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If you've always wanted to try a Peloton bike, but couldn't justify the high upfront price, now is your time to see what all the hype is about. The cult-favorite bike brand has officially launched its rental program, available throughout the continental U.S. as of Sept. 13.

Earlier this year, the program was offered to a testing pool of a select few states. Rentals were available through some of Peloton's in-person showrooms in Texas, Florida, Minnesota, and Colorado, among a few other locations. The brand is now diving head-first into the rental market by expanding across the mainland U.S. We've seen this kind of rental model with other high-priced products like Snoo, the upscale (and extremely expensive) baby bassinet.

In a press release viewed by Mashable, Peloton stated that they had seen impressive numbers in the initial pilot rental program of 5,000 users, with a "churn rate," or return rate, of under 3% for the initial months of membership.

SEE ALSO:Peloton Bike review: The perfect, if expensive, escape for easing coronavirus anxiety

After a few months of turbulence at Peloton, including mass layoffs, the former CEO's step-down, the halting and outsourcing of production, the shutdown of storefronts, and widespread price hikes, running a rental program makes a lot of sense. Waning consumer interest paired with the current state of inflation, plus the high upfront cost of Peloton bikes means that fewer people are buying expensive fitness tech equipment.

The official launch of the rental program seems like Peloton's way of widening its target audience by making the bikes more price-accessible — in an effort to bring in more revenue and get more bikes into homes.

How much does it cost to rent a Peloton bike?

The Peloton Bike and Bike Plus will both be available through the rental program, with different set prices. Peloton's website states that rental bikes are a mix of new and refurbished models that have been "inspected, repaired, and tested."

Renting the Bike or Bike+ will require you to have an all-access monthly membership to Peloton's digital platform. Here are the prices of the respective bikes and memberships:

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• Peloton Bike and all-access Membership— $89/month plus a $150 set-up fee. Renters can purchase the Bike for $895 after 12 months.

• Peloton Bike+ and all-access Membership— $119/month plus a $150 set-up fee. Renters can purchase the Bike+ for $1,595 after 12 months.

For reference, the Peloton Bike has a retail price of $1,445, and the Bike+ will run you $2,495 upfront. The all-access digital membership is normally $44 (plus tax) per month.

The Bike+ features a sleek, swiveling screen, updated sound quality, auto-resistance, and Apple GymKit integration.Credit: Peloton

By choosing to rent, then buy the OG Peloton Bike after 12 months, you can think of it as paying $44 for the all-access membership, and $45 for the bike each month. At the end of 12 months, you will have paid $540 towards the bike. Add on the $895 cost of purchasing the bike post-rental, and you get $1435 — $10 cheaper than the retail price of the bike.

It's a similar deal with the Bike+. Through the rental program, you can think of it as paying $44 for the all-access membership and $75 towards the Bike+. After 12 months, you will have put down $900 towards the Bike+. Add on the $1,595, and you get $2,495 — equal to the retail cost of the Bike+.

There are also cheaper buyout plans for the Bike and Bike+ for terms after the first 12 months, which are as follows:

• Peloton Bike buyout pricing by the amount of time renting:
  $895 for 12 months and one day to 24 months
  $500 on or after 24 months and one day

• Peloton Bike+ buyout pricing by the amount of time renting:
  $1,595 for 12 months and one day to 24 months
  $895 for 24 months and one day to 36 months
  $750 on or after 36 months and one day

How do you rent a Peloton bike?

Now that Peloton's rental program is live throughout the continental U.S., the only exclusions for eligibility are people who have already tested out Peloton's home trial program, and folks who have been all-access members within the past 12 months.

Renting a Peloton bike is simple. Just head over to the rental site, choose between the Bike and Bike+, pay your $150 one-time set-up fee, and set up your delivery. All rental bikes are delivered and installed by Peloton's expert delivery team, so you won't have to worry about assembling your new bike.

Delivery dates currently range from a few days up to a few weeks, depending on location. Note that accessories —including clip-on shoes which you'll need to use the bike — are sold separately.

Returns for rental bikes are free, and you can cancel your rental and all-access membership at any time if you decide that the popular bikes aren't your vibe.

Opens in a new windowCredit: PelotonPeloton Bike rental and all-access membershipOpens in a new windowCredit: PelotonPeloton Bike+ rental and all-access membership

TopicsFitness Tech