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When To Rent And When To Buy

9 Things to Rent Instead of Buy

If you want to save on expensive items you frequently use, renting could be a better option. Find out when it is better to rent rather than buy from LearnVest.

Renting a home? That we've heard of. Renting a casket? Not as much.

Just last week, we told you about how the younger generation of Americans would rather rent a home than buy one. But it's becoming clear that the rental industry—which was once reserved for tuxedos, cars and movies—has become much more, covering everything from cameras to power tools.

Related: Is It Cheaper To Rent Or To Buy? The Map

This new trend has a ton of benefits—for one, renting an item you'll only use once or twice is much cheaper (and more sustainable) than actually buying it. Not only that, sites like Rentalic.com let you tap into nearby resources like neighbors and community members to borrow items. Saving money and staying local? Now that's a movement we can get behind.

  • Dresses. Let’s face it—most of us don’t have the cash to splurge on designer dresses, let alone shoes and accessories to go with them. That’s why we love the new trend of renting dresses: Sites like Rent the Runway and Lending Luxury allow users to borrow dresses for 3-5 days for as little as 10% of the retail value (plus Rent the Runway will send two sizes). To snag a matching clutch or handbag, check out Bag Borrow or Steal.

Read on for more.

  • Power Tools. Whether cleaning the carpet, fixing up the garden or just taking on a day of home improvement, power tools can often come in handy. But instead of splurging on one-time-use hardware, check out the rental options at your local Home Depot or Lowes. These stores offer everything from power washers to paint sprayers for daily or weekly rentals.
  • Video Games.Hooked on Wii Boxing? We understand. Unfortunately, video games can get pricey and replenishing your collection can be tough on budgets. To keep the variety at a lower cost, try renting games from sites like GameFly and GameMine. These resources are just like Netflix, with a flat monthly rate, quick and free shipping and large libraries of games to select.
  • Textbooks. There's no denying it: College is becoming increasingly more expensive. That's why we love the idea of renting textbooks—it's an easy way to save each semester. While there are a ton of book rental sites, we especially like Book Renter for its library of over 5 million books (plus free shipping!), and Chegg, which puts a priority on low prices. In some cases, you may even be allowed to highlight or take notes in book margins.
  • Camera Lenses. Ever wanted to capture a wedding or a graduation with a professional-grade camera, but didn’t want to shell out thousands of dollars? Sites like LensRentals.com and BorrowLenses.com now allow users to rent lenses or camera bodies for much cheaper than the cost of the normal hardware. With added bonuses like overnight shipping and quality customer service, budding photographers will love these options.
  • Parking Space. If you regularly commute to a crowded city, finding parking can be a huge hassle—and parking garages are notoriously expensive. For an easier alternative, consider renting a parking space. Sites like ParkingSpacesforRent, and ParkAtMyHouse allow individuals to list their available parking spaces online. Then, users can search for a space based on location, type and time period, and rent directly with the owner.
  • Casket.The average American funeral can cost anywhere from $8,000 to $10,000, with the average casket ringing in at $2,000 (although nice models can reach up $10,000 or more). Recently, funeral homes have been giving families the opportunities to rent caskets for a much smaller price—over $1,000 less. Renting a casket is as simple as asking the funeral director about your options. You can read more about the trend here.
  • Tech Hardware. Buying new technology hardware can be a huge investment—but with new models coming out every year, it's so important for businesses to stay current. Sites like Rent Smart allow small business owners to borrow all kinds of tech hardware, from iPads to smartphones, for several years at a low weekly rate. Get ready to upgrade your home office—without breaking the bank.
  • Everything Else. If all else fails, watershed sites like Rentalic.com and SnapGoods.com allow anyone to post any item or service for rent. Whether you’re looking for a beach chair or a gorilla costume, both sites let the user connect with individuals in their community. Users save money, with the added bonus of making the most of local resources.

Check out more from LearnVest:

The Best and Cheapest Ways to Buy Textbooks Online

‘Generation Rent’: Why Young Adults Won’t Buy Homes

7 Things to Know Before You Rent

Video Games, Sports and Toys: How to Save Money on Kids’ Entertainment

Source: Etsy User KrumpetsDesigns

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