For many of us, we don’t know what we need until the moment we need it.

It makes sense, right? Certain items like groceries and disposable consumer goods are generally repetitive, so you know you’ll always need them. But you don’t realize you need a toaster until you move out of your roommate’s house and realize it was theirs.  

For those who want to make their lives easier, quickly, it’s simple: just buy it. 

What if it’s not a toaster? What if you need something on a short-term basis, like a kayak for a weekend trip with friends, or a tall ladder to hang Christmas lights around the holidays?

Fortunately for us, the modern era is coming in clutch with an old solution made new again: peer-to-peer rentals. The innovation of online rentals has brought great benefits to our society, both environmentally and socially.

Peer-to-peer (P2P) rentals allow us to get access to whatever we need, whenever we need it

Instead of purchasing something you need, especially for a short while, why not simply rent it?

P2P rentals empower individuals to grant access to items and facilities they own that others need and want. It’s a win-win situation: owners make money on something that would otherwise not be earning them any income (a ladder sitting in the garage), and renters can reach their goals (decorating the house) at a lower, more efficient cost. 

To help you better understand why P2P rentals can be a perfect solution for you, we’re going to take a deep dive into peer-to-peer tool rental. Continue reading to learn the advantages, and how you can participate in P2P rentals in 2019 and beyond. 

tool rental app

What Are P2P Rentals?

The idea of peer-to-peer renting is pretty straightforward: Susanna owns a kayak that she doesn’t use all the time. When she’s not using it, it sits in her garage, doing nothing.

Malcolm’s been invited on a weekend kayak trip with some friends, but can’t afford to fork over the ~$600 to buy one just for this one trip.

Instead, he rents Susanna’s kayak from her for $60 per day. For a grand total of $120, he gets to go on an awesome trip, and Susanna makes 120 bucks without having to lift a single finger.

The peer-to-peer procedure cuts out the middleman of rental shops and dealerships, keeping prices lower. 

Airbnb is another great example of the P2P rental economy. It’s an online marketplace that allows people to rent out their homes to those seeking accommodation. The company currently covers over 191 countries and 81,000 cities worldwide. The hosts list a variety of properties on Airbnb’s website, including single rooms, apartments, houseboats, moored yachts, and even a castle. It’s up to the host to decide how much to charge for a night, a week, or a month.


What Are the Advantages of P2P Rentals?

Individuals, construction contractors, handymen, woodworkers, electricians, mechanics, and DIY fanatics with tools and equipment lying idle can generate extra income for themselves or their businesses by renting out those items. 

The best part is that these are purely supplemental profits. Any rental cost above what the owner values to be the expense of the wear and tear on the equipment makes renting it out worth it.

The flexibility of pricing enables owners to offer lower prices then equipment rental dealerships like Home Depot or Lowes. This allows the supplier to make money, while the renter saves a few bucks.  

sparetoolz tool rental app

Here are a few additional key benefits of peer-to-peer rentals:

#1: Save Money

Renters no longer have to waste money on items they need only for a short while. Hard-earned money saved can be put towards buying products you want! With peer-to-peer rentals, you can have some fun, experiment and try out new things, while saving expensive purchases for something more valuable to you in the long run.

Remember, you never know if you need it until you’ve tried it.
 

#2: Super Convenient

With P2P tool rental, getting what you need is super easy. You can check out rates and other essential factors right from your phone before making a decision. If you’re an owner, it’s also simple: well-designed third-party platforms like Airbnb and Sparetoolz take care of the heavy lifting for you. 


#3: Reduced Wastage

The world is continuously building and dumping, and it’s happening at an unsustainable rate. Before things get even worse, we must take action. Why not start with minimizing wastage?

If we all start renting instead of buying things that we need only for a specific period of time, we’d be doing the world a favor. It’s a great way to prevent that build-up of waste and debris.

 

#4: Trial Runs

Peer-to-peer rental can be viewed as an unconventional “try before you buy” option. What is Malcolm was on the fence about taking up kayaking as a hobby before that weekend trip? If he had a phenomenal experience with Susanna’s kayak, maybe he’ll decide it’s worth the investment to buy his own. Maybe he has a terrible experience and decides never to do it again! In that case, phew--he didn’t go all-in for $600 right off the bat.

 

#5: Same End Results

Whether you rent it or buy it, you pretty much get the same results. If you can have an item long enough to finish your task or reach your goal, there’s not much benefit to purchasing it outright.

 

#6: Helping Each Other

Owners help renters save money and reach their goals by connecting them with the items they need, when they need them, for only as long as they need them. Renters help owners get more value out of their tools and equipment, instead of having it lie dormant and unused. 


spaaretoolz tool rental app

How Can You Participate In P2P Rentals?

