Furniture on Rent Market

Furniture on Rent Market Outlook (2024 to 2034)

The global furniture on rent market will be valued at US$ 6.5 billion in 2024 and has been forecasted to expand at a noteworthy CAGR of 7.0% to end up at US$ 12.8 billion by 2034. Wood type of material will be worth around US$ 1.6 billion in 2024 and account for a 24.6% share of the global market.

The global rental furniture industry is experiencing rapid growth as it adapts to shifting consumer priorities. Flexibility-seeking young professionals and students who don’t want to enter into long-term commitments mainly fuel this demand. The growing mobility of the global labor force has led many buyers to opt for rented furniture that they can use for a shorter period as opposed to buying them permanently, since this would be more convenient and economical.

There has been a surge in the need for rental furniture due to increased remote jobs within corporations, especially home office furniture. There are different types of ergonomic, stylish and cheap furniture alternatives which can be changed or taken back when need arises based on an individual’s living and working conditions.

Moreover, companies have embraced furniture rental services for flexible office space which gives them an advantage of swift adjustment to changing business needs without incurring debts through purchasing office furniture. When someone rents a piece of furniture, it reduces waste since used items are reused as opposed to being thrown away after one-time use. The choice is therefore in line with awaken environmental awareness among shoppers who prefer green products in their everyday lives.

Report Attributes	Details
Furniture on Rent Market Size (2023A)	US$ 6.1 Billion
Estimated Market Value (2024E)	US$ 6.5 Billion
Forecasted Market Value (2034F)	US$ 12.8 Billion
Global Market Growth Rate (2024 to 2034)	7.0% CAGR
China Market Share in East Asia (2024)	48.9%
United States Market Growth Rate (2024 to 2034)	7.4% CAGR
Key Companies Profiled	Aaron's Inc.; AFR Furniture Rental; Asia Furniture Rental; Brook Furniture Rental; Casaflex; Churchill Furniture Rental; CORT (A Berkshire Hathaway Company); Feather; Fernish; Furlenco; In-lease; Rent-A-Center; Rentomojo; The Furniture Rental Company; Other Prominent Players.

Sales Analysis of Furniture on Rent (2019 to 2023) vs. Market Forecasts (2024 to 2034)

The value of the furniture on rent market was US$ 4.6 billion in 2019 and it increased to US$ 6.1 billion by 2023, expanding at a CAGR of 7.0%.

• Short Term (2024 to 2027): Young professionals and students, in particular, prefer renting furniture over buying it because is much less costly and easy to handle. This increase is also attributed to the emerging popularity of co-living spaces as well as the need for temporary options due to continuous relocation. Moreover, it facilitates market growth through e-commerce growth that has achieved convenience rental services and sustainable choices.
• Medium Term (2027 to 2030): A mid-term solid growth is projected in the global rental furniture market due to higher urbanisation, a surge in millennial’s demand for flexibility in housing, and expansion of gig economy. The influenced demand by the growing number of people living in rented houses will result into an increased need for rental furniture especially in urban areas. Consumers who tend not to want good ownership go for cheaper alternatives that are affordable and sustainable. This access has been made easier by digital platforms while businesses have embraced rental models that help cut down their overheads.
• Long Term (2030 to 2034): The choices made by individuals when it comes to furniture rental options are primarily based on convenience and temporary accommodations. As a consequence, there is a growing demand for rental furniture options. With economic uncertainties, people and businesses have started choosing to go for rental models instead of outright purchases. On top of that, companies use circular economy models which may be also environmentally friendly and hence make the renting of furniture more ideal.

On the back of the aforementioned facts, the furniture on rent market is anticipated to grow at a CAGR of 7.0% during the forecast period from 2024 to 2034, according to the Fact.MR, a market research and competitive intelligence provider.

Market Dynamics

What are the factors propelling global sales of furniture on rent?

“Rising demand from younger generations prioritizing flexibility and minimal long-term commitments drives growth”

Flexibility is valued more than ever by the younger generations. Gen Z, Millenials and other such due to their frequent relocations or changing selves that characterize them, find renting of furniture to be the best option which can be described as an easy solution. They share the demand for minimalism and sustainability among these groups as renting eliminates the need for permanent purchases, reduces waste and fosters eco-friendly choices. The furniture rental model therefore provides a convenient, cost-effective alternative for those who prioritize experiences rather than ownership amidst rising poverty levels.

With remote work on the rise and people moving more into cities, it is only natural that renting furniture would suit the shifting requirements of the young generation. As such, this trend has enhanced rental furniture uptake hence making it a leading growth sector in the years to come; more so as millennials and generation Z have increasingly become world influencers.

“Rapid urbanization accelerates demand for affordable, short-term rental furniture solutions in crowded urban areas”

With the increasing number of people in cities, there has been a growing trend where people are moving into apartments and rooms for this reason, the need for cheap self-contained supply of moveable property is on the rise. Since their relatives or friends are often not happy to see them again after they finish studies and come back to live with parents. Such urban populations particularly consist of young workers, scholars as well as expatriates who have just returned home.

Moreover they prefer renting furniture than buying one because it is more practical and also affordable particularly when their residences are temporary or changing from time to time. Thus it becomes easier for them to change the furniture that fits their houses without having to faff around with possessions that do not be trusted on anyone after some time.

In rapidly moving cities where moving about is essential in order to find accommodation, renting furniture becomes a convenient solution for people who often change jobs or ways of life. This direction meets up with both flexible demand and the general orientation of transition towards sharing economy, where accessing goods is become more important than having them; such trends have helped grow the international market for furniture rental.

What are the challenges encountered by manufacturers of Furniture on Rent?

