PS5 Console Rentals Surge in Japan: Here's Why

In Japan, the trend of renting PlayStation 5 (PS5) consoles has seen a significant surge in popularity recently. This shift towards renting rather than buying Sony's latest gaming hardware can be attributed to a mix of factors, including price increases, the launch of a highly anticipated game series, and the introduction of a well-timed rental service by a major Japanese retailer.

In February, GEO Corporation, a chain with approximately 1,000 stores across Japan that specializes in renting and selling movies, music, and games, launched a service allowing customers to rent PS5 consoles. The rental prices are notably affordable, starting at 980 yen (about $7) for one week and 1,780 yen (around $12.50) for two weeks. This initiative has proven to be a massive success for GEO, with rental rates reaching between 80% to 100% at the 400 stores offering the service.

Yusuke Sakai, the manager responsible for GEO's rental products, shared with ITMedia that the concept of renting PS5 consoles was conceived in the summer of 2024. This decision was influenced by the declining demand for DVD and CD rentals, which was being overshadowed by the growing popularity of streaming services.

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At that time, although the PS5 was no longer in short supply, there were concerns about potential price hikes due to unfavorable exchange rates. These concerns materialized on September 2, 2024, when Sony announced a price increase for the PS5 in Japan. The Digital Edition's price rose from 59,980 yen (approximately $427) to 72,980 yen (around $520), while the disc drive version increased from 66,980 yen ($477) to 79,980 yen ($569). This domestic price increase was met with widespread dissatisfaction, as evidenced by numerous complaints on Sony’s official X announcement, with many users feeling that nearly 80,000 yen was too steep for a console that was already four years old.

Sakai explained that GEO began exploring the possibility of renting out PS5 consoles using their established rental system. With a history dating back to the late 1980s of selling, repairing, and renting consoles, DVDs, CDs, and other electronics, GEO was well-equipped to implement this service. The company's existing infrastructure and expertise in handling second-hand consoles allowed them to offer competitive rental prices, significantly lower than those of other Japanese companies, which ranged from 4,500 to 8,900 yen per month. GEO's affordable rental rates likely played a crucial role in the sudden increase in PS5 rentals, making it more accessible for people to try the console for a short period.

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, and the limited platform availability of Monster Hunter Wilds posed a challenge for many players. Given the relative unpopularity of Xbox in Japan and the high PC specifications required for the game, the PS5 emerged as the preferred option for many, despite its high cost.

Sakai emphasized that GEO prioritized setting up the service in time for the launch of Monster Hunter Wilds, recognizing its potential as one of the year's biggest titles. He also highlighted that GEO's rental service aligns with the company's long-standing philosophy of allowing customers to try out expensive products at a lower cost. Reflecting on the past, Sakai noted how GEO made it possible to rent movies for about 1,000 yen a night when purchasing a single movie videotape or laserdisc was prohibitively expensive at 15,000 to 20,000 yen. Today, with a PS5 costing nearly 80,000 yen, renting the console becomes an attractive option for parents and students looking to experience the latest gaming technology without a significant financial commitment.

However, it's important to consider that renting a PS5 may not be as cost-effective as it seems at first glance. Additional expenses such as renting or buying games and the need for a PlayStation Network (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 any extension of the rental period.