Is renting rather than owning becoming not only the chic, but the smart option for the affluent as the U.S. enters tougher economic times? In his daily blog, Wall Street Journal reporter and anthropologist of the wealthy, Robert Frank, points to a recent survey by Prince & Associates that finds that those with a net worth between $1 million and $10 million are likely to rent luxury goods over the next year.

The majority of the survey respondents with a net worth in that range say that they’re likely to rent handbags, vehicles, watches and other jewelry as well as works of art. For those worth over $10 million, the interest in renting drops to 25 percent of respondents who are predictably more interested in renting art than the latest Fendi handbag.

So what does this mean for destination clubs? While Frank didn’t specifically point out this high end vacation home, the survey could mean good news for clubs. A willingness to rent a Fendi handbag, Cartier watch or painting to hang over the mantle is a reflection of, says Frank, an affluent buyer who wants access to high-end goods for less, and those even wealthier consumers who are seeking variety without necessarily committing to ownership.

Then again, it could be plain ol’ economics. The interest in renting art over owning it is perhaps a reaction to the run up in an art market that is now cresting as auction houses face lower sales. The attraction for short-term hand bag rentals could be linked to the weak dollar and the ever rising price tag on Italian, designer-stamped leather. Given the state of the real estate market in some major second home locales, destination clubs could ride this wave too.

What’s your take? Do you think the current state of the real estate market has created a wider opportunity for destination clubs to go after new members who in past years may have simply purchased a second home?