Many young people are starting to embrace the rent-first lifestyle—essentially choosing to rent rather than buy. This change is not just owing to affordability and other factors but a conscious shift in mindset that’s becoming much more prevalent. In fact, a recent study shows that three in five Americans choose a rent-first lifestyle!
When you think of renting, you probably imagine signing a lease on a home or apartment, but it’s a concept that goes far beyond just that. From renting out furniture and clothes to baby gear and much more, renting is perceived as an easy way to go about life. Since the circumstances surrounding our lives are constantly fluctuating—be it the clothes you outgrow or furniture that wears off—opting for a rent-first approach saves money, encourages adaptability, and helps avoid overconsumption.
What Is A Rent-First Lifestyle?
The rent-first trend is a lifestyle habit that understands the temporary nature of materialistic things. It’s far cheaper to rent a computer, a car, or a dress than to purchase one with the hopes of enjoying it for a long time. This approach also relieves the pressure of overspending on things that will likely serve you for less time than you hope they will!
Why Is the Rent-First Lifestyle Becoming So Popular?
It Is Highly Flexible
28% of Americans rent goods primarily due to the flexibility it comes with. People are attracted to the option of avoiding long-term commitments, and renting also allows them to adapt quickly to ever-changing circumstances and needs. Moreover, by renting first, you can try out items before you decide to invest in a purchase.
Sustainability
Sustainability starts with consuming less and being smarter about the choices we make. A study reports that one in six Americans prefer leasing a car, with over 40% doing so to get a new car every few years. When you buy a car, you commit to it for as long as it holds up, while renting allows you to replace your car sustainably every now and then.
But it’s not only applicable to cars – clothes, accessories, and so on also fall under the same bracket. By renting clothes, you can wear the ideal outfit for any occasion or season without investing tons of money in fast fashion, which is also great for your bank balance!
It Is More Affordable
Buying your own house is a dream for many – but getting there can take decades. On the other hand, renting a home is more affordable and accessible and lets you kickstart that dream of living independently on a smaller scale first. Furthermore, by renting, you’re open to spending more money on things you want – like traveling, studying, etc.
Challenges and Changes The Status Quo
Many of us were raised to think that buying a house is the final step in attaining financial success. However, the modern generation feels differently. Three in five Americans believe that buying over renting is an outdated concept. Yes, buying serves many purposes, but it’s not always accessible or affordable for everyone.
Besides, with changes in career trends that require you to shift and adapt constantly, it’s no longer an option to work in the same company or even the same local area for all your life – which, by extension, makes buying a home impractical. By changing the status quo and opting for a rent-first lifestyle, you’re paving the way to prioritize what is more important to you and your future goals.
Allows Fashionistas To Stay In Trend
Renting clothes and accessories is affordable, but money aside, there are numerous other benefits too. Renting clothes and accessories allows you to experiment with different styles and wear luxury items that you may not be able to afford otherwise. By renting, you’re better positioned to keep up with ever-evolving fashion trends.
Moreover, the younger generation is more open to a “less is more” lifestyle—and the rent-first lifestyle is perfect for them and for the environmentally conscious ones. People choose to rent clothing items because they are typically not worn more than a few times. Conclusively, perhaps the biggest perk of this trend is less clutter and more closet space!
Final Thoughts
Over the past decade, the rental economy has grown exponentially in popularity, increasing the number of rental goods and services that have flooded the market and providing consumers with quick access to numerous items ranging from cars and electronics to clothes. A rent-first approach serves many consumer needs, whether you’re looking to save money, seek more flexible options, or choose minimalism. For instance, the housing affordability crisis stands in the way of those who wish to achieve homeownership, but renting a home is a much more feasible option.
However, one should also remember that your choices must not jeopardize your future dreams and goals. While the savings and flexibility of renting are undeniably appealing, make sure that you carefully analyze your financial goals before you embrace a rent-first lifestyle. If your main goal is to save enough money to buy a house, but you also lease a luxury vehicle and pay for a monthly clothing subscription service, you might want to take a step back and crunch those numbers. Only by doing so will you be able to put yourself on the best path forward in actualizing your financial goals.
Nevertheless, it’s refreshing to see how more people are questioning the traditional emphasis on owning things while encouraging people to opt for the ease of following a rent-first lifestyle.
