Back to the Future was one of the biggest films of my childhood. And BrightHouse at the moment feels a bit like that. We’re looking to a future that was actually a big part of our past.

If you’re about my age, your family probably rented a TV from Granada or Radio Rentals (a bygone ancestor of BrightHouse). The risks of owning a TV meant the rental model worked well.

It then drifted away, for many reasons. The first, the cost of owning a TV fell; they also got more reliable – trends that have emerged in all sorts of markets, not just TVs.

So for many years rental hasn’t been that popular. But that’s not true any more. Rental is back.

I can still remember the first record I bought. I wonder if kids of today will, in 30 years, recall the first song they ever streamed.

Like most people, I now use apps such as Spotify. I don’t own any of the music I listen to. Same with films.

Yes we have a few DVDs, but we got used to renting movies from Blockbuster. And now Amazon Prime and Netflix are taking over, we don’t feel the need to own any more.

Choice and risk

So, what is driving this? First, it’s choice. Spotify, Netflix et al give me a huge range of options. New music I might never have listened to or films I might never have watched.

“In the past I would have baulked at spending more than a tenner to buy something I wasn’t at all sure about. Now, within the monthly fee, there’s no risk”

In the past I would have baulked at spending more than a tenner to buy something I wasn’t at all sure about. Now, within the monthly fee, there’s no risk.

Another is flexibility. Younger generations are more mobile than ever. They expect to move around.

So renting is gaining acceptance – especially when combined with the high costs associated with buying and selling a home – as it allows you to take up opportunities that come your way, both professional and personal.

You aren’t rooted to the spot.

Yet another reason is minimising risk. When I was young the only way to keep a car long-term was to own it. Not so nowadays. There’s been a huge shift in recent years from owning to leasing.

Leasing allows you to minimise the risk of bill shocks with regular, predictable costs, while also gaining the freedom and flexibility of choice.

Positive trend

At BrightHouse, we get why rental is now so popular. We’ve operated in the rent-to-own market for more than 20 years, so unlike many of our competitors we understand the rental landscape. We see this trend in society as a tailwind, not a threat.

So, earlier this month we began the test of a simple rental service in the Midlands for everyday household goods. Instead of renting to own, this is rent-as-you-go.

The agreements are relatively quick and easy to set up. And it offers flexibility, opening up our products to a wider range of potential customers, and is often cheaper. It’s a step we are glad we are taking.

We think that both offers, rent-to-own and pure rental, can sit side-by-side as we look to offer more choice.

I’ve been chief executive of BrightHouse for almost a year now. Yes, a large part of my job is to make the numbers add up – and I’m really pleased that the business is performing well and growing again after a period of necessary change.

But I’m also here to make sure we are moving with the times, following where the customer leads us. The desire of some to rent and others to own is one of those trends we are right to be following.

Hamish Paton

Hamish Paton is chief executive of BrightHouse, the UK rent-to-own retail chain