentally friendly. Plastic and foam are some of the materials that don't degrade easily which causes a blockage of landfills and that further results in the chemical imbalance of the soil. Other than this, furniture is often discarded before they have lived their span, this results in not only excess waste but also leads to excessive production of new furniture leading to exhaustion of resources.
Furniture rentals let the furniture be used and reused; this makes the waste on furniture part pretty less. This also involves better usage of furniture. Plus, most rental companies work with high technology and make recyclable furniture. This leads to the lack of choked landfills.
In today's fast-paced life, where the change is the new normal and life requires you to be on the constant move – renting furniture is a perfect choice. And to cater for your choices, taste and preferences, Cityfurnish has curated a wide range of furniture items that you can rent within minutes. Along with a seamless renting process, you also get to enjoy free delivery, installation, maintenance, and pickup.
For in-depth, objective and more importantly balanced journalism, Click here to subscribe to Outlook Magazine