In Japan, the surge in PS5 console rentals can be attributed to a combination of factors, including a significant price increase, the release of a popular game, and a timely rental service introduced by GEO Corporation.
In February, GEO, a chain with around 1,000 stores, began offering PS5 rentals at affordable rates starting at 980 yen (approx. $7) for a week and 1780 yen (approx. $12.50) for two weeks. This service has been highly successful, with rental rates at 80% to 100% across the 400 participating stores. Yusuke Sakai, GEO's rental product manager, revealed that the idea was conceived in the summer of 2024, as the company's DVD and CD rentals were declining due to the rise of streaming services.
The decision to rent PS5 consoles was influenced by Sony's price hike on September 2, 2024, which increased the cost of the Digital Edition from 59,980 yen (approx. $427) to 72,980 yen (approx. $520), and the disc drive version from 66,980 yen (approx. $477) to 79,980 yen (approx. $569). This move was met with significant backlash from Japanese consumers, who found the new prices for the four-year-old console exorbitant.
GEO capitalized on its existing rental infrastructure and expertise in handling second-hand electronics, allowing them to offer PS5 rentals at much lower prices than competitors. Prior to GEO's service, other rental options ranged from 4500 to 8900 yen per month. The lower rental costs have made it easier for people to try out the PS5 without committing to a full purchase.
The timing of GEO's PS5 rental service launch on February 28 also coincided with the release of "Monster Hunter Wilds," a highly anticipated game from Capcom's popular series. With limited platform availability and high PC requirements, many Japanese gamers saw the PS5 as the best option to experience the game, despite the console's high cost. Sakai emphasized that aligning the rental service with the game's launch was a strategic move to meet demand.
GEO's approach reflects its long-standing philosophy of making expensive products more accessible through rentals. Historically, the company has made high-cost entertainment like movie tapes and laserdiscs affordable through rentals. Today, with the PS5's price nearing 80,000 yen, renting becomes an attractive option for parents and students looking to enjoy the console without a large upfront investment.
However, potential renters should consider additional costs, such as game rentals or purchases and the need for a PSN subscription for online play. GEO's rental plans are limited to one or two weeks, with an additional 500 yen per day for extensions.
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