“Rising transportation costs and logistics complexities hinder rental affordability and market expansion”

A looming increase in rents, especially in urban areas and among people who move around a lot, pose a challenge to vibrant furniture rental growth. Delivery fess on bu ilky furniture can range from moderate to high levels in most cases thus discouraging new entrants. What’s more, the operator has also to grapple with logistical complexities such as long-distance delivery and round-the-clock servicing as well as engaging several points of service all at once which cumulatively increases costs that can eventually be borne by customers through higher hire charges so that prospects of using these services becomes unattractive because they are too expensive.

Customer satisfaction can be diminished by logistical inefficiencies such as delays or damages during transportation, making it difficult to expand into foreign markets. If these logistics challenges are not addressed, the furniture rental sector might find it hard to compete with conventional furniture buying, particularly because more and more consumers are taking into account the costs in relation to other factors like convenience.

Country-wise Insights

How can the furniture rental industry adapt to meet the needs of growing urban populations and increasingly mobile lifestyles?

“Growing urbanization and mobility demand flexible, affordable rental furniture solutions for transient populations”

The market in the United States is estimated at US$ 0.7 billion in 2024 and is projected to expand at a CAGR of 7.4% through 2034. Growing urbanization in the USA has a great impact on furniture renting market. The trends of housing are changing as people migrate to urban centers searching for jobs and better life standards.

This is especially true for millennials and young professionals who mostly prefer flexible and cheaper living arrangements thanks to their transient lifestyles. For this, they can rent furniture services that provide chic as well as fashionable furnishings that are convenient to use without having to own them for a long time or pay upfront costs.

How has the rise of millennial preferences for flexible living arrangements impacted the growth and evolution of the furniture rental industry?

“Millennials' preference for short-term living arrangements boosts the need for furniture rental services”

The furniture rental market is being transformed by the lifestyle trends of millennials in the Asia Pacific region. Because they have a preference for short-term living arrangements as a result of career mobility, frequent relocations and urbanization, millennials are turning to renting furniture so as to live in accordance with their transient way of life. For this demographic group, flexibility, affordability and convenience matter more than ownership which makes it easier for them to choose rental services instead of buying costly furniture pieces for temporary residences.

Around the world, the generation of people who were born into the world of digital technology like millennials, they support on-line sites that offer these services, hence attracting more clients. The changing needs of young adults fit perfectly with furniture rental; as they prefer experiences to possessions. Consequently, this trend is likely to continue driving growth in the furniture rental sector in Asia-Pacific region where millennial are looking for solutions that match their agile and speedy life styles.

Category-wise Insights

How has the increasing mobility of the global workforce impacted the demand for rented wooden furniture in urban areas?

“Renting durable wooden furniture appeals to consumers in temporary or transient living situations globally”

Wooden type of furniture on rent is projected to increase at a CAGR of 6.6% from 2024 to 2034. These consumers place a premium on t he flexibility offered by renting long-lasting, premium wooden furniture without the burden of ownership for students, employees in companies or expatriates. The renting of furniture empowers them to make their own choices in terms of design and relaxation further increasing the standard of living without worrying about moving it, assembling it or even throwing it away. Moreover, by renting, they can avoid starting cost problems and be able to enhance their home whenever necessary.

Renting properties is a solution that looks attractive and cost-effective for many people, especially those who move frequently for work or study purposes. This trend can be observed across developing nations in emerging markets and cities globally where convenience and adaptability have became essential components of contemporary existence. Thus, the furniture rental industry is poised to experience sustained growth as a result of this quest for flexibility in both advanced and third world nations.

How has the trend towards flexible workspaces influenced the growth of the furniture rental market for businesses?

“Increasing demand for adaptable office spaces drives growth in rental furniture solutions for businesses”

More and more companies, especially new businesses and those that allow employees to work from everywhere, are settling for adjustable workstations. This inclination leads companies to hire furniture rather than buy it making workspace configuration more lively without involving a long-term funding.

Companies can easily adjust the scale of their operations by using rental furniture since it allows for personalization while ensuring that modern and useful surroundings are kept intact. Renting furniture assists firms to decrease costs since it is an affordable, environmentally safe option that can be modified with time. This is also influenced by the fact that more and more people are using co-working spaces, which depend on rented stools that can adapt to different tenant requirements. As a result, this has caused a global increase in people purchasing furniture on rent.

Competitive Landscape & Market Developments

Market players in the furniture on rent industry are Aaron's Inc, AFR Furniture Rental, Asia Furniture Rental, Brook Furniture Rental, Casaflex, Churchill Furniture Rental, CORT (A Berkshire Hathaway Company), Feather, Fernish, Furlenco, In-lease, Rent-A-Center, Rentomojo, The Furniture Rental Company and others.

• Furlenco: In August 2023, a prominent furniture rental company based out of India, Furlenco added more premium furnishing packages to attract young professionals and urban families hence, a shift from their previous service offerings. The change also included modular furniture as well as new subscription models that target flexible usage and long-term rentals especially for millennials.
• CORT Business Services: In June of 2023, CORT, an American frontrunner in rental furniture for both residential and corporate customers, launched new lines of environmentally friendly furniture. The purpose of this approach is to satisfy the increasing demand for sustainable and ecological rental furniture, specifically in urban areas where environmental considerations are paramount when customers make their choices.

Fact.MR has provided detailed information about the price points of key players of furniture on rents positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Furniture on Rent Market Research

• By Material Type :

  • Wood
  • Plastic
  • Metal
  • Glass
  • Other Material Types

• By Rental Cycle :

  • Short Cycle
  • Long Cycle

• By Application Type :

  • Residential
  • Commercial

• By Distribution Channel :

  • Offline Sales
    • Company-owned showrooms
    • Furniture Retailers
    • Other Offline Sales
  • Online Sales
    • Company-owned websites
    • E-Commerce Platforms

• By Region :

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa