Item Renting ~ A solution to questionable practices

[Silenious]

Item Renting

 

 

 

 

 

1. Introduction:

 

After the recent update of item lending arrived, I saw how many people (including myself) were attempting to make money by renting out items. After doing some research on the forums, I found that most people who rented items used questionable means to do so (Ie. BH transfers, Junk trading, trust trading). I wanted to think of a way to make item renting practical, as the methods currently used are definitely not reliable. So after much deliberation i came up with this idea! While reading this, please remember that this will work in conjunction with item lending. ~~This is not a replacement for item lending~~

 

 

 

2. The concept:

 

To produce the amount that an item can be loaned for, simply take the Max and Min of GE values, and divide it by 365. Then, divide this number by 24 to produce the hourly rate at which you an rent the item.

 

 

 

For example:

 

A Santa hat is currently valued(at the time of writing this) at 11,654,870 (min) - 12,881,700 (max)

 

 

 

To find the maximum and minimum rates that this could be lent at, would be as follows:

 

 

 

1) 12,881,700/365

 

=35,292.33 is the maximum daily you could make

 

=1,471 is the maximum hourly you could make (rounded to the nearest 1gp)

 

 

 

2) 11,654,870/365

 

=31,931.15 is the minimum daily you could make

 

=1,330 is the minimum hourly you could make (rounded to the nearest 1gp)

 

 

 

So, when renting items, you can rent between 35,292 - 31,931gp per day

 

 

 

In theory, if this Santa was to be lent out for every hour of every day for 1 year straight, and it never changed in price,

 

then the lender would have made back the value of the Santa. However, due to the fact that people do not renew lent items at perfect timing, and that people actually like to use their items, i estimate that it would actually take around 1.5 - 2 years to fully regain the value of a lent item.

 

 

 

That being said, it is obviously not an incredible way to make cash, unless you are renting out party hats.

 

 

 

3. The Mechanism:

 

The mechanism for renting items would be very similar to that of the item lending system which is currently implemented. In fact, it would only require a small modification to make it compatible. The display automatically calculates the total price of the item for the defined time (just like pricing an item and then buying more than 1). In this system, you would not be required to put up cash, like how the GE works. If the borrower has enough cash in his/her inventory, the mechanism will automatically transfer that amount from the borrower to the lender. If not, there will be a message displayed that the borrower does not have enough money.

 

 

 

How it works

 

Item renting is initiated in the same way item lending is currently (by the lender using a lendable item on another person with accept aid on). However, instead of going directly to the lending screen, the following comes up in the chat box:

 

 

 

 

This gives players the option of Lending for free, or renting for cash.

 

NOTE: By choosing the lend option, you initiate the system which is currently in place.

 

 

 

If the Rent option is selected, the Display from the Lender's side is as follows:

 

 

As you can see, it is similar to the GE interface, which allows you to set the price of an item.

 

 

 

The Display from the Borrower's side is as follows:

 

 

It is nearly identical to the interface being currently used, not much change is needed for this.

 

 

 

These are just rough outlines however, improvements are always beneficial.

 

 

 

4. Benefits:

 

1) It gives people a way to get a return on their investments (items) when they are not being used

 

2) It would re-energize the phat market, which currently is dead, as it would increase demand for party hats because people would see it as an investment again, and not a pointless item.

 

3) it would increase demand of all rare items, which (may have) declined because of the introduction of item lending

 

4) it would stop the need for Junk trading/wealth transfer through bounty hunter/trust trading, which Jagex does not support.

 

 

 

5. Rules and Restrictions:

 

1.The same rules apply as those upon lending items, however, an item can not be rented "until either player logs out". The minimum rental time is 1hr, and the maximum is 24hrs.

 

2.The amount an item can be rented for is directly related to the GE prices. Any increase in price in the GE will increase the amount an item can be rented for. This puts the control of rental prices in the players hands to an extent.

