The theory is simple: instead of buying a household item or a piece of clothing or some equipment you might use once or twice, you take it out and return it.
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There is a “tool library” sort of service (for profit) operating in my area. The prices are absurd—people are charging like $20/day for a tool that would cost $100 new, or half that used on craigslist. My projects often span multiple days, especially if there’s an unforeseen delay—which there always is because I’m a good engineer but a shitty carpenter.
I don’t use the service. I’m all for communal ownership but it still has to make sense.
Rent-to-Own has always been a scam predicated on people too poor to enjoy a stable life.