In Japan, the surge in popularity of renting PS5 consoles in recent months can be attributed to a combination of factors including console price increases, the launch of a highly anticipated game series, and the strategic introduction of a new rental service by GEO Corporation.
In February, GEO, a chain with approximately 1,000 stores across Japan that specializes in renting and selling entertainment products, introduced a PS5 rental service. This service offers rentals starting at just 980 yen (about $7) for a week and 1,780 yen (about $12.50) for two weeks. The initiative has proven extremely successful, with rental rates at GEO's 400 participating stores reaching between 80% to 100%.
Yusuke Sakai, the manager overseeing GEO's rental products, told ITMedia that the idea to rent out PS5 consoles emerged in the summer of 2024. This decision was influenced by the declining demand for DVD and CD rentals due to the rise of streaming services. At that time, although PS5 supply issues had been resolved, rumors of impending price hikes due to unfavorable exchange rates were circulating. On September 2, 2024, Sony confirmed these rumors by increasing the price of the PS5 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 led to widespread dissatisfaction among Japanese consumers, many of whom expressed their frustration on Sony's official X announcement, noting that nearly 80,000 yen was too steep for a four-year-old console.
Sakai mentioned that GEO began considering the PS5 rental service in light of these price hikes. Leveraging their existing rental infrastructure and expertise in handling second-hand consoles, GEO was able to offer competitive rental prices. Before GEO's service, other Japanese companies offered PS5 rentals but at much higher rates, ranging from 4,500 to 8,900 yen per month. GEO's lower prices likely encouraged more people to try out the PS5, 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." The Monster Hunter series, developed by Capcom, enjoys immense popularity in Japan. However, the limited availability of "Monster Hunter Wilds" on other platforms, combined with the high PC specifications required and the lesser popularity of Xbox in Japan, made the PS5 the preferred choice for many players. The high cost of the console, however, was a barrier, which the rental service effectively addressed.
Sakai emphasized that launching the service in time for "Monster Hunter Wilds" was a top priority, reflecting GEO's philosophy of making expensive products more accessible through rentals. This approach echoes their past success in the 1980s, when they made movie rentals affordable compared to the high cost of purchasing video tapes or laserdiscs. Today, with a PS5 priced at nearly 80,000 yen, renting becomes an attractive option for parents or students who might find the outright purchase prohibitive.
However, the overall cost of renting a PS5 may not be as low as it initially seems. Additional expenses such as renting or buying games and subscribing to PSN for online play need to be considered. Moreover, GEO's rental plans are limited to one or two weeks, with an additional charge of 500 yen per day for extended rentals.
The Best PS5 Games
View 26 Images
