This world is all about revolution and is always dynamic. And currently, our world is being taken over by the generation born between 1981-1996, also known as millennials.
Millennials are practical, 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? Whether it is renting a house, a vehicle or even taking 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, the constant urge for change, with the very moving nature of people’s work — ever-changing, unpredictable lives, and even students move to different 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. Last year, the aggregate revenue of the furniture market was approximately $40 billion. Of this, a staggering $2.5 billion was contributed by the furniture rental market.
Reports and researchers suggest that this will further rise to a whopping $850 billion by 2030. 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, 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, co-founder and CEO of Cityfurnish, a furniture-renting website.
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 can put extra burden on people. To top it all, moving furniture to a new place and setting it up all over again can be 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 ease?
Not just this, but there are actually many other reasons why millennials choose rentals over owning furniture. Some of them are:
Lack of investment and freedom to move
While buying home furniture seems like a great idea if you want to settle in, in today’s fast-paced world where one 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.
No worry 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 initially spent on buying it. However, this is not the issue with rentals. When you rent furniture, you get to skip the pain of loss.
Furthermore, shopping for permanent furniture can be really tedious. You not only waste money but also precious time. Initially while searching and purchasing the furniture, and later when you have to sell as it’s hard to find the right buyers.
Power of change
Not only do millennials love changing places but they also love to a change in scenery or ambience.
This is why they’re inclined towards the renting. Along with it being a huge investment, purchasing furniture is also a long-time commitment and you get stuck with it for years. Sometimes the commitment is for as long as 15 years, which is a long time to spend with the same vanilla pattern of furniture.
Renting, meanwhile, allows one access and flexibility to change furniture whenever one wants to.
Eco-friendly on many levels
While we deal with an environmental crisis, furniture rentals can even help in conserving the environment.
Every year tonnes of furniture products are sent for landfilling but not all of it is environmentally friendly. Plastic and foam are some materials that do not degrade easily and this causes a blockage of landfills that further results in the chemical imbalance of the soil.
Other than this, furniture is often discarded before they have completed their life span and this results in excess waste and also leads to excessive production of new furniture, which further exhausts resources.
Furniture rentals let the furniture be used and reused and this makes wastage fairly less. This also involves better use of furniture.
Furthermore, 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 to 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.
(ThePrint ValueAd Initiative content is a paid for, sponsored article. Journalists of ThePrint are not involved in reporting or writing it.)
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