Analysis of Furniture on Rent Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Expanding at a high-value CAGR of 7%, the global furniture on rent market is predicted to increase from a valuation of US$ 6.1 billion in 2023 to US$ 12 billion by 2033-end.
Long rental cycles that include subscriptions of 18 months to more than 2 years account for nearly 60% of furniture on rent revenue. These long rental cycles come with greater benefits as compared to short cycles and custom cycles. Also, the renter gets peace of mind with a long rental cycle. New users generally tend to opt for shorter cycles, and after a few months, they upgrade to longer cycles after receiving satisfactory services.
Furniture is a fundamental need for both homes and workplaces. However, moving furniture can be a tiresome task when changing locations. It costs a lot of money to buy furniture of high quality. This is the cause of the rapidly expanding market for rental furniture. An individual or business can rent the necessary furnishings in this market for a set amount of time.
Consumer behavior is always evolving. Nowadays, consumers choose to spend money on things such as food, travel, and health. In addition to providing options within their price range, the rental furniture industry also enables people to experiment with new and fashionable furniture with little financial investment.
Furniture on rent as a business has been operational for a quite long period, but in the past three years, millennial entrepreneurs identified the pain points in temporary living and translated this into opportunity. They organized and pulled the so far unorganized and community/locality bounded business to the digital space.
While migration of national residents between states and cities for job change has already been the fuel to furniture on rent demand, cross-border population migration is expected to hold the next big opportunity. While cross-border migration has been occurring largely for a growing number of long-term international assignments, there also has been a tremendous shift in population from developing to developed countries. This has triggered the growth of rental apartments, where most of the owners prefer furniture on rent.
Constant surge in the cost of asset procurement is one of the evident reasons for the growth in furniture on rent subscriptions. Alongside this, a steady rise in the number of small and medium IT enterprises has further fueled this model of furniture procurement. Asset procurement is one of the key concerns for small and medium enterprises during their initial years. Especially for IT firms with backend work patterns, renting furniture significantly reduces their fixed cost component.
Several furniture on rent providers also offers deep clean services, furniture maintenance, and periodical furniture swap, as well as relocation services without any additional charges. This proves to be a boon for start-ups that need these services for the smooth operation of their business.
Furniture on rent is a new concept for several emerging countries where users can evaluate the long-term benefits of renting their furniture instead of buying it. However, in such countries, furniture on rent businesses are usually low on budget and need financial backup to resist the ups and downs in their venture and innovate to match local requirements. The presence of venture capitalists and their interest in this aspirational business model has provided a backbone of support to these business owners.
Most often, households rent furniture to complete the interior design of their indoor spaces. Additionally, for the study needs of their co-living areas, students prefer affordable, rented seats and tables. The recent emergence of online furniture rental services will dramatically increase the demand for these services among people all over the world.
Furniture on Rent Market Size (2023)
US$ 6.1 Billion
Projected Market Value (2033)
US$ 12 Billion
Global Market Growth Rate (2023-2033)
Market Share of Commercial Sector
Key Companies Profiled
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Competitive landscape highlights only certain players
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“Increasing Popularity of Home Décor Trend”
A movement in consumer purchasing habits in favor of aesthetic furnishings may open up greater prospects for business expansion. To have a chic interior and a comfortable home, newlywed couples and families are increasingly renting furniture, which will present new prospects for the key players to expand their businesses.
To boost their profits from these services, businesses that provide rental services now concentrate on renting out a variety of home furniture items, including stationary bikes, furniture, and other items. Rental service companies also provide committed customer care to entice home purchasers to sign up for their subscriptions.
“Growing Utilization of Furniture on Rent by Corporate Businesses”
Enormous development in the number of service sectors around the world has greatly raised the demand for rental business furniture. Due to the development of an entrepreneurial environment inside these developing countries, there has been an increase in demand for rented furniture. Additionally, these countries’ quick urbanization and the emergence of a thriving hospitality sector have fueled the market for furniture rentals.
Because of the widespread population relocations caused by globalization for temporary work assignments, people are increasingly choosing to rent furniture rather than buy it outright. Nowadays, many jobs need employees to relocate from one place to another.
“Difficulties in Furniture Maintenance and Lack of Awareness about Furniture on Rent Services”
Demand for rental furniture and other household products is mostly constrained by the elderly population's lack of awareness of these services.
