A Korean American man in his 20s spends about $100 to $200 per month renting furniture, clothes, hiking gear, and repair tools. He said that because he moves frequently, renting furniture is more cost-effective than buying, especially when he factors in moving expenses.
Another Korean American said he is a freelance photographer and uses rentals when he needs a much higher-end camera or lens than his current one. It doesn’t cost as much money right away as buying a newer camera, so it’s easier to keep his money flowing. He is also renting other camera-related equipment and lighting once a month.
Younger generation consumers are showing a strong preference for renting over owning household goods and furniture. This trend has spawned a wide variety of rental companies.
“Renting can serve various needs for consumers, whether it is for flexibility, minimalism, or savings,” said Courtney Aleve, consumer financial advocate at Credit Karma. ”We’ve seen the ‘rental economy’ gain popularity as more opportunities to rent goods and services have flooded the market, offering them short-term access to a plethora of items over the last decade.” Experts cited convenience, low upfront costs, and keeping up with the latest trends as reasons why young people prefer to rent.
Apparel
Nuuly offers a service that delivers up to six outfits a month from famous brands such as Anthropologie and Maeve to your home. There are various styles of clothes, including maternity clothes, party dresses, and business casual. Customers can choose their favorite six outfits, wear them for a month, return them, and choose six new ones the following month. The service is available for $98 per month, without having to worry about laundry or repairs. If you like what you try on, you can buy it at a discounted price. Nuuly’s net sales grew more than 51% in the first quarter of 2024 year-over-year, and it has an average of 224,000 active subscribers.
Pickle, another rental service, rents out clothes, shoes, bags, and accessories for weddings, parties, vacations, and other occasions. A Miu Miu handbag costs $50, a Gucci necklace for $120, Louis Vuitton earrings for $30, Hermès sandals for $100, and a Zara handbag for $10.
Furniture
Furniture rental company Cort rents furniture for homes, offices, and events. Customers can rent beds, chairs, dining tables, and sofas, as well as dishes, cookware, toasters, and coffee machines. You decide what you want, pick a date, and a staff member will bring the furniture directly to your location. There are also packages for students and military personnel who move frequently. The service rents consumers the furniture they need for a one-bedroom for $129 per month. Customers can rent furniture, as well as plants, paintings, mirrors, and decorations for their homes through AFR Furniture Rental.
Tools, appliances, and more
Home Depot rents chainsaws, lawnmowers, carpet cleaners, ladders, and other tools that are not used frequently at a home, are bulky and difficult to store and so are not economical to buy. A carpet cleaner costs $39, a chainsaw $61, and a lawnmower $46 per day. Appliance Warehouse rents washers and dryers for $22 to $55 per month. Refrigerators are around $40 per month. The company provides free installation and free repairs for the duration of the lease.
Lens Rentals is a company that rents cameras, lenses, and lights. They rent cameras from Canon, Nikon, Sony, Fuji, Panasonic, and Blackmagic. Once you rent a camera, you can use it for 7 days. Prices range from $30 to $800 depending on the brand and product.
BY HAEUN CHUNG, HOONSIK WOO [chung.haeun@koreadaily.com]
