From apartments and cars to clothing and furniture, huge numbers of 20- to 34-year-olds are choosing to rent their possessions rather than buy. In an uncertain post-recession world, are they making the right financial choice?
Need a lift? Hop in, I'm heading that way. Need a place to crash? Rent my spare bedroom. Need a wheelbarrow for a day. Rent mine, it's just sitting in my shed. Welcome to the new "collaborative consumer economy," where people share services and expenses with strangers, and everyone wins.
The housing market crash has made millions of people reassess their choice of whether to rent or own their home. If you're trying to decide which course is right for you, DailyFinance breaks down the major factors you should consider in our new series, Is It Worth It?
For generations of Americans, home ownership has been extolled as a sound investment and source of moral virtue, stability and community. Renting was seen as anathema, a distinct second choice. But in the wake of the real estate collapse, those long-held assumptions have been called into question.
The economy may be looking up, but for many of us, budgets are still tight. But if you're a homeowner wishing for a way to pump up your finances, you may be overlooking your greatest asset -- your home. There are plenty of unconventional ways to make money by renting out a portion of your property.
Say the phrase "owning vs. renting," and you're likely to find yourself in a debate between the merits of a mortgage and a landlord. But that's thinking small -- these days, almost anything you can buy, you can also rent. This particularly makes sense when you're talking big-ticket party or home-improvement equipment, whether it's a big-screen TV, a steam carpet cleaner or a rototiller for your garden.
