In Japan, the sudden surge in popularity of renting PS5 consoles can be attributed to a combination of factors, including price hikes, the release of a highly anticipated game, and a strategic move by a major retailer.

In February, GEO Corporation, a chain with around 1,000 stores that specializes in renting and selling movies, music, and games, introduced a PS5 rental service. This service offers rentals starting at an affordable 980 yen (approximately $7) for a week and 1,780 yen (approximately $12.50) for two weeks. The initiative has proven highly successful, with rental rates reaching between 80% to 100% at the 400 stores participating in the program.

Yusuke Sakai, the manager in charge of GEO's rental products, shared with ITMedia that the concept of renting PS5 consoles emerged in the summer of 2024. This was a time when GEO's DVD and CD rentals were declining due to the increasing popularity of streaming services. Concurrently, rumors of impending PS5 price increases in Japan due to unfavorable exchange rates were circulating. 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 price hike was met with significant dissatisfaction among Japanese consumers, many of whom expressed their frustration on Sony's official X announcement, citing the high cost of the four-year-old console.

Sakai explained that GEO saw an opportunity to leverage its existing rental infrastructure to offer PS5 rentals. With a history dating back to the late 1980s, GEO has extensive experience in selling, repairing, and renting various electronics, including consoles. This expertise allowed GEO to offer PS5 rentals at significantly lower prices than competitors, who typically charged between 4,500 to 8,900 yen per month. GEO's competitive pricing likely encouraged more people to try out the PS5, contributing to the spike in rentals.

The timing of GEO's PS5 rental service launch on February 28 was strategic, aligning perfectly with the release of "Monster Hunter Wilds." The Monster Hunter series, developed by Capcom, has a strong following in Japan. However, the limited platform availability of "Monster Hunter Wilds" posed a challenge for many fans. With Xbox being less popular in Japan and the game requiring high PC specifications, the PS5 emerged as the preferred choice for many, despite its high cost.

Sakai emphasized that GEO prioritized launching the service in time for "Monster Hunter Wilds," recognizing its potential as one of the year's biggest titles. This move aligns with GEO's long-standing philosophy of allowing customers to experience expensive products at a lower cost, a practice that dates back to the 1980s when renting movies was a more affordable alternative to purchasing them.

However, while renting a PS5 may seem cost-effective at first glance, additional expenses such as game rentals or purchases and the need for a PSN subscription for online play can add up. Furthermore, GEO's current rental plans are limited to one or two weeks, with an additional charge of 500 yen per day for extended rentals.

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