In these days of ridesharing and Netflix, ‘owning’ as a concept has become less vital. From homes to cars to electronics to clothes – millennials, today, prefer to rent anything and everything. This trend has now moved to furniture. Over the last two years, subscription-based furniture rentals have garnered significant attention. After all, it is a commitment-free way to decorate your home and that too within the budget.
So, why rent?
“Anyone who has moved from one apartment to the other knows the pain of moving furniture. I just had a bed and a mattress for which I had to pay a huge sum of money to the packers and movers. This was when I decided to rent the remaining furniture for my new rental home in Koramangala,” says Sujith K, who recently joined RoofandFloor as a Graphic Designer.
Renting furniture is an evolving trend that is both practical and cost-effective. Sidhant Lamba, Founder, Fabrento says, “Renting furniture comes with its own perks. It is a boon for people with transferable jobs. Additionally, it also offers flexibility sans the burden of buying.”
He further explains “Relocating furniture can often result in damage. Thus, if you’re in a situation that calls for a temporary living arrangement, renting makes more sense.”
How much does it cost to rent?
“I relocated to Bangalore in May 2017. After paying the security deposit, I was hardly left with enough funds to buy an air conditioner. Furlenco came to my rescue. I could rent an AC for as low as Rs 599 per month,” says Ankita Shukla, a marketing professional in a leading MNC.
So, how much does it cost?
Lamba explains, “A typical 2BHK house can be furnished in as low as Rs 3,999. The same furniture will cost Rs 150,000 – 200,000 if someone wishes to purchase the same.”
The starting price for a basic bed with a mattress and a side table is usually Rs 999, which goes up to Rs 2,499 for premium furniture. Now if you buy the same, it would cost anywhere between Rs 40,000-80,000. The upfront cost in buying is higher than renting. However, if you wish to use the furniture for a longer duration, then buying might be a better option.
Fabrento, Furlenco, Rentomojo, and Cityfurnish are four prominent players in this space. Interestingly, Pepperfry, one of India’s leading marketplaces for furniture and home décor products, has also entered into this space to cash in on the growing popularity.
These start-ups let you rent furniture for your living room, bedroom, dining room, study room, kitchen and much more. You can also customise your plan as per your requirements. Most of these start-ups operate in major cities such as Delhi, Mumbai, Chennai, Pune, Hyderabad or Bangalore.
Typically, websites offer an annual, three-month or six-month plan. You can also exchange the furniture or buy it after your rental plan is over. Shipping and delivery are also included in the monthly payment cost.
How does it work?
• Pick the furniture you wish to rent
• Fill the form and proceed to pay
• The amount you spend is a refundable security deposit
• And you are done! The company will deliver and set the furniture (if required) for you!
Flexibility: Renting furniture doesn’t lock your money. Additionally, it eases your shifting hassles.
Easy on the pocket: One of the biggest pros of renting the furniture is that it doesn’t impact your budget. However, as mentioned earlier, one must consider the timeframe of renting.
Upgrade for free: Tired of the same look? Bored of things at your home? You can always get the furniture changed to upgrade the look of your home, without any cost.
Free relocation: Some start-ups offer free relocations service. Thus, you can also save on moving.
Professional cleaning: Some of these companies also provide free cleaning services to keep your furniture sparkling.
One of the major cons of renting furniture is that it lacks the feeling of owning the furniture.
Damages could cost you: Small damages are often taken care of by the company. However, if the damage is extensive, you will have to shell out a lot of money for repairing it.
No personalisation: While you can choose the package or kind of furniture, the furniture itself will not be custom-made for your space.
Recurring expense: Lastly, buying a piece of furniture is a one-time expense. Renting is a recurring one, which can add up over time.
While renting furniture is the in-thing now, financial experts advise that it is feasible to buy furniture if you are staying in a city for at least one or two years. With online portals offering interest-free EMIs, it makes more financial sense to buy the product on EMI for about the same price you might be paying for renting it.
As with the old ‘buy or rent a house?’ question, ‘rent or buy furniture?’ is ultimately a matter of your financial capability.