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."
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The bread-and-butter of the rental market is still the TV. But whereas in the 1970s, a 25-inch set was the height of big screen sophistication, now it often starts at 50 inches. Prices at Hughes Rental for a 50-inch flat screen begin at £3.92 a week – which works out at about £17 a month, or £203.84 for a year. Minimum contract length is typically 12 months and includes cover against breakdowns due to faults or wear and tear but not accidental damage, which is an extra £2 a month.
Henderson said: "Games consoles really took off in the pandemic, keeping families entertained in lockdown." Latest models such as PlayStation5 cost £8.08 a week to rent, which works out at £420.16 a year compared to the £450 it would cost to buy one outright. The rental industry justifies its costs by pointing out that you are covered if something goes wrong and can swap for different items within a contract at any time. It means you are future-proofing as you can exchange for new models.
But debt charity StepChange warns customers not to be dazzled by the weekly price – as it adds up over the year. So you should seriously consider buying if you expect to rent for several years.
The increased interest in renting electrical goods is having a knock-on effect elsewhere in the market, with furniture and clothes widely available to rent. Businesses such as Instant Home, which rents out everything from sofas and beds to tables and rugs, says interest is up 70 per cent on pre-Covid levels and even John Lewis started renting out children's clothes this year through website The Little Loop. Customers pay from £18 a month to borrow up to £165 worth of clothing – from T-shirts to trousers.
Last year, Moss Bros expanded from renting out formal wear, such as wedding suits, to a £65-a-month online service where you can rent more casual clothes, including suits and shirts.
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