Celebrities and common folk alike can relate when it comes to the dilemma of what to wear.  But without celebrity buying power, owning expensive, high-end designer fashions can easily reduce our budgets to shreds.

Taking a cue from this seemingly eternal sartorial struggle, Harvard Business School students Jennifer Hyman and Jennifer Fleiss dreamt up an online destination where women could borrow designer dresses rather than buy them.

The idea behind RenttheRunway.com is as simple as that.  The rent-a-dress concept allows you to avoid purchasing expensive dresses that you’ll wear only infrequently, so you can easily satisfy your cravings for pretty designer frocks without cluttering up your closet.

The site stocks dresses from designer brands such as Diane von Furstenberg, Proenza Schouler and Thread Social – and you can rent any of them for just 10% of the retail price.  Costs range from $50 – $250 for a 4-day rental (plus a bit more for an 8-day rental).  Suddenly a designer gown that was completely out of your price range can be yours, if only for an evening.  You won’t even have to dry clean it.  Simply mail it back in the included pre-paid packaging and drop it into a mailbox, and you’re on to the next dress.

Hesitant to pick out a dress online?  If you’re unsure what size you wear in Herve Leger, never fear.  The site allows you to rent a dress in 2 sizes, so if the first size doesn’t fit, you’ll have a second, back-up dress as well.

Hurry and sign up for an account to start browsing outfits on the site – wedding season is fast approaching, and you’ll want to make sure you have the perfect dress to rent!

ydt Deal Alert: For a limited time, ydt readers can get 10% off their rental at RenttheRunway.com/YourDailyThread with coupon code YDTFEB2010 through March 1, 2010.