Why buy when you can rent? This is not a joke, but a serious question about ownership versus renting. More and more people are opting to rent instead of buying the things they need. Regardless of what the item or property is renting has slowly become the norm amongst society. Follow this article to learn why you should consider renting over buying.
For starters, renting is cheaper. The world is an expensive place and it only seems to be getting worse. Cars, clothes, homes, and everything in between have become inflated and unobtainable to the common person. Renting or leasing makes all these options readily available at a more affordable price point. The argument can always be made that over time renting is much more expensive, but in many ways society views that time differently. The days of buying big houses and living in them for over 10 years is fading. People rotate jobs, homes, and cars as much as they do their own clothes. Quantity has risen over quality and for one to achieve their magic number, they must rent. The 10% down payment on a house or car is no longer adequate because we can no longer accurately anticipate the direction of the market. Without this insight, you are left contemplating the need to own something that could easily come crashing down. Therefore, what do you do? You rent what you need because its cheaper, in some cases safer, and it allows you to adapt and change at a moments notice. Even though cars and homes are among the most popular things people rent, keep in mind all of the little things such as tools, equipment, supplies, and clothes. Why rent these items? Aside from spending $50 bucks to rent a dress versus paying $250 to own it, there’s more convenience. Instead of going out to buy the item, it’s now delivered to your door with a free return option. It’s also convenient because its saves space. Power tools and industrial equipment are expensive and require a lot of storage. By renting these tools and equipment, you can save space and money on storage, insurances, and additional maintenance costs. In addition to the physical items, consider the tools and resources you can’t physically touch or see like cloud based storage. As an alternative to spending a ton of money on storage drives or building out data centers, there’s now the option to rent memory space to store memories, files, and other important pieces of technical data. If you are a Netflix or HBO GO user, you are essentially renting entertainment. Consider all the movies and shows that you would of bought on DVD and how much space that would take up in your living room. Think about the inconvenience of having to insert a disc or switch to another one every time you wanted to watch an old episode of Lost. Everything you can think of can be rented in some way or form, and the truth is that it’s doing you a lot of good.
While it’s true that ownership still has its benefits, if you’re not equipped for the long haul, you should consider renting. It offers you affordability, convenience, expertise, and support for your needs. So why buy when you can rent? My answer is why not.