The cognitive process behind investing in things has evolved throughout time. Investing a large sum of money in something that would most likely drag them down for years does not appeal to the younger generation.
People are now not only aware of the renting trend but have also accepted and welcomed it with open arms. The millennials, of course, have made a significant contribution to this dramatic turnaround.
But why do people want to rent furniture? Is renting furniture worth it? You may be wondering. The truth is that it depends!
For many people, the benefit of renting furniture extends far beyond the appearance of the furniture and whether it will fit in their area. According to one study, access is the new 'ownership' for millennials, who prefer the rental experience over owning items.
Why spend a fortune when there is a simple alternative? The tendency appears prevalent in many aspects, including renting homes and furniture, calling an Ola or Uber (rather than purchasing a car), and even renting expensive clothing.
As the number of people co-living in cities grows, the frequency of abrupt lifestyle changes grows. The trend will only intensify as the cost of owning stuff rises and renting becomes more reasonable.
This blog will shed light on everything you should know about renting furniture, why it is a trend, and why you should rent a furniture item.
How Renting Became a Trend?
The furniture rental sector is worth more than $335 billion. Who would have predicted that the rental sector, particularly the furniture industry, would grow to this size and experience such an incredible economic boom - completely unexpected!
A few years ago, if you asked individuals whether they preferred renting or buying furniture, they would likely have said buying. Perhaps because there wasn't much awareness or because it wasn't trendy. However, the game has completely altered.
All are owing to changing lives, shifting viewpoints and purchasing habits, and a wide range of tastes and preferences. This expansion of the furniture rental sector would not have been feasible without the younger generations, notably the millennials.
Top Benefits of Renting Furniture Items Over Buying
· Instead of being trapped with old furniture that you must live with it, renting furniture allows you to utilize furniture that is modern and to your liking.
· It is not necessary to purchase furnishings following the residence that has been rented. Instead, renting furnishings may convert a rental flat into a comfortable home.
· Furniture, unlike a home or money, merely loses value over time. As a result, if you decide to sell it, you will only earn a portion of what you paid for it.
· The expense of purchasing furniture may be spread over time through EMIs, especially when it comes to fittings that have a short lifespan. Instead of paying large EMIs, easy monthly rentals of your needs may be a far better financial solution.
· Own furniture must be moved while relocating from one location to another. When renting furniture, there is always the promise of simple moving.
· If you are unsure about purchasing furniture since it would require upkeep over time, renting appears to be a better option.
What's Financially Better Renting or Buying?
Renting furniture is more financially practical, especially for millennials, who are typically trend-conscious, aspiring, and always on the move. It should be noted that many millennials seek value for money while pursuing their dreams and so choose to rent rather than own.
People's attitudes have shifted, and they no longer want to invest in long-term assets that would devalue over time. Owning a piece of furniture necessitates either a hefty initial investment or the payment of a monthly EMI.
This forces the customer to keep the furniture for a more extended amount of time. On the other side, you may rent your beloved furniture for a fraction of the monthly EMI for ownership.
Furthermore, selling your furniture during a relocation can be difficult, especially if you need to move out quickly and resort to a distress sale. Furniture on rent in Kolkata now provides free relocation or simple return on delivery.
Renting furniture may be pleasant if you want to experiment with different furniture types or take your time selecting the right furniture for your house. However, purchasing it may be more cost-effective. What works best for you?
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