 

 

 

6. Affect on RWT

 

It is in my opinion, that this update would not cause a vast increase in RWT, for reasons as follows:

 

 

 

1. Because the maximum time for all rentals is 24hrs, it would take much too long for a rwt company to transfer cash to their customers. There will of course be a few who try, but for the sake of speed of delivery, BH transfer will still be prefered.

 

 

 

2.Using the example of the santa hat, presented above, you can see that it would take well over a year to transfer any significant amount of GP for anything that is valued at less than 20m - 30m.

 

 

 

3. The only feasable way for RWT to transfer GP resonably quickly is to rent party hats, but even then, the best it gets is approximately 1m/24hrs (for a blue phat rent), which still does not compare to trading all at once through BH.

 

 

 

 

 

Thank you for your time :)

 

 

 

Silenious

[Daviduhlich]

That kind of a system would be nice to have. 1471 an hour is absurdly low, though. And you're talking about one of the more expensive items in the game. It has got to be higher.

 

 

 

Also, no minimum price. Remember, the system was made so players could help their friends. So you have to be able to do it for free.

[The Observer]

That's exactly what I suggested. But since you put a lot of work into it, I'll request my topic to be locked.

[Silenious]

 

Also, no minimum price. Remember, the system was made so players could help their friends. So you have to be able to do it for free.

 

 

 

This is working in conjunction with the current lending system. I am not suggesting that the current system be removed at all. That way, people have the choice to either lend for free, or rent for cash.

[Silenious]

made a few modifications and clarifications to the suggestion.

[spdreader]

I like the idea, but like david said, the rent is very low. i think allowing up to even 10 times that much would be reasonable. rwt wouldnt be an issue, because to rwt 13k an hour with a Santa, which is still lower than the trade cap, the buyer would have to already have one, so he couldnt buy enough money to make it worth his time (if he already has 12 mil, what good is another 3k)

 

 

 

personally,there are some items that i dont have the cash to buy, but i would be willing to pay gp to rent them :thumbsup:

[mega_vegeta6]

Problem is, with party hats you could get 500k+ for renting it out a full day.

[magicmagicy]

Problem is, with party hats you could get 500k+ for renting it out a full day.

 

 

 

If you have a party hat, why would you need to do this?

 

You already have a lot of cash.

[Will H]

No thanks, it was supposed to be free item lending, and I would prefer it that way.

[Silenious]

thanks for the feedback everyone :

[Dracion1]

I don't really support this. Item lending was meant to be a way to help someone out for free, this is just taking it too far.

[Silenious]

bump

[smartme]

Problem is, with party hats you could get 500k+ for renting it out a full day.

 

 

 

If you have a party hat, why would you need to do this?

 

You already have a lot of cash.

 

 

 

I have a phat but I still want more money :) It's not like once you get a phat you no longer need to buy anything else, lol.

 

 

 

However, I do not support this idea. It seems unnecessary and would waste JAGeX resources that could bring us a more worthwhile update in its stead.

[Darkblade59]

I don't really support this. Item lending was meant to be a way to help someone out for free, this is just taking it too far.

 

 

 

And yet, people are still using the item lending system for money. However, lending items for free is still possible with this suggestion. This would not hurt you in any way.

 

 

 

I like the idea, but like david said, the rent is very low. i think allowing up to even 10 times that much would be reasonable. rwt wouldnt be an issue, because to rwt 13k an hour with a Santa, which is still lower than the trade cap, the buyer would have to already have one, so he couldnt buy enough money to make it worth his time (if he already has 12 mil, what good is another 3k)

 

 

 

personally,there are some items that i dont have the cash to buy, but i would be willing to pay gp to rent them :thumbsup:

 

 

 

The potential rent cost is low, but 6 times that much seems more reasonable than 10 times as much. Otherwise, the prices of some items could drop very quickly.

 

 

 

Total support \

 

___________

 

 

[Yomyth105]

omg! o support. but i still dont like renting rares. it just spoils someones hard earned money to pay for it. then u cant tell who is rich etc. then phats lose their price.

[Guest]

I like it =[)