Rent-a-toaster? Pandemic provides boost to goods rental economy
Furniture, household appliances, electronics, and even.....clothes!
In the last few years, the rental goods market has grown exponentially and those in the industry say the current Covid-19 pandemic has been particularly good for business.
For many South Africans facing financial uncertainty and growing debt the opportunity to rent rather than buy outright offers flexibility and affordability.
Local firm Teljoy provides month-to-month contracts for household appliances, furniture, and electronics.
It's CEO Jonathan Hurvitz says they are seeing a massive shift in consumers looking for access over ownership.
It's a much more fluid economy...particularly with this pandemic people are not too keen to be committed.Jonathan Hurvitz, Group CEO - Teljo
With a lot of these household appliances and electronics, the barrier to entry is quite high.Jonathan Hurvitz, Group CEO - Teljo
People are always looking for bigger and better and the opportunity to have that is now at your fingertips.Jonathan Hurvitz, Group CEO - Teljo
Hurvitz admits that as an alternative finance business Teljo carries a lot more risk than a traditional credit business does.
You've got to be renting to people or businesses who can afford it.Jonathan Hurvitz, Group CEO - Teljo
Click below to find out more about the booming goods rental economy: