Once a regular sight on the high street, TV rental shops such as Radio Rentals and Visionhire fell from fashion as the price of consumer goods dropped, with most families opting to buy rather than pay for their TV. At its peak in the 1980s, market leader Radio Rentals boasted more than two million customers, over 500 shops and had 3,600 technicians on its payroll.
Although renting has never gone away, rental companies are seeing an upturn in their fortunes as the cost of living crisis bites and families look for alternatives to shelling out hundreds for a new TV - or increasingly household white goods such as washing machines and tumble dryers. Nowadays, the internet is the main showroom for rental firms and according to one of the major players, rentals are enjoying a renaissance.
Although nationwide rentals company Hughes Rental has been in business for more than 100 years, it has seen a 20 per cent leap in demand for major appliances in the past couple of years, reports This Is Money. According to Cameron Henderson, sales adviser at Hughes, this is for several reasons including the cost of living. "The market is attracting an increasing number of people who want access to the latest goods, but also want to avoid the expense and worry if something goes wrong," he said. "We simply replace the goods if that happens. In these uncertain times, renting can help with budgeting because you avoid big ticket purchase costs. It also appeals as a sustainable option."
