Fashion consumption has continually increased in recent decades, leading to severe environmental problems. Apparel renting provides an opportunity to foster sustainable fashion consumption. However, fashion rentals are rarely used. Previous research identified participation drivers in fashion renting but neglected the potential influence of consumer preferences which were found to be essential drivers of decision-making in fashion shopping. Therefore, this study extends previous research by investigating the role of fundamental consumer preferences and existing intrinsic and extrinsic motivations in fashion renting. Structural equation modeling was used to examine the effects of fundamental consumer preferences, i.e., quality, brand, and novelty preference, and perceived economic and sustainability benefits on fashion renting intentions in a B2C context. The final dataset included 327 Generation Y and Z women in Germany. The results indicate that fashion renting relates positively to quality and novelty preference. Brand preference did not display a significant effect. Furthermore, economic benefits positively relate to fashion renting, indicating that financial motivations encourage commercial renting but might crowd out sustainability gains. Recommendations are provided to make fashion renting more attractive to consumers.