Renting is simply an exchange of products or services for a stipulated time at an agreed price between the renter & the Rentee. Though the rental industry is relatively new, it is a fast-growing industry that has the potential for a sizable contribution to the economy. Digitalization has made renting accessible to people across the world. We are living in a world where we don’t necessarily need to own a product to use it. We are living in times when everything is available on lease. Think of any utility product or service, it’s available on the online and offline rental market.
Though purchasing a product has its own set of benefits, it cannot overshadow the many benefits of renting over buying products. Apart from the many utilities, and economic and social benefits, renting also supports the concept of minimalism and lean principle that originated in Japan. If you are certain of purchasing a product, you can examine the pros and cons of a product by first renting it out and examining it.
Listed below are a few of the many benefits of renting over purchasing a product.
Renting is Economical
The most evident advantage of renting products is the economic benefits that it provides. When you rent a product, you only pay for the value it provides to the user for the stipulated time. There are many products that we don’t necessarily use 365 days a year, in such scenarios it is always better to rent out the desired products. Leasing is not only cost-effective but it also saves money.
No Depreciating Cost
When we rent a product for an event or regular use, we don’t bear the burden of depreciation of that product. Even the person who owns the product is in a win-win situation as the renting business allows him to consistently generate revenue from the product.
No issues with the storage
Storage is a big concern when it comes to purchasing a product. Rental of products saves one the hassle of creating an extra space for storage. Most of the population doesn’t have the luxury of owning spacious homes or apartments, in such cases renting out products works best.
Options over variety
Renting out products gives greater flexibility over variety than purchasing them permanently. If you plan to organize an event at home or a third-party venue then you can simply select from an online products catalog at a trusted website. The online availability of a range of products has created a sea of options for products in various categories.
No burden of sourcing
If you have an upcoming event or party, you can simply visit a rental website that provides the required products. You don’t have to necessarily go through the burden of sourcing them from scratch. If you don’t like the product that you have rented, you can easily exchange it for another.
Renting is good for the environment
Renting is a form of sharing. A product is passed on within a community thereby reducing the rate of disposal. Waste disposal is a huge burden on the environment and with the ever-increasing population across the world, this is a grave concern for the environment. When you rent, you also save the environment from the burden of disposal. When there is less disposal, then the burden of creation is also less. Whatever is created on this planet is ultimately extracted from nature. If we don’t take care of nature, we cannot have a healthy life on this planet.
A potential source of revenue for the owner
Leasing out a product is not only beneficial for the person leasing it but it is also a great opportunity for the owner to create a source of income. Rental services is a fast-growing industry that along with providing a source of revenue for the owner, has also created employment for a large number of people across countries.
Renting provides access to people who cannot buy them
Purchasing a product may not be the most feasible option for a lot of people. Purchasing comes with a lot of responsibility. Responsibility for maintaining it, the labor of having it cleaned, storing it under appropriate conditions in the right space, and being prepared for unforeseen complications.
Rentals are also beneficial for individuals and families who have to constantly migrate from one city to another for work. With the necessity of constantly migrating, it’s best to lease products instead of purchasing them permanently.
With so many benefits of rentals, one must always consider leasing out a product before purchasing them. There are many trusted websites in the UAE that you can rely on for all your rental solutions. Hafla is one of the fastest-growing rental websites with a high number of repeat customers over the years. It is your one-stop solution for all your rental requirements like event equipment, food & beverages, venues, and people and service. Along with offering quality products on rent, be assured of hassle-free customer service at Hafla.
Written by: Nitya Gupta