Millennials aren’t spending money like past generations. We like variety and flexibility, which is why it is ideal for Millennials to rent rather than buy. Below are some ways in which Millennials rent in other areas outside of just living spaces, and why this trend is going to stick.
Television – Most of us don’t use cable anymore. With options like Hulu Plus and Netflix you can rent the shows you want to watch at a fraction of the cost of investing in cable television. Nowadays, you can also find almost any show online, which makes committing to a monthly cable bill even less appealing to Millennials.
Music – Like television, Millenials can essentially “rent” music through services like Pandora or Spotify, free of charge. Additionally, the spectrum of what you get for such a low cost is very vast, if you decide to upgrade to a premium account without commercials. Variety is really the spice of life and these music subscriptions supply that.
Clothing– Because of technology and new trends in fashion merchandising online, you don’t need to spend hundreds of dollars on that designer dress that you only wear once or maybe twice a year. With e-commerce booming, many clothing rental companies have popped up online, allowing consumers to rent expensive garments instead of investing lots of money in these statement pieces. Using Rent the Runway can change that, as you can order that designer dress for a few days and just return it.
Transportation – Uber, Lyft and Car2Go have allowed Millennials living in urban areas to get almost anywhere without having to own a car. You can catch a ride for cheap anywhere in the city without having auto insurance or dealing with maintenance and other fees. Rideshare companies like these are gaining in popularity annually, and are definitely contributing to the trend in Millennials preferring to rent rather than buy.
Office Space – This generation doesn’t want to deal with long commutes from suburbs into areas with entertainment, shopping and work. They want to be where all the action is. There are now many standalone offices where Millennials can move right in and be ready to go. There are also other places that allow occupants to rent a desk, office, or conference room for as long as needed.
The case for renting continues to grow stronger, especially for the generation that finds this option more attractive compared to long contracts and expensive monthly bills. Have you noticed that many Millennials prefer to rent rather than buy?