No matter the name you give it, one thing is certain: we rent much more now than we did previously. An abundance of online services has emerged to facilitate renting underutilized assets — from cars and beds to camping spots and holiday homes — from owners willing to lend out underused assets in exchange for fees from prospective borrowers. This trend has caused major disruption across many sectors by forcing incumbents to adapt, including transport companies, hospitality establishments and equipment hire services as well as landlords and tax collectors.
Airbnb, for instance, has experienced regulatory battles worldwide as it strives to balance user needs with those of governments. In the US alone, for example, regulators have determined that it violated state zoning laws.
Companies are fighting back with effective measures. Sometimes this involves working closely with authorities to alter rules, while in others introducing policies designed to ensure those renting assets and skills do not engage in illegal activity. And trust-building measures include encouraging more reviews as well as forms of user verification.
Although borrowing rather than purchasing goods and services has experienced setbacks, its concept continues to gain acceptance. Lending services such as Zipcar are making accessing goods easier and cheaper; and there are multiple reasons for them to grow further: reduced consumption and greenhouse gas emissions could result; job insecurity for some workers may also benefit; it could provide relief for tight budget households; etc.
Short-term, they could help boost local economies as residents are given an additional way to make extra money. Furthermore, this approach may be attractive to businesses seeking cost-effective means of testing products or markets; many have taken to using pop-up shops as test beds for new ideas.
Longer term, these services could develop hybrid models that combine features of Sharing with traditional rental. Car-hire firms such as Avis and GM have invested in sharing rivals as proof. Some landlords and hotels now allow tenants to list vehicles, rooms or spaces on sharing websites; this could provide the benefits of an alternative model with established regulation, taxes and customer service in place. Like prior waves of innovation, what initially appears as an disruptive new model may eventually be integrated into existing ones and adopted by incumbents; its pace of acceptance ultimately depends on us all – but in the meantime we’ll all rent more often while enjoying ourselves! According to Tim O’Reilly’s longstanding analysis of internet trends.