PS5 Console Rentals Surge in Japan: Here's Why

In Japan, the sudden surge in popularity of renting PS5 consoles can be attributed to a combination of factors including price increases, the release of a highly anticipated game, and a timely service launch by GEO Corporation.

In February, GEO, a chain with around 1,000 stores specializing in renting and selling entertainment media, introduced a PS5 rental service. With rentals starting at just 980 yen (approximately $7) for a week and 1780 yen (approximately $12.50) for two weeks, the service has proven extremely popular, with 80% to 100% of PS5 consoles being rented out at the 400 stores offering the service.

Yusuke Sakai, the manager of GEO’s rental products, shared with ITMedia that the decision to rent out PS5 consoles was spurred by declining DVD and CD rentals, influenced by the rise of streaming services. The idea took shape in the summer of 2024, coinciding with rumors of impending PS5 price hikes 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 price increase led to widespread dissatisfaction among Japanese consumers, who voiced their concerns on Sony’s official X announcement, noting that nearly 80,000 yen was too steep for a console that was already four years old.

GEO saw an opportunity to leverage its existing rental infrastructure, which had been in place since the late 1980s for renting, selling, and repairing various electronics. This allowed GEO to offer PS5 rentals at significantly lower rates than other Japanese companies, which typically charged between 4500 to 8900 yen per month. GEO's affordable pricing likely made it more feasible for consumers to experiment with the PS5 for a short period.

The timing of GEO’s service launch was also strategic, aligning with the release of Capcom’s Monster Hunter Wilds on February 28. The Monster Hunter series has a robust following in Japan, and the limited availability of Monster Hunter Wilds on other platforms, coupled with the high PC specifications required, made the PS5 the preferred choice for many players despite its high cost. Sakai noted that they prioritized getting the service ready in time for Monster Hunter Wilds' launch, recognizing its potential as one of the year's biggest titles.

Sakai further emphasized GEO’s philosophy of enabling customers to try out expensive products at a lower cost, reflecting on how the company once made movies affordable to rent in the 1980s. With the PS5's high price point, renting becomes a more appealing option for parents and students.

However, it's worth considering that the total cost of renting a PS5 might not be as economical as it seems, especially when factoring in additional expenses such as game rentals or purchases and the need for a PSN subscription for online play. Moreover, GEO's current rental plans are limited to one or two weeks, with an additional charge of 500 yen per day for extended rentals.

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