Over the past five-ish years, we've seen a growing trend among millennials. Let's call it the rise of renting.
Instead of buying cars, Gen Y is hailing Ubers and Lyfts. Instead of buying clothes, the group is renting occasion pieces through Rent the Runway. Rather than spending thousands $$$ on couches and chairs, they're borrowing furniture on Feather to better suit a more nomadic lifestyle. And on the other side of things, Omni lets people rent anything (bikes, cameras, drills, ladders, etc.) to others.
Renting is more affordable than buying everything upfront (in the short term) and often more eco-friendly. Instead of buying cheap, disposable things that could end up in landfills, young folks are renting quality items to repurpose to others later on.
The rise of renting is further fueled by the rise of sustainability as consumers invest their dollars into companies that treat our world a little better. The sustainability market is reportedly expected to reach $150B by 2021, with 75 percent of millennials already altering their buying habits with the environment in mind.
What else can you rent, do you ask?
👀 Echo.rent lets you rent anything to other marketplace members
🎙Podcast Rental lets you rent, and share podcast studios
🚲 Spinlister lets you rent bikes anywhere in the world
👕 The Rotation is Rent the Runway for men
🚘 Getaround lets you rent cars on-demand