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Fernish, the Los Angeles-based furniture rental startup, is expanding to new markets, nearly doubling the number of customers it could potentially serve, the company's CEO and co-founder Michael Barlow tells Richard. 

Why it matters: The furniture rental industry is projected to double in sales to more than $10 billion by 2031, according to market research provider Fact.MR. 

It's a growth spurred by startups such as Fernish, which is funding the move from the $30 million round raised last year. In all, it has raised $75 million. 

Details: Fernish is expanding to New York City and Washington D.C. 

Up until this point, Fernish did business in L.A. and Southern California, the Dallas, Ft. Worth and Austin markets and Seattle, representing 30 million people.

Between the lines: "We have to be where our customers are and where they are moving to," Barlow said, noting NYC's exodus when the pandemic hit. 

But now? "The energy is back in the city," he said. Manhattan's vacancy rate has dropped to 1.89% as of March, down from 11.25% a year ago, according to a report by appraisal firm Miller Samuel for real estate firm Douglas Elliman. 

Of note: Rental is seen as a more sustainable model because it extends the life of the furniture via refurbishment.

About 80% of home furnishings end up in landfills, according to the EPA. Barlow said Fernish's rental and refurbishment model has saved more than one million pounds of furniture from being tossed out.

Furniture rental startup Fernish goes bicoastal

The startup is entering the New York City and Washington, D. C. markets.

Two male movers, both in blue shirts, assemble furniture in a living room area with sand-colored carpet.

Retail

Fernish, the Los Angeles-based furniture rental startup, is expanding to new markets, nearly doubling the number of customers it could potentially serve, the company&#x27;s CEO and co-founder Michael Barlow tells Richard.

Furniture rental startup Fernish goes bicoastal

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