PS5 Console Rentals Surge in Japan: Here's Why

In recent months, Japan has seen a surge in PS5 console rentals, driven by a combination of factors including price increases, a highly anticipated game release, and an innovative rental service introduced by GEO Corporation. GEO, a well-established chain with around 1,000 stores, began offering PS5 rentals in February, with prices starting at an affordable 980 yen (approximately $7) for a week and 1,780 yen (about $12.50) for two weeks. This service has proven immensely popular, with 80% to 100% of PS5 consoles being rented out at the 400 stores providing this option.

Yusuke Sakai, the manager in charge of GEO's rental products, explained to ITMedia that the idea to rent out PS5 consoles emerged in the summer of 2024. At that time, GEO was experiencing a decline in DVD and CD rentals due to the rise of streaming services. The decision to introduce PS5 rentals was further influenced by Sony's price increase on September 2, 2024, which saw the PS5 Digital Edition's price rise from 59,980 yen (approximately $427) to 72,980 yen (about $520), and the disc drive version from 66,980 yen ($477) to 79,980 yen ($569). This significant price hike was met with widespread dissatisfaction among Japanese consumers, as voiced on Sony’s official X announcement.

The Best PS5 Games

View 26 Images

GEO's existing infrastructure for selling, repairing, and renting various electronics allowed them to seamlessly integrate PS5 rentals into their business model. Their staff's ability to repair and reset PS5s helped keep rental costs low, significantly undercutting competitors who offered similar services at higher monthly rates. This affordability likely contributed to the sudden increase in PS5 rentals, making it easier for those curious about the console to try it out without a substantial upfront investment.

The timing of GEO's PS5 rental service launch on February 28 couldn't have been better, aligning perfectly with the release of "Monster Hunter Wilds." Capcom’s Monster Hunter series is extremely popular in Japan, and the latest installment's limited availability on other platforms, combined with the high PC specifications required, made the PS5 the go-to choice for many fans. Sakai noted that GEO prioritized setting up the service in time for this major game release, anticipating high demand.

Sakai highlighted that GEO's rental service embodies the company's long-standing philosophy of making expensive products more accessible. In the 1980s, GEO made it affordable to rent movies that were otherwise costly to purchase, and now, with the PS5's price nearing 80,000 yen, renting becomes an attractive option for many, including parents and students.

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