The global furniture rental industry was valued at $67.83 billion in 2021, and is projected to reach $139 billion by 2029. There are approximately 9,200 rent-to-own stores in the USA, Canada and Mexico combined, serving over 4.8 million customers (households) throughout the year. This industry is growing globally, with rent-to-own ecommerce and physical stores popping up around the world. The Asia Pacific region particularly dominates this growth with the increasing popularity of furniture rental in countries like India, China and Malaysia.
The main target rental customers in the US are the less creditworthy; those with near or below-average FICO socre. This represents about 40% of the US population without a considerable financial source to purchase high-cost items.
In the United States, Canada and Mexico a rent-to-own agreement is only valid for the payment at hand, the customer can change the terms and payments at any time for any reason. The customer is also never obligated to make the next payment, and can return the product at any time for any reason. Many rent-to-own companies offer competitive cash prices, lower payment terms and early pay-off options. The payment flexibility and no-obligation makes it an extremely attractive option for many people in the market for furniture.
The value of renting furniture goes beyond the price of each item, it is its products combined with its service, flexibility and no-obligation transaction.
The rental industry fills a valuable economic niche in the marketplace and attracts a wide variety of consumers, like college students, military personnel, professionals that are often relocating, and of course those who enjoy quality, name-brand furniture with the flexibility to change/update the look of their home frequently.
