Are Renting And Sharing The New Owning?

My lawnmower was manufactured when Ronald Reagan was still in his first term.  My grandmother bought it new and I inherited it after she passed, and I’m still using it today. 

It’s literally cut hundreds of millions of blades of grass across two centuries.  And my neighbor uses it too.  I’m not sure if he is aware of financial independence or FIRE, but he’s pretty frugal. 

He doesn’t see the need to own a lawn mower so he borrows mine.  I don’t see the need to own a weed wacker so I borrow his. 

It’s almost like a hippie commune isn’t it?

Sharing these devices among other things between households is way cheaper than owning them.  That’s a “hello Captain Obvious” kind of revelation, but how come more people aren’t doing it?

Think of all the stuff people own in modern America.  Besides mowers and trimmers there’s chain saws, drills, saws, ladders, shop vacs, and on and on.  These kinds of tools are unique because when you need them it’s typically only for a single job or a routinely scheduled job. 

And then you don’t need them for a long while.  For most of us they sit idle and gather dust. 

If every house on a given street has every one of these things that’s a ton of wasted money and resources for duplicate tools that mostly sit idle.  But in my experience that’s how most Americans do things. 

Maybe it’s because we barely even seem to talk to our neighbors anymore.

Being on good terms with your neighbors is good for your wallet and the planet.  Enter cars.  Millennials and younger folks have taken this share and rent ethic to the sacrosanct domain of the automobile by embracing ride-sharing services, bikes and bike-share programs, and even scooters.

And they’re foregoing car ownership more than any other generation.  In increasing numbers they’d rather rent a ride than own a car that sits idle most of the time and depletes their wealth.

Who said millennials weren’t smart?

A recent NPR article highlighted those on the bleeding edge of this sharing and renting trend.  One industrious young millennial highlighted in the article owns practically nothing and is even “homeless”, choosing to rent a bed for periods of time through Podshare. 

If you’ve never heard of Podshare, it’s sort of a mercurial mashup of Airbnb, a hostile, and WeWork.  Yes, it’s a bit weird, but it seems to have an audience. 

Who knows, Podshare could prove to be a disruptor in super expensive housing markets.  And I love disruptors.

 

An Experience Economy?

Whether it be driving or owning a home, the NPR article highlights what could be seen as a growing shift from an ownership economy to a sharing and renting economy.  Tons of entrepreneurs and gig-workers are using co-working spaces as an office or even a business headquarters. 

And as the NPR article points out there’s a growing number of businesses on the supply side of things that are starting or expanding rental programs for everything from camping gear to furniture.

This trend isn’t just a fad for the younger set either.  Most of us older folks used to own CDs and DVDs, cassettes, and records.  Now we rent music and movies through digital services.  Okay, your humble and music obsessed blogger will always own, but others do.

I think this trend of renting and sharing is the next manifestation of the minimalism and tiny house fads.  Like most fads those two started with the extreme – own practically nothing and live in a 200 square foot box where everything is white. 

Extremes get noticed and the attention of the media, and they serve their purpose in that way.  That sure happened with the tiny house fad judging by the endless Instagram accounts and mainstream media articles about it.

But as the fads progressed they morphed into more sensible and practical movements that better fit the real needs of people’s lives.  To me this is good news all around.  The less we own and the more we share, the less waste and impact on this planet. 

And the more we have in our wallet.

We have to face the facts, if all 7.7 billion people in the world had as much stuff as we 329 million in America do, the world would be doomed, and pretty quickly.  Contrary to popular opinion Americans do not have the highest carbon footprint per capita, the countries that lead in that metric are almost all Middle Eastern oil-producing kingdoms.  But we’re pretty high up there, and there’s way more of us than them.

 

I Wanna Rent And Share!

How can you get in on this?  The easiest way to start if you live on a street with lots of neighbors is to start sharing and borrowing. 

Do you all have your own lawnmowers?  If so, approach one of your neighbors who’s a friend and say “Hey what if I sold my lawn mower and we just shared yours. And what if you sold your weed wacker and you just used mine.  We could each make a couple hundred bucks and we would have less stuff.” 

Depending on your neighbor, it might just sound logical enough to work.  If it does you can move on to other things like extension ladders to get on the roof, carpet cleaning machines that get used once a year, and other tools. 

A great way to do this is to start a private Facebook group for your neighborhood.  My street has one and almost every day someone posts something like “Hey does anyone have a torque wrench?” or something similar.  Why go out and buy a torque wrench to use once every five years? 

Pro-tip: This is a great use of social media.  Debating any controversial subject is not, and makes cute baby seals cry out loud.  

So get on board and join the renting and sharing economy.  You might just find it’s better for your neighborhood friendships, your wallet, and the planet.

Your turn readers – Do you think the renting and sharing fad is just that, a fad?  Is ownership losing some of its luster?  Chime in below!