Life in Transition

Navigating Personal Finances During Life Transitions

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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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