The Global Furniture Rental Market size was valued at USD 16.32 Billion in 2022 and is expected to surpass USD 53.49 Billion by 2031, expanding at a CAGR of 14.1% during the forecast period, 2023–2031. The growth of the market is attributed to the increasing number of companies and organizations offering rental furniture to their employees as a part of their corporate policies.
Furniture rental refers to a process of leasing furniture for personal or commercial use. Individuals peruse through variety of furniture options provided by furniture rental companies. Then, they select furniture according to their need to rent. The companies can present various offers, discounts, and benefits to their potential customers. Customers can select from long-term rental cycle and short-term rental cycle, or they can choose a customized plan prepared according to their need by the rental companies. The furniture rental companies lend furniture to customers to use in their houses or offices for a certain period of time. At the end of that time period, customers either return the furniture or exchange it for something new.
Customers can change their furniture according to their needs or latest trends easily through renting furniture. They don’t have to invest in bulky furniture pieces. Individuals who relocate constantly or individuals who are looking for economic options prefer to rent furniture pieces than buying them.
Furniture Rental Market Trends, Drivers, Restraints, and Opportunities
Surging population and housing across the globe are expected to drive the market during the forecast period.
Increasing number of employers adopting furniture rental in their corporate policies boost the market.
Rising disposable income and reducing prices for rented furniture are anticipated to fuel the market in the coming years.
Increasing number of working populations constantly relocating to different places is estimated to spur the market during the projected period.
Growing usage of internet, smartphones, and online retail platforms to rent furniture drive the market.
Increasing inclination of consumers towards rented apartments is projected to boost the market during the forecast period.
Maintaining rented furniture proves to be hassle for some consumers, which hampers the growth of the market.
Low awareness of furniture rental services is anticipated to hinder the growth of the market in the coming years.
Scope of Furniture Rental Market Report
The report on the global furniture rental market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Furniture Rental Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Individual Furniture Rental, Room Packages, and Furniture Subscription), Product Types (Bed, Sofa, Dining Table, Wardrobe, Storage Unit, and Others), Rental Cycles (Short Cycle, Long Cycle, and Custom Cycle), Materials (Metal, Glass, Wood, Plastic, and Others), Distribution Channels (Online and Offline), and Applications (Commercial and Residential)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
1RentPlace, Inc.; Kieraya Furnishing Solutions Pvt. Ltd. (Furlenco); Edunetwork Pvt. Ltd.; The Lounge; Athoor Party & Services; Luxe Modern Rentals; CORT; Brook Furniture Rental, Inc.; Cityfurnish; Asia Furniture Rental; Feather; Inhabitr; GramOnRent; Aaron’s, LLC; and Others
Furniture Rental Market Segment Insights
Furniture subscription segment drives the market
In terms of types, the market is divided into individual furniture rental, room packages, and furniture subscription. The furniture subscription segment is expected to boost the market during the forecast period, as several commercial enterprises opt for furniture subscription to get sets of furniture to meet their office requirements. Furniture subscriptions offer other services such as deep cleaning, periodical maintenance, and furniture swap, which aid in the expansion of segment.
Sofa segment boosts the market
Based on product types, the market is segregated into bed, sofa, dining table, wardrobe, storage unit, and others. The sofa segment is projected to drive the market during the forecast period, as consumers tend to change large furniture pieces such as sofa according to changing furniture trends and designs. The wardrobe segment is anticipated to expand in the coming years, as consumers change wardrobe constantly according to their changing needs.
Long cycle segment holds a key market share
On the basis of rental cycles, the market is segmented into short cycle, long cycle, and custom cycle. The long cycles are estimated to expand at a rapid pace during the forecast period, as furniture rental companies offer greater benefits such as low cost, next-day delivery, furniture maintenance, and others with long rental cycles than short rental cycles. The short cycle segment is anticipated to expand during the forecast period, as new customers prefer to opt for short rental cycle to try out the product before committing to for a long time.
Wood segment spurs the market
In terms of materials, the market is segregated into metal, glass, wood, plastic, and others. The wood segment is estimated to hold a significant market share during the forecast period, due to durability of wooden furniture. Aesthetic appeal of the wooden furniture is a key factor boosting the segment. The plastic segment is expected to expand during the forecast period, as it is cheaper than other materials, easy to transport, low maintenance, and resistant to termites and moisture.
Online segment fuels the market
On the basis of distribution channels, the market is bifurcated into online and offline. The online segment is expected to drive the market during the forecast period, owing to increasing penetration of internet, growing usage of smartphones, and rising availability of online furniture rental platforms, stores, and services. Online stores offer variety in furniture and door-step delivery, which aids in the expansion of the segment.
Commercial segment boosts the market
Based on applications, the market is divided into commercial and residential. The commercial segment is estimated to fuel the market during the forecast period, as start-up companies prefer to rent furniture than buying for cost-effectiveness. The residential segment is estimated to expand during the projected period, due to rapid urbanization, which leads to increased relocation of individuals.
North America dominates the market
On the basis of regions, the market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is projected to register a high CAGR during the forecast period, due to rising trend of renting apartments in the region. Individuals living in rented place tend to adopt economical and versatile living, which aids in the expansion of the market in North America. The market in Asia Pacific is estimated to expand in the coming years, owing to rapid urbanization and increased number of individuals moving to metropolitan areas in the region.
The global furniture rental market has been segmented on the basis of
- Individual Furniture Rental
- Room Packages
- Furniture Subscription
- Dining Table
- Storage Unit
- Short Cycle
- Long Cycle
- Custom Cycle
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- 1RentPlace, Inc.
- Kieraya Furnishing Solutions Pvt. Ltd. (Furlenco)
- Edunetwork Pvt. Ltd.
- The Lounge
- Athoor Party & Services
- Luxe Modern Rentals
- Brook Furniture Rental, Inc.
- Asia Furniture Rental
- Aaron’s, LLC
The global furniture rental market is expanding with the presence of key players such as 1RentPlace, Inc.; Kieraya Furnishing Solutions Pvt. Ltd. (Furlenco); Edunetwork Pvt. Ltd.; The Lounge; Athoor Party & Services; Luxe Modern Rentals; CORT; Brook Furniture Rental, Inc.; Cityfurnish; Asia Furniture Rental; Feather; Inhabitr; GramOnRent; Aaron’s, LLC; and others, who use business strategies such as mergers, partnerships, product launches, collaborations, and acquisitions to strengthen their position in the market. For example, in March 2021, 1RentPlace, Inc. launched its online retail platform that enables its US-based customers to rent furniture, house decor, wall art, and others. In July 2021, Kieraya Furnishing Solutions Pvt. Ltd. (Furlenco) launched an annual subscription service, UNLIMITED by Furlenco, which offers free furniture and appliances swapping solutions to its India-based customers.