The US rent-to-own industry is dominated by only two major players namely Rent-A-Center and Aaron's Inc. A brief company profiling of Rent-A-Center, Aaron's Inc. and goeasy Ltd. has been provided in the report. This section briefs about business overview, financial summary and business policies of these major companies.
Research By Markets adds "The US Rent-to-Own Market: Size, Trends and Forecasts (2017 Edition)" to its online repository. The report provides an in-depth study of the US RTO industry with comprehensive analysis of market size and growth, market share; the analysis also encompasses market by value, by volume, market share by top players, etc.
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Additionally, the report also outlined the factors that will help the market to grow in the forecasted period. It assesses the key opportunities available in the market that boost the market in the coming years.
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An agreement in which the buyer has the option to become the owner of the property/goods, after a certain period of fixed time and payment is known as rent-to-own agreement. Also known as lease-to-own agreements, customer has the option to purchase the rental property.
Earlier, rent-to-own agreements specifically dealt in the purchasing of homes/property only, but nowadays rent-to-own industry consists of dealers that rent furniture, appliances, home electronics, and jewelry to consumers.
The rent to own agreement has prospective financial advantages and offer benefits to both owner and renter. In such agreements, the buyers have immediate access to household goods for a relatively low week or monthly payment, typically without any down payment or credit check.
As the buyer has to make a small payment weekly/monthly, so it does not create much financial burden on him/her.
A rent-to-own agreement is made up of two agreements: a standard lease agreement and an option to purchase. A consumer who respects the terms of the contract and pays all rents before acquiring the good leased, generally pays, in total, twice even three times the actual value of the good.
The US rent-to-own market is growing with significant growth rate over the past few years and is expected to improve further during the forecasted period (2017-2021). Growth in the market is supported by growth drivers such as increasing US GDP per-capita, rising millennial population of the region, etc.
Yet the market faces some challenges such as consumer protection issue, breach of customer privacy, etc.
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