PS5 Console Rentals Surge in Japan: Here's Why

The sudden surge in PS5 console rentals in Japan can be attributed to a combination of factors, including price hikes, the release of a highly popular game, and a timely new service from a major retailer. GEO Corporation, a chain with approximately 1,000 stores across Japan, initiated a PS5 rental service in February, offering rentals starting at a budget-friendly 980 yen (around $7) for one week and 1,780 yen (about $12.50) for two weeks. This service has proven immensely popular, with rental rates reaching between 80% to 100% at the 400 stores participating in the program.

Yusuke Sakai, the manager overseeing GEO's rental products, shared with ITMedia that the concept of renting PS5 consoles emerged in the summer of 2024. This was a period when GEO's traditional DVD and CD rental business was waning due to the rise of streaming services. At the same time, rumors of impending PS5 price increases in Japan were circulating, driven by unfavorable exchange rates. 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 (about $520), and the disc drive version from 66,980 yen ($477) to 79,980 yen ($569). This price hike was met with significant backlash from Japanese consumers, many of whom expressed their frustration on Sony’s official X announcement, citing the high cost of the now four-year-old console.

The Best PS5 Games

View 26 Images

GEO saw an opportunity to leverage its existing rental infrastructure, which had been in place since the late 1980s for renting, selling, and repairing various electronics. The company's ability to refurbish and reset PS5 consoles allowed them to offer rentals at significantly lower prices than competitors, who typically charged between 4,500 to 8,900 yen per month. This affordability likely played a crucial role in the sudden increase in PS5 rentals.

The timing of GEO's PS5 rental service launch on February 28 was strategic, aligning perfectly with the release of Monster Hunter Wilds. Capcom's Monster Hunter series has a strong following in Japan, and the limited platform availability of Monster Hunter Wilds—coupled with the high PC specifications required 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 for many, making GEO's rental service an attractive solution.

Sakai emphasized that the launch of Monster Hunter Wilds was a key factor in their decision to prioritize the timely setup of the PS5 rental service. He also highlighted GEO's long-standing business philosophy of allowing customers to try out expensive products at a lower cost, drawing parallels to the 1980s when renting movies was a more affordable alternative to purchasing them.

Despite the apparent affordability of renting a PS5, additional costs such as game rentals or purchases and the need for a PSN subscription for online play can add up. Moreover, GEO's current rental plans are limited to one or two weeks, with an additional charge of 500 yen per day for extended rentals.