You don’t have to own it to enjoy it. Why more consumers are opting to rent rather than buy.

Couture clothes. Designer accessories. Nice cars. The latest electronics. The hottest best sellers. Yes, you can have it all — temporarily, at least. Renting isn’t a new a idea, but these days an increasing number of people are opting out of ownership for an increasing number of items.

There’s even a marketing buzzword for this new breed of consumers: Transumers . Trendwatching, an Amsterdam-based market-research firm, coined the term to describe the buying behaviour of travellers, but the definition has since expanded to include people who are focussed on experiences rather than material goods, and motivated by freedom from the hassles of ownership — like storing and maintaining possessions. (Read their brief for more information.)

This trend hasn’t fizzled out — thanks to a number of factors, it’s gaining traction and making headway in new areas. For instance, it’s a dream come true for fashionistas on a budget. Why buy a designer accessory or outfit when you can rent it for a special occasion — or an entire season? For example, at sites like Avelle you can rent jewellery (like a Chanel bracelet for $33 USD/week) and handbags (like a Fendi tote bag for $43 USD/week). Of course, it’s not just for the ladies — men’s watches and sunglasses are on the market too.

Want to get glammed up for a special occasion? Stores like Toronto’s Hush Couture offer designer gowns for rent at a fraction of their purchase price. For instance, a three-day dress rental can range from $120 – $350 for dresses that would sell for $350 to over $1000, depending on the style and designer. For many women, renting can be a bargain compared to purchasing and altering a gown — especially if it will only be worn once or twice.

And what about the latest electronic equipment? There are stores for that too. Renting, or renting-to-own, lets people spread out payments when paying outright isn’t a possibility. When you want something bigger and better, no need to sell it yourself — simply take it back to the store and trade up. (For a price, of course).

While designer goods and technology are certainly part of the trend, it isn’t just about having the latest-and-greatest. This trend has been stewing for a while, so why the sudden interest? Once again, we have a shaky economy to thank. For some people, transumerism is about saving money — like using a car share service like Zip Car instead of incurring the costs of ownership. Rent a bike when you want one rather than dealing with repairs and the threat of theft.

For others, it’s about helping the environment by keeping goods in circulation rather than winding up on the shelf or in the trash.

“On the one hand, you have consumers who want to collect as many experiences and part-time possessions as possible,” said Trendwatching’s Reinier Evers, in an article on CNBC. “And then there are transumers who value non-ownership for environmental reasons: to only use something when you really need it, which involves everything from renting to passing something on to the next person.”

In other words, the more people share, the fewer goods need to be produced — and fewer resources will be used up.

Renting is also a good option if you’re downsizing or living in a small space, and it’s a boon to travellers. Not only can you rent a car and a hotel room, in some places you can also rent a wardrobe or even a four-legged companion for a day if you’re missing your pet back at home.

And how about changing our attitudes towards “stuff”? Some people argue that transumerism is helping us let go of our need for possessions. Others aren’t so sure… While the sharing part is good, it depends on the product. Whether we’re renting a designer label or buying it, we’re still fuelling the demand for material goods. Worse yet, renting could shorten our shopping attention spans in the long run if we can return things so easily once we’ve had our fun. In the future, we might favour cheaply-made, transient goods rather good quality items that last for years — or the trend could reverse on itself.

Renter beware?

Whether you love the idea or you’re simply curious, here are some tips if you want to try renting:

- Do a little research. Don’t think you can rent it? You might be surprised. Try an internet search for the item you want to rent. Depending on where you live, there may be more options open than you think — like renting books or textbooks, for instance. It might not matter if you’re in a small town because many suppliers will ship goods to you.

- Weigh the pros and cons. As with any rent-versus-buy scenario, it’s important to weigh the costs. Look at the total cost of ownership of the item — including things like maintenance, insurance, storage and accessories — and how often you plan to use it. How much would it cost you to rent it instead?

If you’re planning on a long-term rental or renting to own, be sure to look at how much interest you’ll be paying. For items like power tools and lawn mowers, it might be more beneficial to buy in with your neighbours and set up a time-share instead.

- Watch for hidden costs. As with car rentals, the sticker price may not be the price you pay. Find out what costs and fees are associated with renting — like cleaning fees, insurance, shipping, overdue charges and repairs. Are you responsible for maintenance, and what will the costs be?

- Read the policies carefully. What are the terms of the rental? What happens if the item is stolen, lost or damaged while in your possession? What policies are in place to protect you, the consumer, and the company? What happens if you’re late returning the item?

- Think ahead. Many places require an appointment — especially if you’re searching for clothing or accessories. Make sure the rental period is long enough for you to pick up, use and return the item.

Love it or hate it, the trend isn’t going anywhere anytime soon. Experts predict that transumerism will continue even after the economy picks up again — and it’s going to affect our buying options for some time to come.

Sources: Trendwatching.com, CNBC

Photo ©iStockphoto.com/ Stacey Newman

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Tags: Entertainment, fashion, renting