Do you find yourself eager to get your hands on a particular product in the market but afraid that if it may not live up to your expectation or it would be a waste of an investment? Or perhaps you’re someone that likes to keep up with the latest technology and feel tempted to switch from electronic gadgets ever so often? Just want to try the latest product for a small fee? That seems to the order of the day, says Farhana Madar.
Well, if ownership is not an issue, borrowing an item on rent seems to be, both a solution and a trend. That’s right – the rise in the rent economy in India seems to be blooming in recent times. In the span of approximately 4 years, online renting has taken the internet by storm with over a hundred new rental websites.
Keen on some designer wear regardless of your income? Try Flyrobe. Or perhaps you’re intrigued to test-try various state of the art home appliances? With a pun intended, RentoMojo and Rentongo fit the bill.
But let’s rewind for a moment. Long before an online market place, there were small companies that rented out as well. Maganlal Dresswala is the pioneer of renting out. Today, with a flourishing business, they rent out Indian ethnic wear for anyone that fancies a good outfit for a one time wear, as well as providing costumes for flashy theatrical events.
To focus on the present, these days, while renting a product is available at our fingertips, from clothes and jewelry, gadgets, home appliances, furniture and even car rentals, all at an estimate of 1/5th to 2/4th of the actual rate, the demand for renting instead of buying has picked up momentum in the last quadrennium.
Peshotan M. Kapadia, Co-founder and Director of EazyLeazy expresses, “I believe that there is a slow but perceptible movement towards “access” instead of “ownership” across various product categories and that this trend will get stronger over time. Recent enablers include the ability to get both demand and supply at scale through online channels and being able to assess the credit worthiness of customers through technology.”
To give us an insight about his company, Peshotan shares, “At EazyLeazy, we have DSLRs, GoPros, karaoke, speakers, baking kits, HD projectors, smartwatches, phones, fitness bands and more. Our prices are low and we provide free doorstep delivery and pickup in Mumbai. Our mission is to make renting so easy, that the decision to do so becomes a “no-brainer”, accordingly, our tagline is, “Don’t Think, Just Rent.”
On that note and as a matter of credit, Gopal Khetan that has rented from EazyLeazy shares, “To me the experience in dealing with team Eazyleazy was very satisfying and pleasant. What I appreciated most was that they lent a patient ear to understand my requirement and suggested the right product I should rent and not push the most expensive product on me.”
Khetan adds, “The GoPro was brand new and in excellent shape and thoughtfully included all the accessories one would need along with it. The pick-up/drop process was seamless and so was the payment process.”
Rent with just a click of a button
To elaborate, Hemant Kumar Sah, Co-founder of JustRide explains, “We provide car rentals for a short term/long term lease and then sub lease it to those in need. We take care of all the insurance and maintenance as well.” He continues, “Usually people of the age group of 23-30 years come to us and their usage differs from city to city.”
But if given thought to the idea, how economical is renting a car really? IT Analyst of JustRide, Abhijeet Chakravorty throws in some light, “If you buy a vehicle, the market value of it becomes less than or equal to 30% within 3 year span of time depending on the distance travelled. On the other hand if you rent it, you will get a product which is maintained well and is safe to use.”
So can just about anybody render to this car rental service? The answer is yes! Rohan Thakur, a client that has happily invested in JustRide says, “I specifically chose JustRide as its affordable among others car rental services companies. The cost and deposit is also less and they have new fleets of cars.”
He adds, “I took the Suzuki Ritz and the Honda-Amaze from JustRide for 10-12 hrs. In Mumbai it’s difficult to maintain a car when you just need it for 1-2 days in a week so it’s better and easy to rent one for self-driving purposes for that period and that too high-end cars with all the safety features which you tend to compromise if you are buying to save money in India”
Lastly and importantl
While jobs are often the reason to leap from one location to the other, if ones resident is not long-bound, should
furniture and home appliances really be permanently purchased? To save the trouble of transportation and ultimately, to prevent hording expensive items, e-commerce portal such as Furlenco steps right by providing solid wooden furniture on leases!
So, whether test-trying, house shuffling or taking an economical approach, while the idea of a lease is still building up today, the future of the rent market seems promising. Ultimately, saving money and still getting to luxuriate in the purchase that you desire is procuring the best of both worlds!