This new PS5 service is catching on in UK, Japan

The PlayStation 5 is one of the best-selling video game consoles. Having just passed its fourth anniversary, Sony’s latest console has already sold more than 75 million units as of February.

Even with so many consoles sold, there are still plenty of people without a PS5, and they might feel the urge to play on one. In the UK and Japan, there is a new service to scratch this itch, and it's surprisingly popular.

PS5 rental services are up and running in the UK and Japan, with the latter being a huge hit.

Geo, a popular video game store in Japan, began renting out PS5s last month, as first spotted by Automaton West. Those interested can rent the system for 980 yen, approximately $6.62, for eight days, seven nights. So far, the company's calendar is fully booked, likely due to the release of Monster Hunter Wilds on Feb. 28. The Monster Hunter series is incredibly popular over in Japan, and with the PS5 getting a price increase in the country to 79,980 yen, approximately $540, last August making renting a console a more financially sensible option..

Sony UK partnered with tech rental service Raylo to lease PS5s. The service is slightly different as the rentals are either for 36 months, 24 months, 12 months, or month-to-month. Renting a PS5 for 36 months starts off at £10.99, or just over $14 a month, for a PS5 slim. The price ramps up with the shorter terms, with month-to-month lease costing £21.95 a month, or approximately $28. This might seem not ideal financially, but a PS5 disc edition costs £479.99, approximately $618.41, in the UK. Sony UK also rents out PlayStation Portals and PlayStation VR 2 units.

There are PS5 rentals in the U.S., but those rentals are typically done via businesses such as Rent-a-Center, which has been the subject of class-action and federal lawsuits.

Maybe renting is a good thing?

If you're not much of a gamer, but have an urge to play a certain PS5 game, then this service could be a practical option. It could actually thrive later this year when Grand Theft Auto 6 releases, as fans of the older games would maybe want a console just to play that one game.

Another reason this service makes a bit of sense is with the rise of cloud gaming. GeForce Now and Xbox Cloud Gaming let subscribers play many games without the need of a PC or Xbox. However, PlayStation streaming is limited to either streaming from your console or using a PlayStation Portal, which supports cloud gaming. So rent a PS5 for a short term to play some PlayStation exclusive, could also make sense.

What doesn't make much financial sense is renting a PS5 until the release of the PS6. Sony has given no hint of the next console releasing anytime soon. Former Sony PlayStation exec Shu Yoshida said in an interview last month that he doesn’t expect the next PlayStation to launch until 2028.