Furniture Renting: A Need in Indian Residential Market

The Indian residential market is traditionally an unfurnished market i.e. most Indian accommodations don’t have all the fixtures and fittings built into the apartment that most Western quality homes do. Appliances and furniture items are usually missing, hence making renting the furniture and appliances an important option.

Also, with a rise in mobility for various reasons viz. relocation to another country or city for job/ employment/ better career opportunities/ higher education, renting furniture has become a highly preferred option to access good quality products without having to spend upfront on purchasing and making the asset a liability. A lifestyle Millenials prefer.

Changing Mindsets, Changing Practices

With changes in lifestyles and mindsets, the desire of ownership is being replaced by the volition to have better experiences by sharing/ renting of resources which allow consumers to use high end products without investing a sizable capital to own the products. Thus, even in India more and more people are opting to rent everything from clothes to furniture to property.

Miscellaneous Options for Renting Furniture

The furniture rental concept allows individuals to rent or borrow goods, services or skills without having to purchase them. Online lifestyle rental start-ups like Rentickle, Furlenco, GrabOnRent and RentoMojo among others are bringing about a change in how people own/ use products.

Startups like these are redefining the lives of expatriates, young professionals and students living in metropolitan cities like Bengaluru, Chennai, Hyderabad, Delhi and Mumbai. Be them newly married couples, or bachelors setting up a home on low budgets, or expats or foreigners relocating to India for a short period of time or even students pursuing professional courses and higher studies away from home, renting allows access to various luxurious products, including home and office furniture, home appliances, soft furnishings, fitness equipments, and gadgets like laptops and computers at the click of a button owing to furniture rental portals.

Delivery, set up and pick up are usually free and relocation, cleaning, complimentary maintenance, and swaps are also part of the package.

One can get complete bedroom package for as little as INR 1500 a month which includes a double bed and mattresses, a bedside table, bed linen, a dressing table, and a wardrobe. To rent a set of basic furniture and appliances the cost is anywhere between INR 7,000 and INR 15,000 each month. Higher end furniture and appliances for a three-bedroom apartment can cost as much as INR 750,000 to purchase, but can be rented for as little as INR 25,000 per month. Of course, the rental company expects certain minimum commitment to rent, usually at least twelve months.

The Pros and Cons of Furniture Renting

Pros

• In the short-term, renting furniture is more economical than buying.

• You can change the look of your home and upgrade appliances often.

• No hassle of maintenance as it is handled by the renting company.

• Delivery and pick up are complimentary.

• If you are not satisfied with a certain item, you have the option of exchanging it.

Cons

• Although some rental services promise to waive or discount minor damages, you could end up paying a hefty amount for repairs or replacement.

• This is a recurring expense and in the long run could prove to be uneconomical or expensive.

• The choices available maybe limited and you may have to take your pick from what’s on offer as opposed to buying where you have limitless items to choose from.

• Sometimes the furniture may look different from the photos available on the websites.

• Delivery timings may not be adhered to, so delays can happen in some instances.

• You may be notified last minute that a furniture item selected may not be available so you may have meet with disappointment.

• You may sometimes get damaged or unclean furniture items.

• Quality of furniture may not be as expected.

• Minimum rental period could be as long as twelve months.

• A security deposit is usually required to be paid to cover possible damages.

For whom does renting work

If you have a job that entails relocating often or if you are expat or foreigner in India on a work or job assignment, or if you are required to make temporary living arrangements, you would not want to be saddled with furniture as an asset/ liability. Packing and moving is expensive and not to forget damages that may occur to your furniture while moving, and thus, renting comes across as a smart option.

Also, if you are expecting guests for an extended period of time and need to furnish one of your bedrooms just for the duration of their sojourn, renting furniture makes more sense than owning.

All in all, with dynamics of living in Indian metropolitan cities changing in line with those of other global cities, renting furniture and other goods is becoming a popular practice with multiple options at the disposal of the customers.