(ECNS) -- The market for home appliance rentals is gaining momentum in China's top-tier cities, especially among the younger generation, the International Financial News reported on Thursday.
In Qingpu District of China’s economic powerhouse Shanghai, Xiao Ling rented an air dehumidifier to cope with the sultry weather at a monthly cost of 70 yuan ($10.50) on a six-month lease.
Xiao thought it a good deal, saying that many of her friends also took advantage of the newly emerging business.
Li Chenggang, a new graduate who just began working in Shanghai, was satisfied with renting a second-hand air conditioner by sharing the cost with his roommates at less than 20 yuan a month.
Among the wide choices of products, water purifiers and air purifiers are the most popular among people in their twenties and thirties. A better credit rating enables a renter to get better deals.
Some providers charge 70 percent of the original price of the product as deposit, with the monthly rental rates varying according to the lease term, said the report.
A manager at an appliance rental operation said a monthly expenditure of dozens of yuan allows young people to use expensive devices.
He also said young people in first and second-tier cities, including new graduates, are the main users since they are usually cash-strapped after paying accommodation expenses.
But there are some safety risks and depreciation problems.
There is the question of who bears responsibility for the appliances when they stop working while being rented. Most of the appliances are used, therefore renters face potential safety risks as well as compromised after-sales services, the report added.
