On an average an Indian living in a city moves once in three years, whether for work, education, or health-care. This simply calls the hassles of relocation. Apart from the difficulties faced while making arrangements for your journey and resettling in the new place, a relocation also means either dumping the furniture or selling it at very low-cost. Furniture, in the first place is quite expensive. In fact, furniture is the third most costly purchase that one makes. The first two being a house and a car. To call a flat – a home, it requires furniture, otherwise it will be just an empty space, and people willingly spend a lot on buying furniture. The furniture, in certain ways, mirrors the owner. It shows the owner’s taste of living. No wonder, why furniture is often associated with the owner’s class.
As wanting the best is the human behavior, one also looks for the best when it comes to picking furniture. However, to tell the truth, not everyone can have the furniture that they desire for a number of factors. The high cost plays a major factor here, plus, there is the problem of frequent relocation. Today someone who is 25-30 years old is still not sure of the city they want to get settled in. Still, they want everything even if it is out of their budget. Besides, buying a costly furniture is only ideal if you are going to stay in one place for at least four years. If you are relocating within 3 years, you have to sell the costly furniture at a rate which is less than half of the original cost. And in most of the cases, you have to just dump them.
So instead of buying the furniture, it is smart to rent them. Renting is not a new term, and has always been there. However, for the most part, it is fragmented and disorganized, constrained to certain limits. Online renting, on the other hand, is well-organized, easy and convenient, and it is growing at a very fast pace. In just a period of last three years around 100 online rental companies have come up, many of which were established in 2015.
Furniture industry is growing fast in India, and is expected to grow more than $32 billion by 2019, making it one of the fastest growing industries. The online furniture rental in India is still a new concept. It is most handy for those who are hopping places in a short time period and can’t afford to buy high-priced furniture. Expats, students, and young professionals are going to benefit the most. For a small monthly rental they can get access to a wide range of luxurious furniture. There are even online rental services that provide furniture rentals for office use.
Traditionally, Indians want to own things, but the time is changing and so is one’s attitude towards rental furniture. The good thing is that the furniture industry is growing, and renting furniture is quickly picking trend amongst the people. Most of the people who rent furniture are in the age window of 22 to 35 years and have a decent income. They are basically the young professionals looking for a fancy lifestyle and don’t believe in hoarding.
If one puts all the parameters together, online furniture rental makes complete sense where one can use the furniture as per the convenience and pay as per the budget, without having the need of owning the furniture. The user base is huge, and entrepreneurs and investors should keep a check on online furniture rental industry as it is certain to grow.