Claire Cain Miller has a New York Times piece about the Rental Economy, which was nurtured, unsurprisingly, during the Great Recession, when owning became onerous if not impossible. It works best so far with expensive items that are needed or desired infrequently. The opening:
“Things that you can now rent instead of buying: a power drill, a song, a tent, an office for an hour, a Prada handbag, a wedding dress, a painting, a dog, your neighbor’s car, a drone.
This new way of consuming — call it the Netflix economy — is being built by web start-ups that either rent items themselves or serve as middlemen, connecting people who want something with people who own it. They are a growing corner of the broader sharing economy, in which people rent out rooms in their homes on Airbnb or drive people in their cars with Uber or Lyft. Soon, tech entrepreneurs and investors say, we’ll be able to rent much of what we always thought we must own.
It is no coincidence that many of these companies — like Rent the Runway for designer dresses and Getaround for private cars — were born during the financial crisis, when people needed new ways to save money, as well as new ways to make it. The ones that have survived and grown during the recovery could herald a cultural shift away from the overconsumption that has driven so much of American culture — not to mention American debt.”
Tags: Claire Cain Miller