Sure it this encourages rent seeking behavior and has impact on the your long term wealth. However if your able to derive utility from the product by renting

Sure it this encourages rent seeking behavior and has impact on the your long term wealth. However if your able to derive utility from the product by renting why should you buy ? It is inefficient way to produce and consume goods. As a society we already waste too much by buying and hardly using things. Libraries are great way to reduce the number of actual books printed. Most people don't read most books , having a large unread personal collection is common vanity spend people usually do, which is really a waste of resources. Many people rent camera/lens when they need them instead of buying expensive gear which is rarely used , these are efficiencies that are good to have. Not all renting is bad