The Rise of the Rental Generation

Millennials, those born between 1981 and 1996, are revolutionizing consumerism. Unlike their predecessors, who used the metric of ownership to gauge success, millennials are driving a strong tendency toward leasing. From houses and cars to equipment and gadgets, the new standard is to lease.

Platforms such as NobuyRent are facilitating the shift by providing convenient access to a wide range of rental products and services, at users' fingertips. Why, though, are millennials adopting this model, you ask? Let's take a closer look at the main reasons why renting is better than buying for the new consumer.

The Perks of Renting Products

1. Financial Flexibility

In an era of economic uncertainty, millennials seek financial freedom. Renting helps them:

• Avoid large upfront purchases
• Lower monthly financial commitments
• Divert funds toward travel, experiences, or startups

Research Insight: According to a 2023 LinkedIn India study, over 60% of millennials are engaging in side hustles and prefer spending on experiences over material possessions.

2. Avoiding Depreciation

Items like furniture, gadgets, and automobiles all lose their lifespan rapidly. Buying them locks money in assets that lose value over time. Renting avoids this trap by allowing:

• Temporary access without ownership burden
• Freedom to upgrade whenever needed

Example: A DSLR camera loses nearly 20% of its value annually. Renting high-end gear avoids this loss while maintaining quality access.

3. Access Over Ownership

For millennials, access matters more than possession. Renting enables:

• Affordable access to premium products
• Flexibility to use as per need (occasions, travel, projects)

Platforms like NobuyRent offer items ranging from bikes and gaming consoles to event decor and kitchen appliances—perfectly aligning with this mindset.

4. Minimal Commitment

Millennials value mobility and low-risk living. Renting supports this with:

• No maintenance worries
• No long-term investment pressure
• Easy replacement or upgrades

Case Example: A renter in Bangalore uses a treadmill for three months in summer, then returns it—no storage hassle or guilt of unused equipment.

5. Sustainability and Conscious Consumption

Millennials are the most environmentally aware generation yet. Renting supports a circular economy, reducing waste and carbon emissions:

• Encourages reuse
• Lowers demand for mass production
• Promotes shared responsibility for the planet

According to Accenture, 83 percent of millennials would rather do business with companies that share their commitment to sustainability.

Conscious consumption and sustainability.

Renting Supports Entrepreneurial Growth

Many millennials are also entrepreneurs or freelancers. Renting essential business tools (camera, laptop, lighting, etc.) lets them:

• Operate lean startups
• Scale without debt
• Test ideas with low capital

This mindset is building a generation of micro-entrepreneurs, empowered by platforms like NobuyRent.