Gen z prefer renting over purchasing.

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Renting is now said to be the new way of living for millennials! In India,  the boom has fuelled the rise of new furniture and appliance renting in recent years.  For millennials,  choosing to take furniture on rent option is as much about taking a road less travelled as it is about saving money. Buying everything that you need in your house seems like a great option , but with time this perception is changing .

This trend can be attributed to a change in lifestyle,  preferences,  or simply the budget. Millennials most often seek mobility and do not want to stick to one particula geography , they go where their jobs take them.

The reasons may include

  • Taking furniture on rent is easy on the pocket

Single piece of furniture can cost very much . Purchasing every single item of furniture can take a huge toll on the budget. The down payment is a very big deal . Hence , renting is the most preferred option as it is very pocket friendly. Renting involved no huge down payments or huge investment.  There will be a nominal fees which students can pay. Therefore,  millennials prefer a small monthly rent for the things that they need , instead of putting a load on their pockets. If they are living on sharing basis,  even the monthly rent of both the furnitures and the home appliances can be divided .

  • It makes moving to a new place smooth 

Millennials are more focused on their jobs,  and due to this   hey move to different places , more frequently,  when you’ve purchased everything,  you either have to tag everything along with you wherever you move or you have to sell. But with renting,  moving out and settling into any place becomes easy.

  • Rentals gives the freedom to upgrade 

Furniture is a Long term investment. No one would be willing to invest that big of an amount to change the furniture every six months or so. This is also the reason why millennials prefer renting over purchasing.  With  renting , there is a freedom to upgrade to newer and fancier models because there is no heavy investment or loss involved.

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