Don’t just take it from us! Here’s the entire entry from renting on Wikipedia on Reasons for Renting:

• In many jurisdictions (including India, Spain, Australia, and the United States) rent used in a trade or business is tax deductible, whereas rent on a dwelling is not tax deductible in most jurisdictions

Businesses rent to reduce large, upfront capital expenditures, gaining a significant tax deduction in the process.

• Financial inadequacy, such as renting a house when one is unable to buy it. One may not wish to pay the full price that ownership would need, allowing for smaller payments over a specified period of time

Simply put, renting can make sound financial sense. Romanticism of the ownership society is now catching up with us. Weigh the benefits, and choose what makes the most sense for your situation.

• Reducing financial risk due to depreciation and transaction costs, especially for real estate which might be needed only for a short amount of time.

Depreciation, fees and miscellaneous costs add up. Especially true for a large purchase, but applicable across the board.

• When something is needed only temporarily, as in the case of a special tool, a truck or a skip.

Speaks for itself. iLetYou helps you find those tools for temporary use, instead of always buying because of lack of better, easily accessible options.

• When something is needed that may or may not be already owned but is not in proximity for use, such as renting an automobile or bicycle when away on a trip.

Mobility is at an all-time high, and requirements away from home are higher than ever.

• Needing a cheaper alternative to buying, such as renting a movie: a person is unwilling to pay the full price for a movie, so they rent it for a lesser price, but give up the chance to view it again later.

Again, make the appropriate financial choice instead of falling back to buying. Movies have been the most common, but we’ll see this trend continue to innumerable rental categories.

• The renter may want to leave the burden of upkeep of the property (mowing the lawn, shoveling snow, etc.) to the owner or his agents

Owning property or merchandise has its own worries. The hassle of ownership is often just not worth it.

• There is no need to worry about lifespan and maintenance.

There are hidden costs to maintenance, so why not let a specialized rental businesses handle what they do best?

• Renting keeps off-balance-sheet the debt that would burden the balance sheet of a company in case the property would have been bought.

Taking on debt often doesn’t make sense, whether it’s businesses or individuals.

Whatever your reasons for renting, it makes financial and personal sense more than you might realize.

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