Faking your wardrobe: Online handbag, jewelry and clothing rentals on the rise

DVF dress on RenttheRunway.comYou've probably heard about online handbag rental Bag Borrow or Steal. The site caused a frenzy several years ago with the new concept of paying to borrow a designer handbag and returning it a month later for a small fee. While the service could be great--and cost effective--for a trendy fashionista who always desires to have the new "It" bag on her arm, we always wondered if it would feel a little weird having no bag of your own. Well, in this recession renting luxury items has proven successful, and more of these sites are launching every day.

From Bags to Riches touts designer bag rentals from big names like Coach, Dior, Chanel and Marc Jacobs for $34.95 an up. Seeking a Rolex or David Yurman jewels? Bling Yourself offers watches, rings, necklaces, sunglasses and other expensive baubles by the week. If your family is wedding bound, head to iRent2u for affordable rentals on children's formal wear.

The brand new site we're most excited about: Rent the Runway, a fashion haven where coveted items by designers like Diane von Furstenberg and Proenza Schouler goods go for $50. They send a second size option in case your item doesn't fit, and you just drop them in the mail when you're done--they handle the dry cleaning. If you have a fancy event to go to, this could be a great option if you wanted to get something really elegant and know you won't be wearing it again in the near future.

Need another reason to rent your wardrobe? How about reduced closet clutter and cutting carbon emissions? According to a new study, if you rent (rather than buy) one-fifth of your household purchases each year, emissions drop 2%, or 13 million tonnes of CO2 a year, since it decreases manufacturing and the consumption of raw materials. We never thought renting a designer dress could be viewed as environmentally responsible, but hey, whatever rationale it takes. [FashionWeekDaily]