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Where To Rent To Own Furniture
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Furniture rental startups boast their flexibility — but they’re a sign of how uncertain millennial life can be.
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When I moved into my current apartment last summer, I had to figure out how to rearrange my furniture — mostly things I’d bought off Craigslist or inherited from friends — to fit into an entirely new space. to do. I had to throw away a bunch of stuff that was either damaged beyond repair or wasn’t going to fit in my large, awkwardly shaped living room: a futon, some end tables, a shelf. I also had to buy new versions of things I had gotten rid of, something I still haven’t done since I’m hesitant to spend hundreds of dollars decorating an apartment I’ll only be living in for a year or two. I can stay
I’ve been in New York City for seven years and have lived in the same number of apartments. I’m 20 years old, I have some disposable income – though not enough to buy, say, a house – and am intimidated by the cost of home decorating. In other words, I’m the ideal customer for new startups trying to convince people to rent furniture instead of buy it.
Two such companies, Furnish and Feather, both promote themselves as flexible, affordable alternatives to furniture ownership. Both allow customers to rent expensive furniture in monthly installments and give them the option to buy whatever is rented after the lease expires. Prices vary depending on the brand of the item and the length of the lease.
For example, an $899 West Elm couch rented through Feather starts at $52 per month — but if the customer rents it for two months instead of 12, they’ll pay $201 per month instead. Will happen. And if I pay $52 a month to rent that $899 West Elm sofa for a year before I decide to buy it, I only have to pay Feather the difference, or $275. Furnish uses a similar payment structure, with monthly payments decreasing as the lease term increases.
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For now, the services are only available to customers in select cities: Furnish is for rent in Los Angeles and Seattle, while Feather is available in New York City, the Bay Area, and parts of New Jersey. More established companies have also gotten into the home furnishings rental game. Earlier this year, Rent the Runway and West Elm announced a partnership, though so far they only rent linens and pillows. And in February, Ikea announced it would also offer furniture rentals, though it’s unclear how the Ikea-quality furniture will last long enough to be moved from apartment to apartment.
Renting furniture is not a new concept. Rent-A-Center, one of the best-known rent-to-own companies, has been around since 1973, though its ideal consumer is different from Furnish or Feather. In a statement to NerdWallet in 2014, a Rent-a-Center spokesperson claimed that the company “believes in empowering big-ticket renters, individuals and families who strive to enjoy the American dream.” Has damaged, limited or no credit.” The items they need, when they want, and with payment plans specially designed to meet their budget needs.
While Rent-A-Center stores are mostly located in low-income neighborhoods and military bases, both Furnish and Feather deliver exclusively to some of the most expensive cities in the country. And while Rent-A-Center makes its money by marking up the monthly cost of the stuff it provides — NerdWallet found that a $148 subwoofer would cost a customer $779 if they rented it from Rent-A-Center for a year. Buy through own contract. -A-Center – Both Feather and Furnish appear to charge customers the retail cost of the items they lease and sell.
Startups like Furnish and Feather don’t aim to make West Elm and Crate & Barrel furniture more affordable; This is to give young people living in big cities, many of whom move every year, temporary access to nice furniture that they cannot move from apartment to apartment. Feather’s FAQ emphasizes its commitment to “furniture flexibility.” Furnish claims to “create a flexible and inspired home experience for an increasingly mobile society.” Both companies want to “free” people from the annoying parts of buying furniture, like moving it from place to place or dealing with unhelpful customer service lines.
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Both companies’ emphasis on “flexibility” helps obscure an ugly truth: Home ownership is out of the picture for many millennials, making renting a necessity rather than an option. According to a 2017 report by Pew, more than a third of American household heads rented their home in 2016, the highest rate since 1965. The same report found that 65 percent of households headed by people under the age of 35 were renting. Race and generational wealth also play a role: Black and Latino households were twice as likely as white households to rent out their homes, according to the report.
As Chavi Lieber has previously written for The Goods, these new rental services suggest a future where we rent almost everything and own very little. To some, the rise in rental services may indicate that millennials are more financially uncertain than their predecessors—after all, moving every year or two and owning barely anything is hardly a sign of stability. There is indication – and that their generational precarity is indicative of larger economic forces.
Companies like Furnish and Feather are taking advantage of this volatility and rebranding it as an opportunity. The Feathers FAQ reads, “We don’t have our own apartments.” “We don’t have our own cars. Now we don’t even have movies. Then why buy your furniture?”
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If you also believe that everyone deserves access to reliable high-quality information, what is the gift you would give today? Any amount can help. Let’s face it – some of the best furniture from your favorite top brands, oftentimes unique online exclusives that will look perfect in your new room, are pricey. That said, there is a way to furnish your home without breaking the bank: Rent furniture. When you’re looking for a replacement for your old sofa or chairs, this could be a gamechanger.
What Is Rent To Own?
With rental furniture, you enter into a transaction to pay the cost of the new furniture over time. Since it can be rented out, you can furnish your abode from local stores while paying a low monthly cost. The best deals offer multiple payment options and are available regardless of creditworthiness. Some even offer the option of buying your furniture early.
If you don’t have the sum total available to buy a piece of furniture, but still need it to tie your room together, then renting furniture can be a beneficial solution. flexible payment
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