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.
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.
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.
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
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.
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!