In Japan, the trend of renting PlayStation 5 (PS5) consoles has seen a significant surge in recent months. This shift towards renting rather than purchasing Sony's latest gaming hardware can be attributed to a combination of factors including console price increases, the popularity of a major game series, and a well-timed new service introduced by a Japanese retailer.
In February, Japan's GEO Corporation, a chain with approximately 1,000 stores specializing in renting and selling movies, music, and games, launched a PS5 rental service. With rental prices starting at an affordable 980 yen (around $7) for a week and 1,780 yen (around $12.50) for two weeks, the service has proven immensely popular. GEO reports that between 80% to 100% of PS5 consoles are rented out at the 400 stores offering this service.
According to Yusuke Sakai, GEO's manager in charge of rental products, as reported by ITMedia, the concept of renting PS5 consoles originated in the summer of 2024. This was a time when GEO was experiencing a decline in DVD and CD rentals due to the increasing dominance of streaming services.
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At that time, although PS5 supply shortages had eased, there were rumors about potential price hikes in Japan due to unfavorable exchange rates. On September 2, 2024, Sony confirmed these rumors by increasing the price of the Digital Edition from 59,980 yen (around $427) to 72,980 yen (around $520), and the disc drive version from 66,980 yen (around $477) to 79,980 yen (around $569). This domestic price increase was met with significant dissatisfaction from the Japanese gaming community, as evident from the numerous complaints on Sony's official X announcement about the steep price of nearly 80,000 yen for a four-year-old console.
"At this point, we began to consider whether we could rent out PS5 consoles using our existing rental system," Sakai explained. GEO, with its history of selling, repairing, and renting consoles, DVDs, CDs, and other electronics since the late 1980s, was well-equipped to implement this service. The company's ability to buy, sell, and repair second-hand consoles allowed them to offer competitive rental prices. Before GEO's service, other companies in Japan were offering PS5 rentals at much higher rates, ranging from 4,500 to 8,900 yen per month. GEO's lower prices have made it accessible for even the mildly curious to try out a PS5 for a week or two, contributing to the sudden increase in PS5 rentals.
GEO's PS5 rental service was strategically launched on February 28, aligning perfectly with the release of Monster Hunter Wilds. Capcom's Monster Hunter series has a strong following in Japan, but Monster Hunter Wilds being limited to fewer platforms raised concerns among players about accessibility. Given the lower popularity of Xbox in Japan and the high PC specifications required for Monster Hunter Wilds, the PS5 emerged as the preferred option despite its high cost.
"We knew that Monster Hunter Wilds was going to be one of the biggest titles of the year, so we made it our top priority to get the service set up in time for that," Sakai noted.
Sakai further emphasized that GEO's PS5 rental service aligns with the company's longstanding philosophy of allowing customers to experience expensive products at a lower cost. This approach harks back to the 1980s when renting a movie was a more affordable alternative to purchasing expensive videotapes or laserdiscs. Today, with the PS5 priced at nearly 80,000 yen, renting becomes an attractive option for parents and students alike.
However, the overall cost of renting a PS5 may not be as economical as it initially seems. Additional expenses such as renting or buying games and the necessity of a PSN subscription for online play can add up. Moreover, GEO currently only offers one-week and two-week rental plans, with an additional charge of 500 yen per day for extending the rental period.
