The fashion landscape is undergoing a significant shift as millennials and Gen Z swap fast-fashion hauls for rental subscriptions and peer-to-peer wardrobe sharing.
Attire rental platforms like Nuuly, Pickle, and BNTO are seeing explosive growth. Unlike the early days of Rent the Runway, which focused on high-end dresses, newer services cater to everyday style and mid-tier designer brands that younger generations find affordable.
Driving the demand is a mix of sustainability concerns and the desire to look good on social media, say analysts. Many users note that renting allows them to experiment with new looks and takes away the financial burden of a permanent purchase.
The trend also offers a lucrative side hustle as some users report earning upwards of $25,000 a year by renting out their personal closets on apps like Pickle.
Research firm Future Market Insights projects that the clothing rental market, currently at $2.6 billion, could reach $6 billion in 10 years.