SALT LAKE CITY (KUTV) — With inflation putting pressure on wallets, many people chose to rent rather than buy. Nowadays you can rent everything from vacation homes to bicycles even pets and wedding dresses.
The rental economy is booming, offering people a cost-effective way to access goods and experiences without a long-term investment.
At Something Borrowed in Provo, owner Brooke Holahan has built a thriving business around renting wedding gowns.
MORE EYE ON YOUR MONEY: Voters say $500 million Salt Lake County Jail proposal is not clear
“It’s our best year ever,” Holahan said, noting this is her seventh year in business.
The shop currently has over 1,400 bridal gowns, giving dresses that might otherwise be worn only once a second chance at life. Some gowns have been rented as many as 15 to 17 times, according to Holahan, giving brides who consign their dresses at her shop a great return on investment because a new wedding gown can cost thousands of dollars.
“There are some dresses that have made back their cost and then some for sure,” she said.
For brides like Kaprice Crandall, renting a gown led to big savings. Instead of paying $4,500 for a brand new dress, Crandall spent just $600 to rent two dresses—one for the ceremony and another for the reception.
“I felt guilty even asking my mom for that amount of money for something I’ll wear once,” she said.
The rentals allowed her to feel like a “princess” – even if the dresses were previously worn.
The trend extends beyond bridal wear. From scooters to real estate, nearly anything can now be rented, says Bankrate analyst Ted Rossman.
“I’ve even heard of people renting a home for an hour to let their dog run in the backyard,” Rossman said.
He believes the rental economy is here to stay, citing not only rising costs but also the ease that technology and apps bring to the rental process.
Rental platforms like Turo, which Rossman likened to “the Airbnb of car rentals,” enable individuals to rent cars directly from individual car owners, making the rental process easier and cheaper.
Renting doesn’t just help people save; it also appeals to those rethinking consumer culture. Some young adults are turning away from fast fashion and disposable goods, embracing the idea of reuse as a way to reduce environmental harm and avoid sending used items to the landfill . Renting gives people the option to access high-quality items without committing to ownership, which may lead to clutter or waste.
____