Extreme Renting Trend

Do you prefer to rent or own?

Many Americans not only rent their homes or apartments. They also rent clothes, tools, furniture, vehicles, and more. The Wall Street Journal describes this trend as “extreme renting.” Some are minimalists, while others say the cost of living has left them no other choice. The Journal reports that some prefer a rent-first lifestyle. They want to try before they buy, save money, or enjoy the flexibility of not owning even if it costs more over time. Credit Karma, says, “Over the last decade, we’ve seen the rental economy gain popularity as more opportunities to rent goods and services have flooded the market.”

A company owned by Urban Outfitters caters to those who get tired of wearing the same clothes. Sales are up due to the rise in active subscribers who rotate their clothing items on a regular basis. Baby equipment, art, Christmas trees, and even caskets can be rented and returned! A casket you say? Funeral homes allow rentals for the viewing and funeral service. Afterward, the body is placed into something else for burial or cremation.

Some renters are motivated to never buy anything that depreciates quickly. Now, I agree with that. Renting tools and equipment that aren’t used regularly makes sense. I’ve done that on occasion, and one of my sons rents camera equipment when needed, but not all renting is financially advisable. Long term, leasing a car will cost you more than purchasing a dependable used one. So always think it through!

And if renting or buying too much has led to credit card debt, Christian Credit Counselors wants to help. They’ll create a debt management plan specifically for you. For more information visit crown.org/ccc.