Planning to establish a dedicated office for your company? Besides choosing the type of furniture to fill your space, you also need to determine whether buying or renting office furniture suits you better.
Pros of Renting Office Furniture
Less money upfront
This may be the most wanted benefit of office furniture rental that a vast majority of us need. Leasing furniture requires us less money upfront. You need to pay only a month’s rental payment and a security deposit in the first month.
This is the most cost-effective way to have high-end office furniture without paying a big sum of money upfront. Small and medium-sized enterprises and startups that don’t have the liquidity to purchase the quality furniture they want should opt for renting. If your company is trying to maintain cash flow and preserve as much cash as possible, then renting furniture allows your company to conserve valuable capital and invest it in more important ventures.
Access to high-quality furniture
Renting also gives you the chance to get higher-quality furniture and equipment that you couldn’t afford. You’ll be able to furnish your dream office in a way that might not be possible when you buy on a limited budget. An office with an up-to-date and stylish look will not only inspire and motivate your team but also impress prospective clients and recruits. If you want your office to look trendy, elegant and classy, or want your office furniture style to update frequently, then renting is a great choice.
Access to the furniture you need in time
Commercial office furniture orders often require very long times to finish. And if you plan to move into your new location as soon as possible, you may have to wait for weeks for new furniture to come.
Meanwhile, renting office furniture allows you to have the items you want quickly. Some rental furniture companies can even supply your office in as little as 48 hours. This saves you heaps of time getting the office ready for your employees to work right away and time waiting for your purchased furniture to be delivered. Also, you won’t have to waste hours or days on shopping or moving furniture when renting.
Cons of Renting Office Furniture
Monthly leasing payment
The biggest downside of furniture rental is that you have to pay lease payments every month. When you buy, you pay everything in advance and it’s done – it’s yours. Whereas, when you lease, you have to include monthly payments in your regular budget. Renting may feel lessen your cash flow problem now, but it may create a burden in the long run.
Another con of renting is that you never really own that furniture or equipment, yet still have to maintain and insure them during the rental term. Some rental companies let you buy the furniture at the end of the term, but is it worth all the money you spend on years of payments? You’d better compare the amount of money you’ll spend on renting vs purchasing the same furniture before deciding.
All in all, there are both advantages and disadvantages of renting office furniture, and determining what is right for you requires careful evaluation. There you have it, which one will you choose? Sit down and talk to your team over such things as budget, ownership, quality, and make your decision.