Increasing preference towards flexible living arrangements and workspaces is a key factor boosting the adoption of furniture on rent during the forecast period
Rockville , Oct. 30, 2023 (GLOBE NEWSWIRE) — As per Fact.MR, a provider of market research and competitive intelligence, the global furniture on rent market is likely to reach a value of US $12 Billion towards the end of 2033 while rising at a CAGR of 7%.
Renting furniture involves temporarily obtaining furniture items for a specific period, rather than buying them outright. This option is often more cost-effective in the short term, as it eliminates the upfront expense of purchasing new furniture. Renting offers flexibility, allowing you to adjust the duration according to your needs, and you don’t have to worry about the depreciation of the items. You’ll find a variety of styles to choose from, and rental companies typically handle maintenance and repairs.
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The expansion of the market is influenced by several key drivers. Firstly, shifting consumer preferences towards sustainable and cost-effective solutions has spurred the demand for rental options over permanent purchases. Additionally, the rise in urbanization and a mobile workforce has led to an increased need for flexible and temporary furnishing solutions.
However, maintaining rental furniture’s quality and condition is tricky due to frequent use. Unlike furniture in a permanent setting, rented pieces endure more wear and tear. These are moved, assembled, and used by various people, leading to scratches and dents. Finding the right balance between offering a diverse range of furniture choices and meeting the demand for specific styles and types can be a challenge.
Key Takeaways:
- North America has occupied around 40% share of the global market due to a higher proportion of the workforce opting to rent furniture for their needs,
- Commercial enterprises are expected to cover 50% of the market as these businesses constitute pivotal clientele for furniture rental services.
- The market is categorized by material, including wood, plastic, metal, glass, and other materials. Wood accounts for approximately 40% of the global market share.
Sustainability-conscious consumer preferences, flexible workspaces, and the convenience and digital accessibility of rental platforms are various factors driving the market growth – Says FACTMR Expert
Key Companies Profiled in This Report
- CORT
- Brook Furniture Rental, Inc.
- Fernish
- Rent-A-Center
- Thomas Rentals
- Feather
- Aaron’s, LLC
- JMT International
- IKEA
- The Attic
- Furlenco
- CityFurnish
- Inhabitr
- Fabrento
Market Competition
In the competitive furniture rental industry, investments have become a pivotal factor in recent years. Leading companies are now prioritizing partnerships with financial institutions to bolster their working capital.
- In 2020, Feather, a rental furniture company based in the U.S., obtained $30 million in Series B financing from Credit Suisse Group AG, a move aimed at expanding its product and service offerings on a global scale.
Winning strategies
- It is a smart strategy to offer diverse types & styles of furniture options. This caters to different customer tastes and needs. Some prefer modern, while others like traditional designs. Different spaces also require specific types of furniture.
- Industry leaders should leverage advanced technological platforms and mobile applications to streamline the rental process. This includes offering seamless online ordering systems that allow customers to browse and select furniture with ease.
- Leading players in the furniture rental market should offer a range of subscription plans to suit diverse customer needs. This means providing short-term rentals for events like parties or conferences, as well as long-term solutions for extended stays.
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Country-wise Insights
Why is the United States a Leading Market for Rentable Furniture?
“High Demand in the United States Among Generations for Rentable Furniture.”
When Generation Z in the US moves to a new place for work, they won’t be as interested in purchasing, owning, transporting, selling, and storing furniture. This illustrates how the world’s largest economy’s furniture ecosystem’s supply chain will change over time.
In addition to the need for furniture for rent from residential clients, there are plenty of business opportunities in the United States because of the increase in start-ups, particularly in the IT industry.
Explore More Related Studies Published by Fact.MR Research:
Office Chair Market: Worldwide demand for office chairs is estimated to increase at a CAGR of 5.1% from 2023 to 2033.
Home Furniture Market: The Home Furniture landscape is slated to reach a valuation of US$ 307.52 Billion By 2032.
Office Furniture Market: Sales of office furniture are forecasted to rise at a CAGR of 7% through 2033.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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