Furniture Renting: The New And ‘In Thing’ In India
Joint families have increasingly become a thing of the past as urban India moves towards a state of nuclear families. As newly married couples often move into new houses, there arises a need to furnish the entire apartment. In such a scenario, buying all the necessary furniture will lead to a large financial outgo that may not be feasible.
Moreover, people may have other priorities on what they would prefer to spend their money on. For instance, families with double income and no kids generally tend to spend relatively less time in their homes. Their priorities might be on fulfilling other aspirational needs like buying a car, traveling, or spending on the latest gadgets rather than splurging on furniture.
Another interesting category is that of students who move from one city to another to pursue higher education. While they may wish for good facilities, it will not be feasible economically for them to invest and set up an entire room or apartment on a student budget.
Rental furniture: An easy way to choose modern designs with minimal expenditure
Catering to the growing number of people with such needs, furniture renting is the new emerging trend, courtesy of the convenience and added benefits of renting. Renting furniture is not only a great way to save on major capital expenditure but also allows one to furnish the house in style and opt for an upgrade whenever one feels like.
The concept of co-living is not new in India, especially in metros and tier-1 cities, where the cost of housing is high. Here, the priority is to reduce the time taken to commute to work. Consequently, the location of the house takes precedence over the luxury of owning the house or the furniture with it. As this segment mostly consists of unmarried professionals who are just starting their careers with big dreams and aspirations, their monthly budget is often restricted due to other expenses. A common thread shared by these individuals is the faster growth in the beginning stages of their careers and the ever-changing nature of their requirements, including furniture. Under these circumstances, rented furniture is a blessing for young Indians.
The market for rental furniture and the role of online service providers
The segment of the population falling within 18-35 years in India is massive and will continue to grow for the coming decades owing to the nature of the country's demographics. The people in this age group are well-informed and up-to-date with current trends and global practices. For the millennials, convenience is paramount, and living life without any obligation is a way of life. They do not want to be bogged down to a single place and the same set of furniture. Furthermore, they prefer to spend more on experiences and lesser on owning stuff. Industry experts suggest that this is the target group that is responsible for the growth of the rental furniture market.
Furniture rental portals on their part have been quick to identify the same and have started catering to audiences with a wide range of product offerings. “Be it a study table, a bookshelf, an office chair, a television unit, or one/two/three-seater sofa; the customer gets to choose among different colors, materials and price ranges. One can opt for a change in the look of the living space, from the convenience of one's home with easy transactions," explains Geetansh Bamania, founder of RentoMojo.