Rent Away: Booming Rental Services
With low monthly payments people can rent whatever they need, from a motorcycle costing thousands of dollars in retail to paintings and grand pianos. The rental market, which used to be confined to water purifiers, bidets and cars, has expanded to include roughly 24,000 items and is now worth almost 11 billion U.S. dollars. Rental services are popular because they let people use products they need without spending much money. But sometimes renting can cost 3 or 4 times more at the end than buying in installments, and cancellation fee can amount to 30 to 50% of the remaining payments. Regulations protect renters against heavy penalties in advanced countries, but they are not yet in place in Korea. Here are some ways to rent smart.