Renting is enjoying a renaissance after two decades of decline as cash-strapped families and young professionals rediscover the merits of small fixed payments and trouble-free repairs and upgrades.

The arrival of new websites is also transforming perceptions of what is rentable. Want to try an iPhone for a weekend or walk a dog for an hour at a fraction of the cost of owning either? Now you can.

A revolution may be upon us, but old-fashioned white goods, particularly washing machines, are still among the most popular items to rent. ForbesDirect, a nationwide rentals chain, reports an 11 per cent increase in washing machine rentals in the past year.

Claire and Robert Hailstone, from King's Lynn in Norfolk, decided to rent rather than buy their kitchen appliances three years ago and believe it is far cheaper and more convenient. The couple pay £25 a month for a Hotpoint Ultima washing machine, Hotpoint Aquarius tumble dryer and Beko fridge freezer, worth almost £900. Claire, 34, says: “Renting gives me excellent peace of mind. We couldn't afford the large outlay to buy at the beginning and there have been a couple of problems that would have cost us at least £90 each time to fix.”

Robert Hughes, managing director of Hughes Electrical, another chain of rental stores, says: “The consumer slowdown will help the rental market as people struggle to get credit for large purchases. The upgrade to new technologies such as flat-screen TVs is also boosting our rental business.”

Televisions have been synonymous with the rental market since the middle of last century and flat-screen TVs are no different. Half of Hughes Electrical's rental contracts are for flat-screen TVs.

A Hitachi 42in HD-ready LCD TV is available to rent from Hughes Electricals for £35 a month, or costs £650 to buy new. ForbesDirect has a range of flat-screen TVs starting from £6.22 a week. Rental contracts are for a minimum of 18 months.

Televisions aren't the only constantly updating technology that fit this rental model.

Rent IT, a computer rental firm in Aberdeen, supplies individuals with the latest computers, including Apple Mac laptops. It has between two hundred and three hundred regular customers who return two or three times a year to rent a laptop for one-off projects, and demand is growing for its services nationwide. A MacBookPro, with a 15in screen and a fast Core 2 Duo processor, costs £9 a day for four weeks. The laptop retails for £1,299.

Hamish Forbes, of Rent IT, says: “Some clients are designers or animators who need a powerful laptop at short notice. They do not have to worry about paying for a computer that might be out of date in a year's time.”

Most companies shy away from leasing smaller electrical items, such as cameras, MP3 players and mobile phones, because of the high risk that the items will never be returned. However, Zilok, an online peer-to-peer website, has thousands of such items.

One member is advertising the latest Apple iPhone for £5 a day, although there is a £200 deposit.

Another coveted piece of hardware available on the website is the Nintendo Wii, a games console released last year that uses a “wand” rather than a traditional control pad for interactive gaming. The console is out of stock at many outlets but you can rent one from £15 a day through Zilok from members in London and Sheffield. The new sell-out Wii Fit software can also be rented from GoodiesRental through Zilok's website for £8 a day.

Zilok lists thousands of items from all over the UK, such as badminton rackets at £5 a day, bar tables at £80, cordless hammer drills at £10 and even a Chinese cook at £60.

Erento.co.uk is another online rental marketplace. However, many of the postings are from businesses specialising in business-to-consumer rentals. Big growth areas for the website include garden furniture, power tools and even pets.

A dog can be hired for a fraction of the cost of the average vet bill. FlexPetz, the US dog-hiring company, which opened a branch in London recently, charges a membership fee of £99 a month. “Daily doggy time” costs £45. MPs recently criticised the company for treating pets like floor sanders. However, FlexPetz isn't the only pet-hire company in the UK. Jane Cole and Associates has offered customers a rent-a-dog service for 15 years from their kennels in Broxbourne in Hertfordshire. They have five fully trained dogs, including labradoodles, the labrador-poodle crossbreed, available for £15 an hour. The clients are mainly families who want to try out a dog.

Cash-conscious women lusting after a designer bag can rent one online from Handbaghirehq.co.uk, Handbagsfromheaven.co.uk or FashionHire.co.uk. All offer “It bags”. Handbaghirehq.co.uk has a large Chloé Paddington which retails at £1,100, for £35 a week or £95 a month. Membership costs £7.50 a month.

Designer dresses, hats and jewellery can also be hired. An evening dress from Froxylady.com can be rented for £80 for three days, or bought for £350.