With the Holidays quickly approaching and the invites to parties pouring in, all I keep thinking is "What am I going to wear to all these little soirees?"

Taking a note from Avelle's Bag Borrow or Steal, the NY Times is describing Rent the Runway as the Netflix of clothing.

Rather than paying hundreds of dollars for that designer dress that you'll only wear once or twice, Rent the Runway gives you the ability to rent it for a fraction of the cost.

From the NYT article:

Julia Harris, a 27-year-old graduate student living in New York, turned to Rent the Runway when she needed something chic for a fall wedding. For $50, she got a fuchsia Catherine Malandrino number with an elaborately ruffled bust that would have cost $495 to buy.

Rental rates range from $50 to $200 for a 4 night rental.  You can also get insurance for an additional $5, but avoid the cat fights, because destroying the dress is not covered and the renter must then pay the full cost of the garment.

For designer handbags, jewelry, sunglasses and watches, Bag, Borrow, or Steal is your answer.  The idea is simple - you pick the item you crave and it is delivered to you.  When you're finished with that item and ready for something new, send it back and tell them what you want next.

These services are perfect during these tough economical times, but really, when is it ever economical to pay top dollar for a piece of fashion you'll only use once or twice when there are now options like this?  Genius, actually! 

But we all know that the impulse buys will still get the best of us...

What do you think of these types of services?  Have you used either of these, or one similar?  Tell us below!