RentPlace launches online platform to expand U.S. furniture rental market

With the increase in Internet users and the growing penetration of smartphones, the e-commerce sector has seen significant sales growth, especially during the pandemic, when consumers' shopping behaviors and habits have greatly changed, the furniture rental market has also shown signs of development.

On March 15, 2021 , 1RentPlace announced the launch of its online marketplace, which offers a large number of listings of luxury furniture, art and home decor for rent.

On the 1RentPlace platform, consumers can shop by category, style, dealer or color, and then choose to rent an item for a day , week , month or year. If customers decide to keep their rental item, 1RentPlace also allows consumers to contact dealers directly to make a purchase.

Founded by Jake Baer, ​​CEO of New York-based antique store Newel and furniture rental company Newel Props, 1RentPlace connects customers to high-end dealers, including Bernd Goeckler, Kravet, Carrocel, Bonnin Ashley, and offers short-term and long-term rentals.

Additionally, the platform’s merchandise covers items that can be rented, including mid-century modern coffee tables , Baroque chairs , Renaissance-inspired candlesticks, and rare modern artworks by famous artists.

“Since the pandemic began, the design industry has dramatically changed as consumer tastes have shifted toward furniture rentals,” said Jake Baer, ​​Founder and CEO of 1RentPlace . “ With the launch of 1RentPlace , we have created a streamlined online platform for dealers , consumers and design professionals across the United States to take advantage of this growing and diverse rental market. Whether it’s movies , home rentals or entertainment events, the decor rental industry is booming . ”

According to Digital Journal, the global furniture rental market is expected to thrive at a substantial compound annual growth rate. In addition, it is expected to achieve exponential sales by the end of 2024. The increasing popularity of e-commerce and the strong expansion of global e-retail companies will become the dynamic factors behind its growth.

Moreover, the commercial use segment is expected to account for the largest share of global revenue. North America will account for the largest furniture rental market in the global furniture rental market, with the U.S. being the leading country in the region.

In addition, IBISWorld data shows that by 2021, the market size of the U.S. home furniture rental industry will be $672.1 million.

With the development of e-commerce and the continuous expansion of rental market demand, the online furniture and decoration rental market may become another major development direction of the home furnishing industry.

1RentPlace

Furniture rental

USA