There are situations where it makes sense. If you don't particularly want a pickup truck for other reasons, don't buy one because you might want to pickup a load of mulch or a tree in the spring. Rent a truck at the home improvement store for an hour or pay for delivery.

But the vast bulk of the things I own and don't use on a daily or even weekly basis are things that would either be a hassle to rent or pay for as a service, would end up costing more using them that way, or simply aren't practically available at all as a rental item.