Renting office furniture has always been a common practice but now, the demand for renting home furniture is rising, especially among younger consumers who favor a flexible and mobile lifestyle.

So, how does renting furniture make sense?

Appeals a younger consumer

Reporter Leo Aquino wrote about his own experience renting furniture for Business Insider. He kept an eye out at sidewalks and websites like Craigslist for used furniture but quickly realized that reupholstering furniture and getting it shipped to his house is still a great expense.

He eventually hit his breaking point with cheap furniture. So he explored options and found a rent-to-own option where he could buy the piece of furniture at the end of the lease by paying the remaining difference.

His couch costs $59 per month and the bed frame costs $19 per month, totaling to $105.19 with fees and taxes. He doesn’t need to worry about storing or selling items and can have the decor that he desires without shelling out $1,500 on a nice couch, making it an affordable option.

A more sustainable option

Brands like Ikea are exploring leasing models in hopes of transitioning into a circular business model by 2030, with hopes of using only renewable or recycled raw material.

The company had introduced a limited rollout of Ikea Rental in six markets during 2021, per CNBC News — Finland, Sweden, Denmark, Norway, Spain and Poland.

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Renting furniture can solve the problems of “fast furniture” which relies on cheaper materials.

“People are tired of throwaway junk, and the furniture industry as a whole did itself a disservice years ago by trying really hard to move toward furniture that one would throw away,” said Kicki Murbeck, a circular business designer on Ingka Group’s circular innovation team.

She expects refurbishing services to grow rapidly as well. “The circular furniture subscription service that we are testing isn’t only about the products as such, although they are of course very important, but is also about understanding what the customer needs and wants and to be able to meet those needs that might change over time,” Murbeck said.

Companies like Cort, Feather, Brook, Aaron’s, Rent-a-Center, AFR and Fernish are already catering to this rising demand.

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