PS5 Console Rentals Surge in Japan: Here's Why

In Japan, the surge in popularity of renting PS5 consoles can be attributed to a combination of factors including price increases, the release of a highly anticipated game, and a strategic new service by a local retailer.

In February, GEO Corporation, a chain with approximately 1,000 stores specializing in the rental and sale of movies, music, and games, introduced a PS5 rental service. This service offers affordable rates starting at 980 yen (about $7) for a week and 1780 yen (about $12.50) for two weeks. The initiative has proven immensely successful, with rental rates at GEO's 400 participating stores reaching between 80% to 100%.

Yusuke Sakai, the manager in charge of GEO's rental products, shared with ITMedia that the concept of renting PS5 consoles emerged in the summer of 2024. This was a period when GEO's DVD and CD rentals were declining due to the increasing dominance of streaming services. At the same time, rumors circulated about potential PS5 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 (about $427) to 72,980 yen (about $520), and the disc drive version from 66,980 yen (about $477) to 79,980 yen (about $569). This price increase was met with significant backlash, with many Japanese users expressing their frustration on Sony's official X announcement, citing the high cost of a four-year-old console.

Sakai explained that GEO saw an opportunity to leverage its existing rental infrastructure to offer PS5 rentals. With a history dating back to the late 1980s, GEO has extensive experience in selling, repairing, and renting electronics, including consoles. This expertise allowed them to manage costs effectively, offering rentals at significantly lower prices than competitors, who typically charged between 4500 to 8900 yen per month. The affordability of GEO's service has made it easier for those curious about the PS5 to try it out for a short period, contributing to the sudden increase in rentals.

The timing of GEO's PS5 rental service launch on February 28 was strategic, aligning perfectly with the release of Monster Hunter Wilds. This game, part of Capcom's highly popular Monster Hunter series in Japan, was limited to certain platforms, making the PS5 an attractive option despite its high cost. Sakai noted that they prioritized the service's launch to coincide with Monster Hunter Wilds, recognizing its potential as one of the year's biggest titles.

GEO's rental philosophy reflects its long-standing approach of allowing customers to experience expensive products at a lower cost, similar to how they once made movies affordable through rentals in the 1980s. With a PS5 now costing nearly 80,000 yen, renting becomes an appealing option for many, including parents and students.

However, the cost-effectiveness of renting a PS5 can be questioned when considering additional expenses like game rentals or purchases and the need for a PSN subscription for online play. Additionally, GEO's current rental plans are limited to one or two weeks, with an extra charge of 500 yen per day for extended rentals.

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