In recent months, Japan has seen a significant increase in the popularity of renting PS5 consoles, driven by a combination of factors including price hikes, the release of a highly anticipated game, and the introduction of a well-timed rental service by a major retailer.

In February, GEO Corporation, a prominent chain with approximately 1,000 stores across Japan that specializes in renting and selling movies, music, and games, launched a PS5 rental service. This service offers affordable rates starting at 980 yen (approximately $7) for a week and 1780 yen (approximately $12.50) for two weeks. The initiative has proven to be a tremendous success, with rental rates reaching between 80% to 100% at the 400 stores offering this service.

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. At that time, GEO was experiencing a decline in DVD and CD rentals due to the growing popularity of streaming services. Additionally, rumors were circulating about an impending PS5 price increase in Japan due to unfavorable exchange rates. These rumors became a reality on September 2, 2024, when Sony announced a price hike, raising the cost of the 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 move was met with widespread dissatisfaction among Japanese consumers, many of whom expressed their frustration on Sony's official X announcement, citing the high cost for a console that was already four years old.

GEO capitalized on this situation by leveraging its existing rental infrastructure and expertise in handling second-hand consoles. The company's staff, trained in repairing and resetting consoles, enabled GEO to offer the PS5 rental service at significantly lower rates than its competitors, who typically charged between 4500 to 8900 yen per month. This affordability likely contributed to the sudden surge in PS5 rentals.

The timing of GEO's PS5 rental service launch on February 28 was strategic, coinciding with the release of "Monster Hunter Wilds," a highly anticipated game from Capcom's popular Monster Hunter series, which has a strong following in Japan. The game's limited availability on other platforms, combined with the high system requirements for PC play and the relative unpopularity of Xbox in Japan, made the PS5 the preferred choice for many gamers. However, the console's high price was a barrier, making GEO's rental service an attractive option.

Sakai emphasized that the launch of the rental service in time for "Monster Hunter Wilds" was a top priority for GEO, aligning with the company's long-standing philosophy of allowing customers to try expensive products at a lower cost. This approach echoes GEO's past practices in the 1980s, when renting movies was a more affordable alternative to purchasing them.

While renting a PS5 offers an accessible entry point, it's important to consider additional costs such as renting or buying games and subscribing to PSN for online play. GEO currently offers one-week and two-week rental plans, with an additional charge of 500 yen per day for extended rentals.

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