The apparel marketplace is now into renting, rather than just selling

Younger people are turning to more sustainable methods of everything, including what they wear.

Renting clothes is for a certain type of consumer.

Smart shopping expert Trae Bodge said it's not for people who have a low-key work dress code and aren't required to go to a bunch of events.

"Say if you get a promotion and suddenly need to go to very important events, if you're speaking in public, if you're on TV, that's when you might want to look into this, because in the long run, itcould be more of a budget-friendly option for you," said Bodge.

The clothing rental business is a $1 billion business, and projected by GlobalData to reach $2.5 billion business status in the next three years.

Bodge said this gives consumers, of any economic status, access to higher-end clothing brands.

"Rather than buying a whole new wardrobe of high-end brands, you could just be renting these items and turning that inventory over very quickly," said Bodge.

She said it's economically beneficial to rent one-time pieces, rather than make a costly purchase. Renting clothes could be for one-time, like for a wedding, or something to subscribe to if new clothes are needed every day like a TV newscaster.

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