You have to be a member to see exactly what each purse rents for...but they group the purses into different categories depending on the brand/prestige of the purse and they give the range of prices the purse will fall under. They offer insurance which covers you in case of accidents and normal wear and tear. When you first join you are allowed to "borrow" 3 items at a time and after the first 3 months, you're allowed 5. There is also a monthly membership fee involved (not very much though) that you have to pay whether you have something rented or not.
This is great if you constantly want the newest styles and only want to keep the bag for a short time period. If you keep it too long, you might as well go out and buy it since you'll spend just as much or more "borrowing" it. They also have an option that lets you steal (buy) the item, where they'll assess what it's worth and then give you a price for it. What you've already paid gets credited towards it, so that's nice.