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Can Renting Items Save You Money?

Learn how you can save money by renting objects, gear, and equipment
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There are many necessities we need in life that cause us to buy material goods. Such necessities include food, furniture, and technology to name a few categories. On the other hand, there are a variety of objects that can be rented instead. If you’ll only be using a certain object for a short or fixed amount of time, renting these objects can save you a lot more money than if you were to decide to outright buy them.

Below we’ve created a list of some of the top items you can save money on by renting. Let the savings begin!

1. Power Tools

Chances are if you’re in the market for some power tools you’re trying to complete a short-term project and need a variety of different tools to finish the job. If this truly is a one-time necessity or at the very least you don’t see yourself using such tools more than once or twice a year, then renting power tools is definitely a smart financial option to consider.

Fancy and powerful tools can cost hundreds if not thousands of dollars. If working with tools isn’t a go-to hobby for you or part of your job, you don’t need to spend excessive amounts of money on them. Instead, head to your local Lowe’s, Home Depot, or other home supplier and rent out tools for a day for $30 to $80 depending upon the tool you need.

2. Musical Instruments

Is your child picking up a new hobby? Or perhaps are you yourself considering trying something new or playing your favorite instrument again in a local band? Before you make any hasty decisions that can cost you hundreds of dollars, consider renting. Musical instruments are expensive. Plus, many instruments require constant maintenance in terms of additional expenses like cork grease, reeds, valve cleaner, polisher, and more.

If you aren’t sure if the hobby will last or simply don’t have enough money in your budget to spend on buying a new musical instrument, renting is definitely a better option to consider.

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3. Camping Gear

New to the world of camping? If you and your friends or family are trying to plan a camping trip, you may quickly begin to realize that planning for a camping trip quickly adds up, especially if you don’t already have all the gear you need. If you aren’t regularly out camping, but rather enjoy the activity once in a while, it’s time to look into renting equipment.

You can look online for local renting deals or even head to stores like REI which also offer renting services. Instead of paying hundreds of dollars for a tent you’ll pitch up once, rent the perfect tent for the camping trip and return it once your adventure is over.

4. Sports Equipment

Much like camping gear, sports equipment can easily be rented as well. When you or your children begin to start a new sport, typically lots of equipment is involved. If you’re just starting out in a brand new sport, you may not want to fully commit to owning all the gear, especially for more expensive sports that involve golf clubs or fitted skis or snowboards.

Instead, rent out the equipment until you or your child gets a better feel for the sport and the equipment needed. Renting equipment will also help you decide which type, style, or length you like best when it comes to bats, gloves, clubs, and more before or if you ever decide to buy some gear yourself.

Written By

Travis Barnett is an expert in finances backed by 10 years of experience as a financial analyst at CNB. He graduated from UCLA's Anderson School of Management in 2010 and has been in the field ever since. Travis now enjoys sharing his business experience with others as a financial writer in San Diego. In his spare time, he enjoys hitting the links and working on his golf swing.

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