The holiday season is upon us. That means holiday parties, office parties and, if you're a high-roller, a black tie gala or two.

Dressing for theses events has become much easier with the explosive popularity of sites like Rent the Runway, says Michelle Dalton Tyree from Fashion Trends Daily.

"The formal wear industry has typically been about capturing the local business with mom-and-pops really being the go-to," she says. "But then along came Rent The Runway, and it became the poster child for disruption in the industry."

Started in 2009, the site works where you can order the season's latest dresses and accessories online. After you're done, you mail it back with a pre-paid shipping label.

It's become such a popular model that similar retailers have sprung up that offer menswear, and others that are brick-and-mortar stores such as The Stylist LA in Venice that's founded by Emily McDonald.

"She spotted a huge opportunity to outfit everyone from sorority girls going to formals, to women who needed multiple outfits to wear to friends’ wedding parties, to the young career woman needing dresses for more formal events," says Tyree.

The trend also coincides with the rise of the sharing economy, where people are more comfortable with rentals in general.

As for the top looks?

"The top looks this season are sleek and sophisticated gowns, rompers and jumpsuits, 'liquid metal' fabrications, and lots of red," says Tyree.