I've rented tools from Home Depot and regretted it. The prices they charge are sufficiently high that you're typically better off buying instead of renting if you think you're ever going to use that tool again at all. Or, even cheaper still, is buying the relevant tool used off Craigslist, in which case you can generally use it for free, and sell it back for what you paid for it if you don't end up needing it again.
I recently discovered my local tool library -- seems like a really great idea. For a small annual (suggested) donation, you can borrow just about any tool a homeowner could reasonably expect to use (except heavy machinery, of course). I live in a townhouse with no garage and limited storage space, so I simply can't justify keeping a lot of tools around that I might need again someday. The tool library solves that problem and will definitely save me money vs. buying new or renting at Home Depot.
If you can't borrow a tool or need it semi-regularly, I'd recommend checking out Harbor Freight if there's one nearby instead of going to the local hardware or big box store. Their tools are not the highest quality, but unless you're a contractor or serious craftsperson, they'll probably work just fine at a much lower price point.
But you can often buy cheaper than renting with the caveat of getting a cheaper brand. For most DIY I find the cheaper ones good enough, as long as you get
some online wisdom first to avoid the occasional turds being sold. Example:
chainsaw, drill, jet wash, pruning equipment etc.
And also, a lot of it is low volume stuff, and fixed costs in manufacturing are huge. The reason the tools you buy at the home improvement store are cheap is because the fixed costs are spread out over thousands to millions of units. Design/labor/fixturing/tooling/etc can be brutal for low volumes.
If you want to build a single Lego, the tooling could cost you hundreds of thousand of dollars.
I'm just contemplating how much I've spent on tools for various repairs to my house, and that's generally just woodwork. "At least $200 in tools" doesn't sound like the end of DIY.
You wind up paying for the cost of a lot of tools, but the more you do yourself the bigger your toolbox and the cheaper the job gets next time. Quality tools are worth it, but there is a fine line. Snap-On for example, sell great ergonomic tools on credit, but they are insanely expensive. I used to swear by Craftsman and luckily have almost everything I need from them before they changed hands. Harbor freight tools has discount tools that are perfect for occasional or light duty use. You can buy a cheap MIG welder for $150 for example. Perfect for plain steel exhaust and body repair. Or a complete set of drill bits for $10.
Many auto parts stores will also rent tools for a deposit that they refund once you return the tool. Sometimes you come across a project where the tooling is incredibly expensive. In those cases I'll go to the parts store, rent the tool for retail price, use it, and return it for the deposit back. Parts stores did this to both encourage and enable DIY repairs and reduce costs associated with fraud. Customers used to buy tools, use them once then return them. By offering these used tools as rentals it obliviates the need for someone else to come along and do the same thing.
Or when you get a job you can buy the tools yourself and use the full versions for both personal and professional work, and take it with you. The cost isn't that high for most professionals.
From what I've seen, most DIY folks spend far more (and are therefore poorer) all things considered, such as time and expense of storage space for tools and what that capital could be doing otherwise over time.
With restricted access, at controlled hours, in a shared space subject to the whims of others. You're renting them.
There are very few tools I can think of at least woodworking wise that I wouldn't "want" to afford myself. Particularly in the context that an urban home costs hundreds of thousands more than a suburban or rural one.
Metalworking or something like that, maybe, I wouldn't know.
There are many of us that actively seek out bargains on good used tools and equipment through estate sales and the like. But it takes lots of free time. The average homeowner and contractor do not have hours to waste on getting 50% off a $200 tool.
Now that our local Home Depot does tool rental, I have in that a good option for many tools that I rarely use. But even then you have to be strategic. I rented a gas-powered masonary saw. The cost to rent the blade was just half the cost of buying a new one - so I bought the blade to use with my rented saw. Will be using it again a third time soon.
I did grow up on the phrase "he who dies with the most tools wins", so it's taken me some time to transition to rent/loan. But I've got so many tools and supplies now, and I've reached a point in my life where I'd like to do more and own less, and all those tools are now somewhat a burden. I bet I'm not alone and that these tool libraries could probably get a lot of high quality donations.
It’s too bad tool-banks (communal or otherwise) aren’t too popular. One alternative (for seldom used things) is renting tools from home improvement centers/large hardware stores. Even auto parts stores have rentals or loaners for a deposit programs.
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