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Benefits of Renting vs Buying. Is it Better to Rent or to Buy?

Updated on June 6, 2017

I went through the ads of my local paper, some ads on the internet and noticed that you can rent pretty much anything – clothes, flat/house, site, water, car, warehouse, staff, toys, sports equipment and many other things that I could not even imagine.

For some of the companies offering rent it is just a part of their business. For instance you can rent office equipment, cameras or bikes. Usually when you rent cars, wedding clothes or power tools – it is their main business.

So the rental business is booming, but what's the best for us? Is it always better to rent or to buy however? Let's find out!

Maintenance, storage and other things to consider

When deciding on whether to buy or rent one thing or another you should evaluate how often you will be using it and also calculate all the maintenance (everyday maintenance and repairs) and storage costs.

If you decided to give a try at skiing, mountain biking it is not worth buying all the expensive equipment straight away. Just simply rent for the first time. And if you are really into it and cannot imagine your leisure time without that kind of thing you can opt for buying your own.

Same thing if you go for canoeing or rock/mountain climbing. If you do it once a year it is better to rent. The only thing you should have your own is a sleeping bag. Just to feel more comfortable.

Rock climbing gear
Rock climbing gear | Source

There are guys who like to show off – especially the ones who play golf. They buy expensive golf clubs and outfits, and after a single game clubs stay in the bag for the rest of their life hidden somewhere in the back of the garage. Don‘t do that unless you have shit loads of money.

Renting power tools. Popular option for construction

The financial crisis in the world gave a better position to the companies offering equipment for rent to the constructional industry. It is very good when you can rent power tools, crane or a tractor and you do not have to buy it.

Renting power tools
Renting power tools | Source

Photo inventory. Professional photos for cheap?

Interesting thing I found is that it is possible to rent photo inventory, such as the camera itself or lenses, tripods and etc. Obviously the prices are quite high, especially if you are an amateur and you only want to play with it. But even though you can rent and try it before you buy it.

Sometimes I wonder to myself if there is any difference between the lens for 300 Euros and the one for 1000 Euros. I might give it ago and rent it one day just to try it. But you have to be careful with the equipment as it is very sensitive and the deposits are big.

DSLR camera kit, photograpy equipment for rent
DSLR camera kit, photograpy equipment for rent | Source

The most important is that people usually forget one thing – it is not enough to rent/buy expensive camera to make good pictures. You have to have skills for that.

Car Rent. Useful option when you are far away from home

Renting a car is an easy thing and millions of us do it every day. My advice would be to plan your trip in advance. In such case you can save a bit. Also, do not forget that they check the car after you are gone, so you can always be charged afterwards if you do not comply with the regulations of the rent company.

Real Estate. Let's talk about what matters the most

And at the end there is one question that bothers a lot of people these days. Is it better to rent or buy a property? If you ask me I would not have the answer, but I found a fine rent or buy calculator in The New York Times.

Usually when you rent it is a lot easier to plan your expenses and you can avoid further maintenance cost that is not easy to predict or control when you are an owner. Whatever your final decision would be, you should think this through over and over again just to make sure it is the best option for you.

Hopefully, it will help you to decide.

Modern flat, full of stuff that somebody owns
Modern flat, full of stuff that somebody owns | Source

Bizarre things to rent

I have heard that you can rent a pet, but I could not find anything like that except for the pigeons that you can rent for your wedding or any other bizarre meeting you are having.

But what I have found was one article about the local florist. She would rent various plants for different occasions. However she had to drop this idea as the plants are too sensitive for this kind of business. Sudden change of environment, temperature, light would harm the trees or flowers. The worst was that customers would not care about it and all work goes wasted when the things come back broken. Now she offers only fake plants.

What else I could rent?

And for other gaiety you can rent lots of different things. For your child’s birthday party you can rent a clown or a trampoline, or even a portable swimming pool. If swimming pool is not enough for an adult party, rent a portable sauna. If you are up for more extreme, you can rent water motorbike, snow bike, four-wheel bike even a yacht. And the good thing is that you will not have to care about it, when the party is over.

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