If you are looking to rent a tool or piece of equipment, you’re in luck. With a peer-to-peer tool rental app like Sparetoolz, you can make and save money in your community. You may have spare equipment that’s sitting there in your garage, doing nothing. Just think about how much money you paid for those items. It’s time you put them to good use!


OWNERS, here’s what you can do:

  • Set up an account
  • Take photos of your tools & equipment and list them
  • Set your rental rates (by day or week)
  • Make money with your spare equipment!

RENTERS, do you have a project in mind, but not the tools to get it done? Not to worry! All you need to do is:

  • Again, set up an account if you haven’t already
  • Browse the available tools
  • Request rental from trusted owners
  • Save!

Easy peasy lemon squeezy.

Sparetoolz is the ONLY tool rental app that helps you avoid the hassle of driving from store to store, waiting in long lines. It’s affordable, supports the local economy, AND it’s better for the environment. It’s time we all reduced landfill waste by renting our infrequently used tools.

If you’re interested in other types of peer-to-peer rentals, there are some alternative startup businesses with P2P as their primary focus, including Equipment Share, Dozr, Yard Club, and Getable.


Wrapping Up

P2P rentals are an old phenomenon made new again, with lots of benefits for both owners and renters. It’s an economic solution that keeps money local, helps individuals both make and save money, and reduces landfill waste. Win--win--WIN!

So, have you used a peer-to-peer rental service before? Were you the owner or renter? What was your experience like?

Share your thoughts and experiences with us on Twitter @sparetoolzapp!

Latest Blog Posts

5 Great Apps and Services for Finding Your New Apartment 5 Great Apps and Services for Finding Your New Apartment
Welcome to the Internet: effortlessly soar through cyberspace at lightning speed to find exactly what you need, right now.
6 IKEA Hacks You Should Try Right Now 6 IKEA Hacks You Should Try Right Now
IKEA is known for its affordable prices, maze-like stores, and...equally maze-like assembly instructions.
How to: Build & Fill a Garden Box How to: Build & Fill a Garden Box
If you’ve never grown your own food, just imagine it for a minute:
How to Keep Cool Without A/C How to Keep Cool Without A/C
It’s too damn hot.
How To: Make a Home In Your Home For Your Pets How To: Make a Home In Your Home For Your Pets
Once upon a time, if the family dog wasn’t banished alone to a dark, doorless dog house, he slept on an unforgiving floor in the house -- with not so much as a comfy memory foam bed with removable faux fur cover, matching bolsters, and built-in aromatherapy to ease his humiliation.
Best Practices for Organizing Small Spaces (Yes, That Small) Best Practices for Organizing Small Spaces (Yes, That Small)
Want the secret to mastering small spaces?
Your Lawn is Useless (But It Doesn't Have to Be) Your Lawn is Useless (But It Doesn't Have to Be)
At its best, your lawn is a beautifully dense, vibrantly green...um, patch of grass.
Drywall Repair Tips for Beginners Who Don’t Want to Learn the Hard Way Drywall Repair Tips for Beginners Who Don’t Want to Learn the Hard Way
There are a lot -- and we mean a lot -- of drywall repair tutorials available on the Internet, and we know you’ll find your favorites.
DIY Home Improvement Resources That Will Actually Teach You Something DIY Home Improvement Resources That Will Actually Teach You Something

We bet a lot of DIY social media accounts and sites make you oooooo, ahhhhh, and dream of transforming your...

