PS5 Console Rentals Surge in Japan: Here's Why

In Japan, the trend of renting PS5 consoles has seen a significant surge in popularity in recent months. This phenomenon 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 rental service by a prominent Japanese retailer.

In February, GEO Corporation, a chain with around 1,000 stores that deals in the rental and sale of movies, music, and games, introduced a service allowing customers to rent PS5 consoles. The rental prices are notably affordable, starting at just 980 yen (approximately $7) for a week and 1780 yen (approximately $12.50) for two weeks. This initiative has proven extremely successful, with rental rates reaching between 80% to 100% at the 400 stores offering this service.

Yusuke Sakai, the manager in charge of rental products at GEO, shared with ITMedia that the concept of renting out PS5 consoles was conceived in the summer of 2024. This was a time when GEO's DVD and CD rentals were declining due to the increasing popularity of streaming services. Simultaneously, the PS5, although no longer in short supply, was rumored to face a price hike in Japan due to unfavorable exchange rates. On September 2, 2024, Sony confirmed these rumors by increasing the price of the 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). The announcement on Sony’s official X was met with widespread dissatisfaction, with many users expressing frustration over the near 80,000 yen price tag for a console that was already four years old.

In response to these developments, GEO considered leveraging its existing rental system for PS5 consoles. With a history dating back to the late 1980s in selling, repairing, and renting consoles, DVDs, CDs, and other electronics, GEO was well-equipped with both in-store and online rental systems. Moreover, their staff's ability to repair and factory reset second-hand consoles allowed GEO to offer competitive rental prices, significantly lower than other services which charged between 4500 to 8900 yen monthly. This affordability has likely played a key role in the sudden increase in PS5 rentals, making it easier for those curious about the console to try it out for a short period.

The timing of GEO's PS5 rental service launch on February 28 was impeccable, aligning with the release of Monster Hunter Wilds. Capcom’s Monster Hunter series has always been highly popular in Japan, and the latest installment's limited platform availability posed a challenge for many players. With Xbox having less market penetration in Japan and Monster Hunter Wilds requiring high PC specifications, the PS5 emerged as the most viable option despite its high cost. Sakai emphasized that launching the rental service in time for Monster Hunter Wilds was a top priority, recognizing the game's potential as one of the year's biggest titles.

GEO’s approach aligns with their long-standing philosophy of making expensive products accessible at a lower cost. Reflecting on their history, Sakai noted that in the 1980s, purchasing a single movie videotape or laserdisc was prohibitively expensive at 15,000 to 20,000 yen, whereas renting a movie for around 1,000 yen a night was a more affordable option. Similarly, today, with the PS5's price nearing 80,000 yen, renting becomes an attractive alternative for parents or students looking to enjoy the console without the hefty upfront cost.

However, the cost-effectiveness of renting a PS5 might be less straightforward when considering additional expenses. Renting or purchasing games and the necessity of a PSN subscription for online play add to the overall cost. Additionally, GEO's current rental plans are limited to one or two weeks, with an extension fee of 500 yen per day, which could impact the overall affordability for longer-term use.

The Best PS5 Games

View 26 Images