Poor advertising and a lack of information about the furniture rental sector are preventing the market from expanding. The furniture rental business has also found it difficult to provide customer service and maintain the furniture. In some developing countries, delivery methods can sometimes result in furniture damage, which annoys customers and costs the rental company money.
Also, due to issues such as a lack of room, storing the furniture presents significant difficulties. Termites and dampness are other dangers that can seriously harm wooden furniture.
“New Entrants Focused on Offering Furniture with Appealing Aesthetics”
New companies are focusing on upgrading marketing techniques and making an effort to meet customers' urban lifestyles by offering furniture with appealing aesthetics.
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“Increase in Corporate Offices Driving Market Value in North America”
North America holds 40% share of the global market since a greater number of the working population choose to rent furniture to meet their furniture demands.
Rapid urbanization and an increase in corporate offices are driving market growth. The strong presence of well-known furniture rental companies in their supply chains and warehouses also contributes to the market expansion.
“Surging Adoption of Sustainable Furnishing Items”
Growing consumer shift toward purchasing sustainable furnishing items is boosting market expansion in Germany. People are more aware of the detrimental effects of low-quality plastic furniture on their health, which motivates them to choose eco-friendly furniture. Furniture made from sustainable materials such as bamboo and wooden pallets is anticipated to be in high demand in Germany.
Growing popularity of home decorating patterns and rising furniture replacement tendencies are the factors propelling market revenue in Germany.
“High Government Investments in Construction of Housing Facilities across Japan”
Market expansion in Japan is attributed to the rising trend of renting furniture among residents. As the number of urban migrants rises, so will their demand for services, propelling the market expansion.
The expansion of rental services in Japan is aided by the rise in the residential and commercial infrastructure settings as well as major government investments in the construction of housing facilities.
“High Demand for Furniture on Rent by Generation in the U.S.”
Generation Z in the U.S. will be less interested in buying, owning, moving, selling, and storing furniture every time they move to a different city for a job. This showcases how the supply chain of the furniture ecosystem is going to evolve in the world’s largest economy.
Besides residential customers’ interest in furniture on rent, opportunities abound through commercial customers in the U.S., owing to a booming number of start-ups, especially those in the IT sector.
“Wooden Furniture More Preferred by Consumers Due to its Durability”
Based on material, the market is classified into wood, plastic, metal, glass, and others. Wood holds around 40% of the global market.
Customers who are prepared to rent furniture for an extended period also favor wood due to its aesthetic appeal and robustness. Beds are the furniture item that customers need the most regularly, hence they are rented out the most. Because of their strength and durability, beds are typically built of wood, making the wooden furniture section the largest.
Wooden furniture more preferred by consumers due to its low maintenance requirements and superior longevity to other material kinds. Additionally, as customer preferences for eco-friendly furnishings continue to develop, the demand for wooden furnishings will be stimulated.
“Furniture on Rent Gaining Traction in Commercial Settings to Reduce Infrastructure Costs”
Based on application, the market is divided into residential, and commercial.
Currently, commercial enterprises account for 50% share of the global market. Commercial organizations stand as key customers for furniture on rent businesses, whose requirements are met by furniture subscriptions, wherein they get a set of furniture meeting their office requirements, and alongside get services such as furniture swap, deep cleaning, and periodical maintenance, as well as relocation services in the subscription.
To cut down on infrastructure costs, commercial settings, including small offices and pantries now prefer to purchase rented furniture pieces. Further boosting the commercial sector revenues will be the rising popularity of subscription-based furniture and technological appliance rental services.
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In recent years, investments have emerged as a key development in the furniture on rent industry. Major firms now concentrate on forging alliances with financial institutions to increase their working capital. They also put a lot of effort into expanding their furniture rental options to increase their global geographic footprint.
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Demand for furniture on rent is set to increase at a CAGR of 7% during the forecast period 2023-2033.
The global furniture on rent market is predicted to reach US$ 12 billion by 2033.
Spurt in the number of IT start-ups who tend not to invest in fixed assets and instead prefer renting them is driving market growth.
At present, wooden furniture holds 40% share of the global market.
CORT, Brook Furniture Rental, Inc., and Fernish are major providers of furniture on rent.
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