Is Renting More Sustainable Than Buying? Is Renting More Sustainable Than Buying?
With the idea of environmental responsibility taking up more mental real estate in the past few years, we’ve all been looking for ways to minimize our impact and give Mother Nature a little breather.
Everything You Need to Know About Side Hustles Everything You Need to Know About Side Hustles
The pandemic has, over the past year, left many people with more time and less cash. Whether walking dogs, turning professional skills into a freelance gig, checking off someone’s shopping list, or any of dozens of other options, folks have taken advantage of technology to get the bills paid.
12 Tools Every Millennial Should Have (and Why) 12 Tools Every Millennial Should Have (and Why)
From avocado toast and Instagram to 3D-printed custom prostheses (Disney characters or tattoos, anyone?) and Uber, Millennials are famous for innovation. Allergic to the status quo, we’re built for “figuring it out” and finding unique ways to do things. 
DIY TikTok Tile Table Sparetoolz How To: Build TikTok's Tile Table
This 80s-flavored decor trend is taking the internet by storm. Here's how to bring it home for yourself.
How to Keep Plants Alive Here’s How To Keep Plants Alive In Your Home, Even If You Kill Everything
If you've convinced yourself that you're a perilous threat to all floral life and so are destined for a plant-less existence...we have good news.
Here Are Some of the Best Airbnbs in Each State Here Are Some of the Best Airbnbs in Each State
Despite Airbnb’s bizarrely humble beginning (and some pretty intense hurdles--legislative and logistical), nothing has been able to squelch its meteoric rise to multi-billion-dollar company. Turns out millions of people find it perfectly acceptable to sleep in a stranger’s bed. Who knew?
Trendy pink lettered neon sign on brick wall Taking Out the Trash: Interior Design Trends That Should Stay in 2020
We’re all ready to throw 2020 down the garbage chute. Here are some home design trends that should be tossed out with it.
Green and blue botanical wallpaper applied behind gold bathtub How to Apply Wallpaper (And What Not to Do)
Yes, we know, wallpaper is infamous for being a nightmare. Just hear us out.
Parents hang picture on wall as child stands nearby to help with project 5 Home Improvement Projects Kids Can Help With
Including kids in "grown-up" projects doesn't just present opportunities for memory-making; it also shows them that they are capable little humans, who will grow into self-sufficient big humans.
Modern living room painted white and featuring honey-colored wood floors and accents, a large gas fireplace and textured grey sofa 25 Things You Need to Know About Maintaining a House
Maintaining a house requires effort, but it doesn't have to be difficult. Here are 25 tips to get you well on your way to a happy home.
Bike with bright orange rims and accent rented through peer to peer platform parked next to doorway with yellow wrought iron gate Peer to Peer Platforms You Should Know About
Sharing is caring, and now you can save--or make--a little money while you’re at it. 
Minimalist look for writing desk area, featuring predominately white palette with tiny bright-colored accessories and a beige molded plastic chair. What is Minimalism and Where Did it Come From?
Minimalism can start in the home, but its benefits reach far beyond a design style.
Modern industrial loft space featuring high ceilings, plentiful windows, glass pendant lighting, blue sectional and colorful accents Is The Industrial Trend Dead?
Design styles rotate faster than you can say "mid-century modern." Is the Industrial trend queued for a comeback?
MCM designed living room styled in monochromatic white, honey-colored herringbone wood floor and bright blue sofa The Ultimate Guide to Understanding Interior Design Styles 
The first step to executing your dream home design is understanding why it works.
Exterior of 1950s-style home with white siding and blue shutters, and a white picket fence 9 Ideas to Make Your Home More Eco-Conscious
A happier, healthier Earth can begin right at home.
Spacious outdoor entertainment area featuring white walls, white and bright yellow decor elements and black accents 6 Essential Elements for Any Outdoor Entertainment Area
Create a personal oasis, right in your backyard, with these six simple tips.
Man working on laptop, leaned back on black sofa with white cushions, feet on wood coffee table, needing perfect home office How to Create the Perfect Home Office
Whether you're working from home by choice or because of the COVID-19 pandemic, create a calm, motivating home office space with these easy tips.
Interior, well-organized vintage garage with brick walls, new car with popped trunk How to Organize Your Garage - 10 Tips & Tricks
Organizing your garage might be the most terrifying task on your to-do list, but it doesn't have to be! We've got 10 tips to get you started.
Closeup of an array of tools everyone should have, laying on white table The 8 Tools EVERYONE Should Have 
You might not need these tools often, but when you do--you really do. Don’t let common tool-requiring household tasks or fun DIY projects catch you by surprise.
Wall inside garage with dozens of hand tools neatly hung in rows 6 Reasons You Should Join the Sparetoolz Fam as a Tool Owner 
You’ve probably heard a lot about the rise of the sharing economy. From Uber to Airbnb, the business of sharing is booming. The question is, how can you make it work for you?
Closeup of bright yellow flowers in spring garden, clear blue sky in background More Than a Spring Fling: How to Keep Your Garden Fresh All Year Long
Ah, spring: the gentle awakening from winter hibernation.
Corner of room in city home styled with white walls, several plants sitting on wood floor and on a wood stool, black shelving 4 Ways City Dwellers Can Build the Garden of Their Dreams
