We all know the trouble we go through just to find the right house to live in. Finding a semi-furnished house to live in is extremely difficult in metro cities leave alone furnished houses. People usually opt for a furnished house because in that case, they wouldn’t have to keep buying pieces of furniture and other household goods every time they shift. But, not everyone has the budget to rent out a furnished apartment, and that’s where Rentomojo comes into the picture.
As kids, we were always taught to own and renting out something was looked down upon. Owning always brought in a powerful vibe in an individual. This was when an individual rarely shifted location and worked in an organisation for decades together. Times are changing rapidly. With an increase in the cost of living in India, young professionals are ready to relocate to any location that pays well. The current generation is not sure where their next job would land them in; doing up their new place with furniture bought on rent is not only the best option but also an easy way out. Especially in a place like Mumbai and Bangalore where the city is out of space, but the inflow of young professionals is indirectly proportional.
Rentomojo is one-of-a-kind consumer product leasing business that raises lease-capital from financial institutions for products rented to consumers for long-term periods. This not only provokes the consumer to extend their rental tenure but they also have an option of owning the products, making a lot more financial sense. Rentomojo has recently announced an exciting scheme of Rent-To-Own, where now the customers will be able to rent till whatever time they want, return or own the products.
Founded in 2014, Rentomojo started as a rental business, and since then it has evolved as an economic industry that uses technology to make financial services more efficient. You ask for it, and they have it all. The customers can rent furniture, appliances and two-wheelers by paying an extremely affordable RMI (Rental Monthly Instalment). With the new proposition of ‘Rent-To-Own’, the customers can now own it. In case, while renting out a particular service, the customer wants to own, the same can be done after paying some RMIs.
Geetansh Bamania, CEO & Founder, Rentomojo said, “Usually renting is considered for a longer duration. A lot of customers also get a strong sense of ownership once they buy the products. What we also realised is that, although the perception of renting could be for a smaller duration, the average rental tenure of our customers is 12-18 months, which itself makes us very different than a typical rental model. With an option of owning if the customer wants to after he has rented, where he is paying a nominal RMI, is a certain new way of ownership and that certainly makes us different than a usual renting company.”
The first thing that comes to my mind when I say “rental” is home, but Rentomojo has changed the rental game in India by catering to the correct demographic. Rentomojo has decided to take the burden on them instead and let us rent or own whatever we need.
Rentomojo recently organised a bloggers meet in Bangalore at Ramada for Bangalore-based content contributors and lifestyle bloggers were the idea and concept was introduced to the mixed audience. Mixed audience because there were few who have never thought about renting out furniture, vehicles or appliances. Rent-to-Own is a wonderful option for people like them who are sceptical to rent out the items they provide. This scheme helps you try and test the product for few months on a rental basis and then own it if you like it. It’s a win-win! Not just that, Rentomojo also offers free maintenance, swapping of products and relocation.