A 25-year-old, Jagat Reddy enjoys his minimal lifestyle. Rentals are the new trend in retail, with traditional brands and start-ups offering consumers short-term, commitment-free use of goods without the headaches, cost of ownership.
There’s a growing population of consumers who are willing to pay good money for the privilege of not having to own something.
For them, renting a car, furniture, and the house is preferable to owning, storing, moving, and eventually having to dispose of purchases.
The shift toward the sharing economy, evidenced by the rise of Zoomcar to now LetzRent
Start-up entrepreneurs and traditional retailers looking at rentals as a new source of revenue. Rental is the new emerging trend, people fulfil all their needs and save money.
With his starting salary of 51k, Jagat didn’t want a restricted lifestyle. Everyone has heard of the barter system, but this generation goes for the rental system.
You use stuff and return it. Sounds so simple and budget-friendly. Jagat Reddy liked his rental lifestyle as he used to rent stuff from small shops and return it back. After his marriage though, his wife raised questions about his new lifestyle. As many Indians still won’t use things if it’s not theirs. They can’t rent because according to them how can you use strangers stuff? This question was raised by Jagat’s wife, friends and family. His friends from other states thought it was an alien concept. But if you don’t know the perks of the concept how you can make such statements was the only question on Jagat’s mind. Renting is a good option because you can allow yourself to use a variety of stuff at a budget-friendly price Renting is a time-saving and convenient way. Going to the store, that hassle to find the perfect thing at a pocket-friendly budget and coming back disappointed or buying stuff by adjusting your needs is the trend which is replaced by rental. You can swap your Cars or furniture with new ones and give a new and fresh look to your apartment. But Jagat had to answer Murari’s statement that there’s a sense of pride in owning things, according to the society.
Talking about Sumit Banerjee 30, he used to rent cars for weekends and spend around 10-15k per month and his family supports this decision because if he had to buy a car he had to pay 1,50,000 as down payment and it would cost 15k per month on EMI, insurance and other maintenance.
The media professional, Samantha preferred buying but in this modern era of renting she made her mind to it as “Your stuff becomes a responsibility, and you can’t explore if you’re bounded to one place”. Renting gives you an option to explore things. When she got married her thinking changed, she bought stuff because she was no longer a bachelor but had to sell out everything when her husband got transferred to the US and both of them decided to shift.
There are some pitfalls too, Banerjee’s two dogs had mutilated the car seats he had hired & had to pay a penalty while returning it
“There’s a philosophy that renting is and will be the way of life.” Everyone has their own point of view. More players are likely to join the arena. “The Kiraye ka Ghar (a rented house) has become par for the course now. The car rental space is burgeoning. However, with mere 2.2% car ownership & a 125MN+ Driving Licence Holder, the scope of automobile rental is humungous. Still, an initial stage will explode in future.