In Japan, renting a PS5 console has suddenly surged in popularity in recent months. Why are people opting to rent rather than buy Sony’s current gen hardware? The answer is complex, involving console price hikes, a super popular game series, and a particular Japanese retailer’s successful and well-timed new service.
In February, Japan’s GEO Corporation — a chain of around 1,000 stores that rent and sell movies, music and games, began giving customers the chance to rent PS5 consoles. Prices start from an affordable 980 yen (approx. $7) for a week, and 1780 yen (approx. $12.50) for two weeks. This has been a huge success for GEO, with between 80% to 100% of its PS5 consoles rented out at the 400 stores offering the service.
Speaking to ITMedia, GEO’s Yusuke Sakai, the manager in charge of the chain’s rental products, explained that the idea of renting out PS5 consoles came back in summer 2024, when GEO’s DVD and CD rentals were continuing to decline due to the rising popularity of streaming services.
At the time, although PS5s were no longer suffering from supply shortages, there were rumors that PS5 prices would be increased in Japan due to weak exchange rates. On September 2, 2024, Sony did just that, raising the price of the Digital Edition from 59,980 yen (approx. $427) to 72,980 yen (approx. $520), and the disc drive version from 66,980 yen ($477) to 79,980 yen ($569). This domestic price hike was met with much dissatisfaction, with many Japanese users responding to Sony’s official X announcement with complaints that almost 80,000 yen was too expensive for the then four-year-old console.
“At this point, we began to consider whether we could rent out PS5 consoles using our existing rental system,” said GEO’s Sakai. As a chain of stores that has been selling, repairing and renting consoles, DVDs, CDs and other electronics to consumers in Japan since the late 1980s, GEO already had both in-store and online rental systems in place. Due to buying and selling second-hand consoles, it also had staff who were able to repair and factory reset PS5s. This existing expertise reduced costs, enabling the company to offer its PS5 rental service at far lower prices than its competitors (prior to this, other Japanese companies offered PS5 console rental services, but in the region of 4500 to 8900 yen a month). It seems likely that GEO’s low prices have made it easier for anyone who is even slightly curious about trying out a PS5 to pick one up for a week or two, something that has likely contributed to the sudden spike in PS5 rentals.
GEO’s PS5 rental service began on February 28, perfectly coinciding with the launch of Monster Hunter Wilds. Capcom’s Monster Hunter series has enjoyed strong sales and popularity in Japan, however Monster Hunter Wilds’ limited platform availability left many Japanese players concerned as to how they would play the latest installment. Xbox’s comparative lack of popularity in Japan, plus Monster Hunter Wilds’ high PC specs, meant that PS5 seemed like the better option for many players — if not for the console’s hefty price tag.
“We knew that Monster Hunter Wilds was going to be one of the biggest titles of the year, so we made it our top priority to get the service set up in time for that,” explained Sakai.
Sakai added that GEO’s PS5 service ties into the company’s long-held philosophy of enabling customers to try out expensive products for a far lower price, reflecting on how back in the 1980s, a single movie videotape or laserdisc cost around 15,000~20,000 yen to purchase, with GEO making it affordable to rent a movie for around 1,000 yen a night. Nowadays at almost 80,000 yen, a PS5 console is a hefty purchase for most parents to buy for their kids, or for a student to save up for, which could make renting the console a more attractive option for many.
However, renting a PS5 might not be as cheap as it first appears, when you factor in the additional costs, such as renting or buying a game and the need to subscribe to PSN for online play. Also, GEO currently only offers one week and two week plans, charging 500 yen per day if you want to extend your rental period.
Photo by Richard A. Brooks / AFP.
Wesley is the UK News Editor for IGN. Find him on Twitter at @wyp100. You can reach Wesley at wesley_yinpoole@ign.com or confidentially at wyp100@proton.me.
