Between Uber, Airbnb, and hundreds of similar platforms across equally diverse industries, the sharing economy is on the rise. In the US alone, it’s estimated that 86.5 million adults will be using shared economy services by 2021.
While it’s true that the current situation will likely affect those predictions, there simply isn’t enough data to make any adjustments at this point. But what we do know is that the sharing economy is bound to grow, especially once things go back to normal.
There are many reasons for that. But before we get into why you should embrace this emerging economy, let’s first clear up what it actually means.
Let’s take Uber as an example. Instead of having to own and maintain a car of your own, you can now go anywhere you want with a few clicks and swipes on your mobile screen. The ride owners are sharing their vehicles with you in return for a monetary reward. That’s sharing economy in a nutshell.
If it sounds like good old renting, then you’ve got the right idea. Economists like to make up fancy terms and sharing economy is just their lingo for renting things out.
Now that we’re clear on what sharing economy is, let’s talk about why you need to start taking advantage of it. Here are the 3 most powerful reasons.
1. Only Pay for Items When You Use Them
There are many ways you can save money by renting products instead of buying them. The biggest attraction is the low upfront cost. For instance, instead of paying $100 for a power drill or $1,000 for a digital camera, you can rent it from someone for a mere fraction only.
This is where a myth stops people from taking advantage of renting. It’s commonly believed that renting a product is more expensive than buying it. But that couldn’t be any farther from the truth.
The truth is, most products are not used on a daily basis. Most people buy things and then forget about them once the initial thrill dies out. For instance, the average drill is used only for 10 minutes in its entire lifetime. As crazy as that figure sounds, it’s true for many other items as well.
The point is this. Despite paying the full price for an item, people let it sit it in the garage for eternity, doing nothing but gathering dust — eventually leading to a rusty death with the junkyard as its final destination.
But when you rent things, you only pay for them when you actually use them. So while the average cost per use may be higher than outright buying it, you’re only paying for times you actually need the item.
As a result, you end up saving tons of cash over your friends who buy stuff just for the sake of buying (but rarely using) things.
2. No More Maintenance Costs
Let’s face it. The more you use an item, the more it wears out. Eventually, you have no choice but to replace some parts or even get a new one altogether. This holds true for gaming consoles, drills, digital cameras, and pretty much everything else.
It gets worse. As you know, technology evolves at a ridiculously fast pace these days. What’s considered an amazing console or camera is considered outdated within a few years or even months sometimes.
But when you’re renting items, you don’t have to worry about outdated technology or expensive maintenance. You can just rent the latest model in mint condition.
You can’t do the same when buying things. Not unless you have piles of cash just sitting around.
3. You Can Earn by Renting Out
All this time we’ve been looking at this from the buyer’s perspective. But odds are, you probably have a ton of extra items sitting in your garage, eagerly awaiting the day they’ll get to see the morning light.
Why not rent those items out? Even if something feels useless to you, someone else might be willing to pay dearly to have it for a day or two. This could be a karaoke machine or an old bike or anything really.
As long as it’s usable, it’s rentable. And you can make a pretty penny renting it out to someone who actually needs it. Talk about a win-win!
That brings us to another point. When you rent things out instead of stuffing them in your garage, you actually help save the planet by putting it back into the economy instead of letting it rust to death.
Renting is good for the owner, good for the renter, and great for the environment. It truly is a triple win!
If you want to grab a power drill, a gaming console, a laptop, or even a car, check out our verified and trusted listings today. Or if you’re interested in renting one for yourself, we can help with that too.
And it’s completely safe for you. We keep the deposit and only release it once both parties are satisfied. We even have insurance for some categories. If safety is your concern, you’re going to love our platform.
Just head over to our service, pick what you want, and let our system guide you through the rest. See you on the other side!