PS5 Console Rentals Surge in Japan: Here's Why

In recent months, Japan has seen a notable increase in the popularity of renting PS5 consoles, a trend driven by a combination of factors including price hikes, the launch of a highly anticipated game series, and the strategic introduction of a rental service by a major Japanese retailer.

In February, GEO Corporation, a chain with approximately 1,000 stores specializing in the rental and sale of movies, music, and games, launched a PS5 rental service. The rental prices are highly competitive, starting at just 980 yen (approximately $7) for a week and 1,780 yen (approximately $12.50) for two weeks. This service has proven immensely popular, with rental rates reaching between 80% to 100% at the 400 stores offering it.

GEO's decision to start renting PS5 consoles was influenced by the decline in their DVD and CD rental business, attributed to the growing dominance of streaming services. The idea was conceived in the summer of 2024, a time when the PS5 was no longer constrained by supply issues but faced potential price increases due to unfavorable exchange rates. On September 2, 2024, Sony confirmed these fears by increasing the price of the PS5 Digital Edition from 59,980 yen (approximately $427) to 72,980 yen (approximately $520), and the disc drive version from 66,980 yen (approximately $477) to 79,980 yen (approximately $569). This move was met with significant backlash from the Japanese gaming community, who felt the new prices were exorbitant for a console that was already four years old.

Yusuke Sakai, the manager in charge of GEO's rental products, explained that the company saw an opportunity to leverage their existing rental infrastructure. With a history dating back to the late 1980s, GEO has extensive experience in selling, repairing, and renting various electronics. This expertise allowed them to offer PS5 rentals at significantly lower prices than other competitors, who typically charged between 4,500 to 8,900 yen monthly.

The timing of GEO's PS5 rental service launch coincided perfectly with the release of "Monster Hunter Wilds" by Capcom. The Monster Hunter series has a massive following in Japan, and the limited availability of "Monster Hunter Wilds" on other platforms, combined with the high system requirements for PC gaming, made the PS5 a more appealing choice for many fans. However, the steep price of the console remained a barrier for some, making GEO's rental option even more attractive.

Sakai highlighted that the rental service aligns with GEO's long-standing philosophy of making expensive products more accessible. He drew parallels to the 1980s, when GEO made it affordable for customers to rent movies instead of buying expensive videotapes or laserdiscs. Today, with the PS5's price nearing 80,000 yen, renting becomes a more feasible option for many, including parents and students.

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

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