Renting, as one of the most common and long-existed collaborative consumption methods, recently gained attention in the fashion industry as a perfect candidate to minimize overconsumption in the fashion industry. However, the business perspective of clothing rental gained less focus in academic literature. This research aims to present, analyze and discuss the key components of clothing rental business models and the influence of digital platforms on clothing rental to gain a deeper understanding of the rental business in fashion. Qualitative research was conducted based on the case studies of five clothing rental companies. The analysis of the collected data was based on the 360° business model framework and the literature. The study results showed the key components of fashion rental business models in value creation, value proposition, value delivery, value capture, value communication, and the influence of digital platforms on the rental business. Findings show the potential to extend towards a mainstream mode of consumption that provides entrepreneurial initiative.