Life in Transition

Navigating Personal Finances During Life Transitions

Peer-to-Peer Renting

I read an article a couple of days ago on peer-to-peer renting.  Basically, it allows people to rent out their possessions for a fee.  Websites (Rentalic, SnapGoods, GetAround, ZaarlyToolSpinner) have popped up trying to connect borrowers and lenders, where lenders can create a listing and set a fee.  Most of the borrowing and lending is done on a local level.

Is it safe?

Based on the article, all of the peer renting sites are serious about safety.  I understand why, since one bad incident can derail a ompany’s business.  Some of the companies will insure any damage or loss.  Others have established a rating system for each user.  All assert that because the transactions are done at a local level, the process is inherently safer, since “no one wants to treat their neighbors badly.”

The Pros and Cons
Peer-to-peer rentals promotes sustainability. It is a lot cheaper to rent something that you don’t use very often than buying new. For, lenders, it’s a great way to make some extra cash. For all parties involved, it offers a sense of community that is loss in today’s society.
On the downside for lenders, there is always that risk of getting your expensive, valuable goods damaged, lost, or stolen. How great is that risk? No one can ever be sure.

I haven’t tried out any of the peer-to-peer renting sites yet. Will I try renting idems in the future? Definitely. I think it’ll be a great way to save money, and prevent me from accumulating things that would sit in storage for most of the year. Will I lend? I’m not sure. It would be great to make extra money, but like I said earlier, there is always a risk. If I do, I’ll definitely thrououghly research each peer renting company to see which offers the most protections.

Has anyone tried peer-to-peer renting? If so, how was the experience? If not, would you ever it?

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6 thoughts on “Peer-to-Peer Renting

  1. I have heard of people renting designer bags. For myself I never understood why people would want to rent a bag when you can just buy one used off of other sites or consignment stores. But I guess sometimes people just need it for one night or for an event. I’d be hesitant to let people use my bags because you never know who will take care of it that same way you’d want them to.

    I would feel weird about sharing clothes and shoes. I have heard of people trading books which I think is fantastic. The overall goal of these sites are great though, as it promotes sustainability and lessening the use of valuable resources to make more items.

  2. I haven’t tried it and I’m not sure I would – it’s like what you’re saying, I’d be too worried about the risks.

  3. I agree with you; I’d be a lot happier renting somebody else’s stuff for a discount, and a lot more hesitant to rent my own stuff out.

  4. I’ve never tried renting anything, but I’ve heard about renting dresses. I think it’s called Rent the Runway, which sounds pretty cool. I don’t wear dresses very often though lol.

    What kind of stuff do people tend to rent on these sites?

  5. Interesting.. I’m not sure I’d be comfortable doing that. I think I’d have a hard time letting a stranger have my stuff for awhile, even for a fee~

  6. I like the idea of renting an item that I wouldn’t use often. On the other hand I don’t know if I’d be comfortable letting someone else rent my stuff – if it was valuable. If it was something I hardly ever used then heck yeah 🙂 I’d be all for making money be renting it out.

    I’ve never tried renting anything, next time I’m in need of something I won’t use much I’ll check it out. It’s a good idea.

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