You might think that lush gardens are only for those with large homes and sprawling acreage, but we have good news: here are 4 tips for creating a botanical paradise, even in small urban spaces!
Overhead view of natural-colored wood stairs and floor, white walls and banister, styled with black and white accents How to Make Your Home Feel Bigger and Brighter
Trapped at home? We've got 5 easy tips for making your space feel open and airy.
Closeup of sheets of smooth brown crafting material, a mallet, ruler, spool of thick black thread, and crafter's knife Routine Shakeup: 9 Weird Craftsman Hobbies to Try Right Now
Challenge boredom with these off-the-wall craftsman hobbies sure to get your creativity rolling.
Fireplace with simple brick mantle repurposed to hold an array of candles, a potted plant sits atop a nearby wood stool Light Up Your Fireplace (No Fire Required)
Looking to repurpose your fireplace? Check out our creative round up of alternative uses!
How to Make Your Apartment Feel Homier How to Make Your Apartment Feel Homier
The threat of coronavirus has everyone hunkered down at home. Here's how to make your space as homey and comfortable as possible.
A woman smiles from behind taupe tufted sofa in her newly rented home, pulling off its protective plastic Things to Look Out for When Moving into a New House as a Renter
Renting a new place? Save yourself a headache by checking off the items on this list before moving in.
Do Carpenters Still Exist or What? Do Carpenters Still Exist or What?
WOODN'T you like to know?
Closeup of disorganized closet, packed tight with clothes This Is The Most Under-Appreciated Room In Your Home
Closets are often treated as merely functional and nothing more, but there’s so much opportunity to make this space spectacular. Your wardrobe might be the most under-appreciated space in your home, but no longer!
Closeup of hand holding smartphone displaying Airbnb logo on screen, bedroom styled in whites and greys in background Here's How to Airbnb a Room in Your House
If you happen to have a spare room and are looking for a new side hustle to generate some passive income, look no further than Airbnb. We’ve put together a list detailing the basic four-step process for how to Airbnb a room in your house AND make the most of it—quite literally.   
Unique Housewarming Gift Ideas Unique Housewarming Gift Ideas
In a world where most housewarming gifts are the expected (and boring) candles, towel sets, and coasters, it can be tough to find a unique gift that’ll be used and appreciated. We've got you covered!
Against a plain aqua background, a hand in a vivid pink cleaning glove reaches into the shot holding a bright yellow pump spray bottle Here’s the Cleaning Checklist You Need for Every Season
If you’ve been looking for a seasonal cleaning checklist you can easily work your way through, look no further.
The Top 20 Coolest Airbnbs in the America Right Now The Top 20 Coolest Airbnbs in the America Right Now
When you’re traveling around the country, it’s so much more fun to stay somewhere interesting and heighten the experience. Airbnb is a peer-to-peer rental service (just like Sparetoolz!) that offers countless intriguing homes for adventurous travelers to rent. Here are the Top 20 Airbnbs in America.
Several small hand tools arranged in an arc on a smooth,  bright white surface Household Items You Can Use as Tools
At some point, you might not have the specific tools you need to tackle a particular job. Here are a few household items that will help you get the job done in a pinch.
White surface viewed from above showing four paint rollers, each rolling one long stripe of bright green, orange, red, or blue How to Paint Your Apartment Walls and Get Away With It
Painting your walls can make your rental apartment feel like home or serve as an outlet for creative expression. Unfortunately, most landlords won't allow it. If you're the daring sort, find out how to paint your walls and get away with it when it’s time to move out. 
Top 5 Most Popular Side Hustles Top 5 Most Popular Side Hustles
Want to make a little extra money? It seems like virtually everyone has a side hustle these days, but how do you choose which one is best for you? Here are the most popular side hustles out there, along with a breakdown of how they work and how much you can expect to make.
Simple bedroom with loads of natural light, styled with soft pinks and whites, standing mirror, inexpensive accessories 10 Easy Ways to Upgrade Your Bedroom on the Cheap
Redecorating is a task that’s often thought of as being expensive and time-consuming. Fortunately, switching up your interior design doesn’t have to be. There are plenty of affordable yet impactful ways to change how your surroundings look--and today, we’re sharing some tips on how you can do this with your bedroom.
Easy Home DIY Projects You Can Do in One Weekend Easy Home DIY Projects You Can Do in One Weekend
Are you interested in taking on a DIY home project, but feel intimidated by the time commitment? What if we told you that all you need is one weekend?
Choosing the Right Paint Color for Every Room in Your Home Choosing the Right Paint Color for Every Room in Your Home
Color has the potential to make a room feel bigger or smaller, brighter or darker, peaceful or exciting. How do you know which colors will be ideal for each room in your home, based on the feelings they evoke and the atmosphere they create?
What is the Tiny House Movement and Why Do People Do It? What is the Tiny House Movement and Why Do People Do It?
The tiny house movement has gained a lot of momentum in the last decade, but why? It's based on the tenets of the minimalist movement: owning less, so that what you own doesn't own you. What are the benefits of giving up the majority of what you own? Minimalists ourselves, we dug in to find out more.
Closeup detail of top of Spanish-style home with white stucco exterior, terracotta roof, and chimney WINNER, WINNER, CHICKEN DINNER!
The Sparetoolz $350 Gift Card Giveaway is now over, and the winner is...