Rent or purchase? When it comes to choosing and furnishing a living space, it is a question young people often ask themselves as they begin establishing their personal as well as professional lives.
Well, of course, buying everything that you need in your house seems like a great option but with time, this perception is changing. Haven't you heard? Renting is said to be the new way of living for millennials.
Call it the change of lifestyle, change in preferences, or simply the budget. According to a survey of 1 000 students living away from their homes, 7 out of 10 prefer to order their furniture on rent and even home appliances instead of purchasing everything. Why? Well, due to the nature of their jobs, millennials most often seek mobility and do not want to stick to one geography. They go where their jobs take them.
Instead, they are now more focused on their jobs and look for financial freedom rather than buying everything and getting ownership of assets. This paradigm shift in their mindset compared to previous generations has also meant that millennials shy away from the obligations and hassle that tag along with buying the furniture.
Here are the reasons why renting is the new revolution amongst millennials.
Taking furniture on rent is easier on pockets
You know how much a single piece of furniture can cost. And if you are furnishing your place from scratch, purchasing every single item of furniture can take a huge toll on the budget.
The down payment itself is a big deal. Therefore, renting is the most preferred option. Why? Well, of course, because it is easy on the pocket.
Taking the furniture on rent involves no huge down payment or huge investments. There's a nominal monthly fee which even students can pay. Therefore, millennials prefer a small monthly rent for the things that they need, instead of putting a load on their pockets and purchasing everything.
It's a perfect option for students as well. If they are living on a sharing basis, even this monthly rent of both the furniture and the home appliances can be divided. This makes the whole process easy on their pockets.
Renting makes moving to a new place much easier
As we said, millennials are more focused on their jobs, and due to this, they move to different places more frequently.
When you've purchased everything, you either have to tag everything along with you wherever you move (which is hard and involves huge pick-up and delivery costs) or you have to sell (which is hard because you have to find the buyer and wait for the things to get sold).
With renting, moving out and settling into any place becomes easy. There's no headache of searching for sellers and selling everything or packing everything and moving everything to the new place.
Furniture rentals give you the freedom to upgrade
Owning the furniture is a long-term investment. No one would be willing to invest that big an amount to change the furniture every six months or so. Unless, of course, if you are extremely rich.
Buying furniture means you are stuck with it for years. 10 years, 15 years, who knows? And what if when you moving out of a place but don't want the same furniture or home appliance at your new place?
What if there are some new models of furniture or appliances that you want but you restrain yourself due to the budget? With renting, you have this option. This is also the main reason why millennials prefer renting over purchasing.
Don't like to keep the same piece of furniture for more than six months? Change it! A great option, right? With rentals, there is the freedom to upgrade to newer or fancier models because there is no heavy investment or loss involved. New place, new furniture, new ambience. Sounds great, right?
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