Millennials: Born 1981-1996 (22-38 years old), basically anyone who has reached young adulthood at the turn of the century. Most people reading this article are probably millennials. A generation that has a strong belief about every little aspect of their lives, be it buying a toothbrush or a car. Except they prefer renting over buying. What seemed like the biggest decision a decade ago, is not now a matter of choice. Be it looking for bike rental in Bangalore or a PG in Chennai, millennials know where to find the right stuff. In fact, renting things has become so common in metros that it has given an opportunity to several start-ups. But not everyone is convinced with this renting model. If you’re one of them, do read along.
One can never be sure how long they’d live in a particular home (or city) because of work, changing family circumstances or any other reason. With rented property, one can ‘choose’ to switch to another one even if they get bored (a common millennial trait) or want better options. Rest assured, millennials would agree in unison that renting things is better than buying them. For the rest of you unconvinced crowd, below are some reasons why renting is the future :
Because New Is Always Better
Millennials live by their favorite movie/TV series quote. And, in the words of Barney Stinson, “New is always better” and when it comes to living in a rented place, the quote holds its importance. Even if you don’t want to get into details, renting has its own upsides. Less upfront cost and paperwork, freedom to be more mobile and to top it all, a place where you use these assets without spending all your savings.
With Rented Stuff Maintenance Goes Out The window
Maintaining a new asset is a task in itself but when it comes to rented stuff, maintenance is something you don’t have to worry about. You can choose to replace the rented equipment with an upgraded one and it won’t cost you a fortune. That’s why today’s youth is more inclined towards renting.
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Believe It Or Not, Renting Is cheaper
Finance is a variable thing, it changes every month making it a difficult thing to maintain and count on. In case of renting, all you have to pay the rentals which are ultimately cheaper than the EMI. One might argue that after the EMI payments, you get to OWN the place. Agreed. But, by the time you pay your last EMI, that particular asset of yours is out of trend/technology. If you don’t under this, you’re probably not a millennial.