Renting furniture offers cost-effective options for consumers to avoid high upfront purchasing expenses, states Fact.MR

According to Fact.MR, a market research and competitive intelligence provider, the global furniture on rent market is estimated to reach a valuation of US$ 6.5 billion in 2024 and is expected to grow at a CAGR of 7.0% during the forecast period of 2024 to 2034.

Amidst the growing rates of commodities, many buyers are now shifting their minds to alternative easy on pocket ways of acquiring furniture. One way this development is happening is through renting which allows one to escape from spending too much at once. In urbanized regions for example, where houses and everything else keeps on becoming more expensive others have decided flexibility and financial discipline come first. Thus, furniture renting substitutes are available where users can pay monthly installments instead of one lump sum payment for their new furniture.

Rental services make it easy to access their items for hire as they come with delivery, installation and return services. This is very appealing to people with busy lives like young jobholders and students who have to change residence frequently due to either work or learning commitments. It gives them a chance to appreciate quality furniture without necessarily being tied down by extended agreements making housing transitions and financial limitations easier.

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Key Takeaways from the Market Study:

• The global furniture-on-rent market is projected to grow at 7.0% CAGR and reach US$ 12.8 billion by 2034
• The market created an opportunity of US$ 6.3 billion between 2024 to 2034
• North America is a prominent region that is estimated to hold a market share of 24.3% in 2034
• Predominating market players include Furlenco, CORT Business Services, Cityfurnish, Rentomojo, and Feather.
• Wood type of material is estimated to grow at a CAGR of 6.6% creating an absolute $ opportunity of US$ 1.5 billion between 2024 and 2034
• Commercial by application type is expected to reach around US$ 3.6 billion by of 2024

“Growing urbanization and mobility demand flexible, affordable rental furniture solutions for transient populations”, says a Fact.MR analyst.

Development by Market Players in the Furniture on Rent Market:

• Rentomojo: In May 2023, Rentomojo released its latest range of smart home office furniture for remote workers and freelancers. The goal of these furniture sets is to offer flexibility and customization to help individuals set up productive workspaces at their own homes.
• Feather: Feather expanded its services to include more cities on the East Coast in April 2023. Moreover, they launched a new rental program with an option to purchase targeting those individuals who would love to try out premium furniture before settling for ownership. Thus making way for the increase on flexible and pay-as-you-go models in the furniture industry.

Furniture on Rent Market News:

1. Furlenco: In August 2023, a leading furniture rental business from India, Furlenco introduced additional premium furnishing packages to appeal to young professionals and urban families thus, a move away from their earlier service plans. The move also involved modular furniture as well as new subscription plans that appeal to flexible usage and long-term rentals particularly among millennials.
2. CORT Business Services: CORT, the American leader in rental furniture for residential and corporate clients, introduced new lines of eco-friendly furniture in June 2023. The intention behind this strategy is to meet the growing demand for sustainable and green rental furniture, particularly in urban regions where the environment is of prime importance while making decisions by customers.

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More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the global furniture on rent market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study reveals essential insights on the basis of material type (wood, plastic, metal, glass, other material types), rental cycle (short cycle, long cycle), application type (residential, commercial), distribution channel (offline sales, online sales) across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, Middle East & Africa).

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