Why Rent?

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At a time when economic circumstances place fiscal pressures on all of us, reasons to rent become more evident than ever. Society as a whole is becoming more objective on what and how we spend our money. However, many people are renting just because they choose to, not because they have to. In the not too distant past, renting carried a negative connotation. You rented only if you couldn’t afford to buy. Not anymore! Many luxury rental businesses are popping up every day because our society is beginning to see the value, the convenience, and the choices renting offers. Consider luxury purse rentals, luxury boat rentals, luxury clothes rentals and even luxury jewelry rentals! I recently asked the question “Why Rent?” on LinkedIn, Ziggs and Facebook. Below is a sampling of the responses I received. Some of these answers are from people who are consumers and others are from business owners. Some are industry specific and some span the board. I believe the list shows that renting can be a very viable option.

1. Saves Money: If the item is for short term use or only used a few times a year, renting makes much more sense than purchasing. A great example of this that I came across recently was renting college textbooks. Boy, I wish I had that option when I was in school!

2. Less Overhead: Many companies, especially start-up, opt to rent rather than purchase. The rented item does not show on their balance sheet as a liability – thus giving them more borrowing power and freeing up cash outlay.

3. Less Headaches: Repairs and maintenance are someone else’s problem.

4. Try It Before You Buy It: Cars, kid’s video games, purses, and jewelry, just to name a few, are items you can rent before you buy. Rent-To-Own is another great avenue that allows people the flexibility before purchasing.

5. The Green Benefit: Reduce your carbon footprint by renting. When renting products you reduce your carbon footprint by reducing the amount of resourses used and waste produced.

6. Convenience: Renting allows the use of a product immediately rather than expending the money to purchase.

7. More Choices: Renting gives people the opportunity to choose different items for different times or for different needs. For example: motorcycles, cars and boats. There are dealerships and clubs that offer frequent rental rates. You can either pay a yearly fee to join a club and you have your choice of cars, boats or motorcycles, or you can get a frequent VIP rental rate. Just imagine one weekend on a speed boat and the next on a pontoon, all without the hassle of maintenance and repairs!

8. Less Liability: Renting a time-share or condo on the beach or ski slope, for example, allows you to enjoy your vacation without the worry associated with the liability of owning.

9. No Credit Checks: Unlike purchasing large items, renting does not require a credit check.

10. Saves Time & Space: Let’s face it – ours is a busy culture. Many don’t have a free night during the week anymore to enjoy life, much less the time to take care of many things around the house. Rental Services can be a great benefit. Not only can they save time, but money and space as well. Lawn services, pressure washing services and catering are just a few. Renting someone else’s time and equipment allows us to sit back and relax while they take care of everything, and there’s nothing to store or upkeep as well.

These are ten reason I came up with after polling the communities. I would love to hear from others and what reasons they have for renting.