That’s not really book renting, Dori. Unless you pay a lot of late fees. LOL!
And authors still made money selling books to libraries. Although I am sure publishers were not pleased with the idea of libraries at first.
But I am thinking something like Spotify for books where you pay a monthly fee to read an unlimited number of books, and the author get .00005 cents per page read or about .15 cents per novel read in it’s entirety. Or less.