PS5 Console Rentals Surge in Japan: Here's Why

In Japan, the trend of renting PS5 consoles has seen a dramatic rise in recent months, driven by a combination of factors including increased console prices, the launch of a highly popular game series, and the timely introduction of a new rental service by a major retailer.

In February, Japan's GEO Corporation, a chain operating around 1,000 stores that specialize in renting and selling movies, music, and games, launched a service allowing customers to rent PS5 consoles. The rental prices are remarkably affordable, starting at 980 yen (approximately $7) for a week and 1,780 yen (approximately $12.50) for two weeks. This initiative has proven highly successful, with rental rates at GEO's 400 participating stores ranging from 80% to 100% occupancy.

Yusuke Sakai, the manager overseeing GEO's rental products, shared with ITMedia that the concept of renting out PS5 consoles emerged in the summer of 2024. This was a period when GEO's DVD and CD rental business was declining due to the growing dominance of streaming services. At that time, despite the alleviation of PS5 supply shortages, rumors were circulating about potential price increases for the PS5 in Japan due to unfavorable exchange rates. On September 2, 2024, Sony confirmed these rumors by raising the price of the PS5 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). This significant price hike was met with widespread dissatisfaction among Japanese consumers, many of whom expressed their frustration on Sony's official X announcement, citing the high cost of the then four-year-old console.

In response to this, GEO considered leveraging its existing rental infrastructure to offer PS5 rentals. Having been in the business of selling, repairing, and renting consoles, DVDs, CDs, and other electronics since the late 1980s, GEO was well-equipped to manage this new service. The company's ability to buy, sell, and refurbish second-hand consoles allowed them to keep rental costs low, making their service more affordable than competitors who charged between 4,500 to 8,900 yen per month. This affordability likely played a significant role in the sudden increase in PS5 rentals.

The timing of GEO's PS5 rental service launch on February 28 couldn't have been better, coinciding with the release of "Monster Hunter Wilds." Capcom's Monster Hunter series has long enjoyed robust sales and popularity in Japan. However, the limited availability of "Monster Hunter Wilds" on other platforms, combined with the high system requirements for PC gaming and the relative unpopularity of Xbox in Japan, made the PS5 a more appealing option for many gamers. The high price of the console, however, was a barrier for many, making GEO's rental service an attractive solution.

Sakai emphasized that the launch of "Monster Hunter Wilds" was a major factor in their decision to prioritize the PS5 rental service. He highlighted GEO's longstanding philosophy of enabling customers to try out expensive products at a lower cost, drawing parallels to the 1980s when renting a movie was significantly cheaper than purchasing it outright. With the PS5 now priced at nearly 80,000 yen, renting becomes a more feasible option for many, including parents buying for their children or students saving up for the console.

However, the cost-effectiveness of renting a PS5 can be nuanced. Additional expenses such as renting or buying games and subscribing to PSN for online play need to be considered. Furthermore, GEO's current rental plans are limited to one or two weeks, with an additional daily charge of 500 yen for extended rentals.

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