Over the last 5-10 years, a new customer has entered the retail scene. Known as millennials, they are customers who want to own nothing. They are aware of the depleted resources of our current planet and for the most part, don’t want to contribute to that. Instead of shopping often, they rent. Originally intended as special occasion renting, online retail rental subscription services are on the rise for everyday wear. Millennials and other consumers are choosing to get dressed with virtual, rotating closets. The companies typically charge a monthly fee that allows users to rent clothes throughout the month and don’t charge them for shipping or cleaning, upon return. But what about peer-to-peer renting? Is it smart and potentially lucrative to rent your own designer clothes to people? Short answer: yes.
Benefits of renting/renting out clothes
Seen as the Airbnb for your wardrobe, peer-to-peer renting is a smart option for those of us that have great, luxury pieces just sitting in your closet. You might have an amazing pair of Gucci loafers, an Off-White jacket, and a Burberry trench coat that haven’t been worn in years but that you just can’t seem to part with. Similar to a spare room in your house, you can make money of of it. By listing it on a rental service, you can loan it out to people who will rent it for a night, weekend, month or holiday. Depending on how in demand the item is, it might just pay for itself in the process.
Another great thing about renting out your clothing is conscious consumerism. By participating in this movement, you are extending the lifecycle of a garment and contributing to a more sustainable world by minimizing your carbon footprint. I think the pandemic will continue to make people less enamored to own things. Not only is renting out smart, but renting items is also beneficial. Selecting clothes from a rental company gives you access to a plethora of products at a fixed rate. It’s especially great for items you’ve had your eye on but could never afford.
Rental services we like
Our favorite peer-to-peer rental services are Rotarity and Borrowed Time.
Rotarity – items start at $35 and can be rented for 15 days. You can chose to rent individual items or you can pay a monthly fee of $195 for an unlimited rotation of streetwear options. Like most services, shipping, returns, and dry cleaning is all free.
Borrowed Time – big-name timepieces from luxury watch brands like Rolex and Cartier can all be found on Borrowed Time. Pick between 4-30 days to rent out a watch for a special event, interview or holiday.
Let us know if you rent items or are looking to rent in our @ultra.now Instagram comments.
Photo via Chris Brown