Here’s Why PS5 Console Rentals Are Booming in Japan

In Japan, the surge in popularity of renting PS5 consoles in recent months stems from a combination of factors including price increases, a highly anticipated game release, and a strategic move by a major retailer. GEO Corporation, a chain with around 1,000 stores across Japan, introduced a PS5 rental service in February, offering affordable weekly and bi-weekly rental options starting at 980 yen (approx. $7) for a week and 1780 yen (approx. $12.50) for two weeks. This service has proven highly successful, with rental rates between 80% to 100% at the 400 stores offering it.

The idea to rent out PS5 consoles emerged in the summer of 2024, as GEO faced declining DVD and CD rentals due to the rise of streaming services. At the same time, rumors of PS5 price hikes were circulating in Japan, attributed to weak exchange rates. On September 2, 2024, Sony confirmed these rumors by increasing the price of the PS5 Digital Edition from 59,980 yen (approx. $427) to 72,980 yen (approx. $520), and the disc drive version from 66,980 yen (approx. $477) to 79,980 yen (approx. $569). This move was met with significant backlash from Japanese consumers, many of whom felt that the new prices were too high for a console that was already four years old.

GEO's Yusuke Sakai, the manager overseeing the chain's rental products, explained that the company leveraged its existing rental infrastructure and expertise in handling second-hand consoles to launch the PS5 rental service at a competitive price. GEO's ability to repair and factory reset consoles helped keep costs down, allowing them to offer rentals at much lower rates than other Japanese companies, which charged between 4500 to 8900 yen per month. The affordability of GEO's service made it easier for people to try out the PS5 for a short period.

The timing of GEO's PS5 rental service launch was strategic, coinciding with the release of Monster Hunter Wilds on February 28. The Monster Hunter series has a strong following in Japan, and the exclusivity of Monster Hunter Wilds to a limited number of platforms, coupled with the high PC specs required, made the PS5 an attractive option for many players. However, the console's high price posed a barrier. GEO's rental service provided a solution, allowing players to access the game without the hefty upfront cost of purchasing a PS5.

Sakai highlighted GEO's philosophy of enabling customers to try out expensive products at a lower cost, a practice that dates back to the 1980s when the company made movies affordable to rent. Today, with the PS5's price nearing 80,000 yen, renting offers a more appealing option for many, including parents and students.

However, the cost-effectiveness of renting a PS5 can be questioned when additional expenses such as game rentals or purchases and a PSN subscription for online play are considered. Furthermore, GEO's rental plans are currently limited to one and two weeks, with an additional daily fee of 500 yen for extended rentals.

The Best PS5 Games

View 26 Images