From a resource point of view, renting can be more efficient for things that are used infrequently. Fewer objects need to be created, the costs are in the transport to renters (cars, cameras, etc.) For things used all the time, renting fits certain usage patterns. You can't update a rental dwelling to your tastes, for example.
And of course, if you return something in not-so-good shape, you will lose security deposits and possibly have other financial damage. It's always other people's stuff, often a corporation with corporate lawyers.