In Japan, the recent surge in popularity of renting PlayStation 5 (PS5) consoles can be attributed to several key factors, including price hikes, the release of a highly anticipated game, and the strategic launch of a rental service by GEO Corporation.
In February, GEO Corporation, a chain with approximately 1,000 stores across Japan, introduced a PS5 rental service. This service offers affordable weekly rentals starting at 980 yen (approximately $7) and two-week rentals at 1,780 yen (approximately $12.50). The initiative has proven immensely successful, with rental rates at GEO's 400 participating stores reaching between 80% to 100%.
Yusuke Sakai, the manager overseeing GEO's rental products, shared with ITMedia that the concept of renting PS5s emerged in the summer of 2024. This idea came at a time when GEO's DVD and CD rentals were declining due to the increasing dominance of streaming services. Moreover, the decision was influenced by rumors and subsequent confirmation of PS5 price increases in Japan, driven by unfavorable exchange rates. On September 2, 2024, Sony announced a significant price hike, raising the cost 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). This move was met with considerable backlash from Japanese consumers, many of whom expressed frustration over the high cost of the now four-year-old console.
GEO's established expertise in selling, repairing, and renting electronics allowed them to offer PS5 rentals at a fraction of the cost of other services, which typically ranged from 4,500 to 8,900 yen per month. This competitive pricing made it feasible for more people to experience the PS5, contributing to the sudden increase in rentals.
The timing of GEO's service launch was also strategic, coinciding with the release of Capcom's Monster Hunter Wilds on February 28. The Monster Hunter series enjoys immense popularity in Japan, and the limited platform availability of Monster Hunter Wilds—along with high PC system requirements and the relative unpopularity of Xbox in the region—made the PS5 a preferred choice for many gamers. However, the console's high price was a barrier, which GEO's rental service effectively addressed.
Sakai emphasized GEO's commitment to allowing customers to try expensive products at a lower cost, a philosophy rooted in the company's history of making entertainment accessible. In the 1980s, GEO enabled customers to rent movies at a fraction of the purchase price, a model they have now applied to the PS5.
Despite the affordability of the rental service, potential renters should consider additional costs such as game rentals or purchases and the need for a PSN subscription for online play. Additionally, GEO's rental plans are limited to one or two weeks, with an extension fee of 500 yen per day.
The Best PS5 Games
View 26 Images
