In renting, when you are done with the item, you terminate, yielding access and recouping none of the money. In ownership, when you are done with the item, you sell, yielding access and recouping some money.

High-end hobbyist equipment such as camera lenses and woodworking tools are great things to own; they offer great enjoyment, tend to retain value, and you can typically find a buyer if and when you want to sell.

Things that are difficult to sell and poor at retaining their value are good things to rent.

I've heard compelling arguments for both Renting and Owning of Houses and Cars and it really comes down to circumstances, but it's always good to own something you can use and sell if the need arises.