PS5 Console Rentals Surge in Japan: Here's Why

In recent months, Japan has seen a significant increase in the popularity of renting PS5 consoles, driven by a combination of factors including price hikes, the release of a highly anticipated game, and a strategic move by a major retailer.

In February, GEO Corporation, a chain with approximately 1,000 stores across Japan that specializes in renting and selling movies, music, and games, introduced a PS5 rental service. This service offers rentals starting at just 980 yen (about $7) for a week and 1,780 yen (around $12.50) for two weeks. The initiative has proven immensely successful, with rental rates at GEO's 400 participating stores reaching between 80% and 100%.

According to Yusuke Sakai, the manager overseeing GEO's rental products, the decision to rent out PS5 consoles was made in the summer of 2024. This was prompted by a decline in DVD and CD rentals due to the rise of streaming services. At the time, although PS5 supply issues had resolved, rumors of impending price increases due to unfavorable exchange rates were circulating. On September 2, 2024, Sony confirmed these rumors by raising the price of the PS5 Digital Edition from 59,980 yen (about $427) to 72,980 yen (around $520), and the disc drive version from 66,980 yen (about $477) to 79,980 yen (around $569). The price hike was met with significant backlash from Japanese consumers, many of whom expressed frustration over the cost of the now four-year-old console.

Sakai explained that GEO saw an opportunity to leverage its existing rental infrastructure, which had been in place since the late 1980s for renting various electronics, movies, and games. The company's experience in buying, selling, and repairing second-hand consoles allowed GEO to offer PS5 rentals at a lower price compared to other services, which typically charged between 4,500 and 8,900 yen per month. This affordability likely contributed to the surge in PS5 rentals.

The timing of GEO's service launch on February 28 coincided perfectly with the release of "Monster Hunter Wilds," a highly anticipated game from Capcom's popular Monster Hunter series. Given the game's limited platform availability and the high PC specs required, many Japanese gamers saw the PS5 as the best option, despite its price. Sakai noted that the launch of "Monster Hunter Wilds" was a key factor in prioritizing the timely setup of the PS5 rental service.

GEO's approach aligns with its long-standing philosophy of allowing customers to try expensive products at a lower cost. Historically, the company made it possible for customers to rent movies for around 1,000 yen a night, which was a fraction of the cost of purchasing a videotape or laserdisc in the 1980s. Today, with the PS5 priced at nearly 80,000 yen, renting becomes an attractive option for parents and students who might find the full purchase price prohibitive.

However, potential renters should be aware of additional costs. Renting or buying games and subscribing to PSN for online play can add to the expense. Additionally, GEO's rental plans are limited to one or two weeks, with an extra 500 yen per day for extensions.

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