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Despite the rising popularity of peer‐to‐peer sharing platforms, very little empirical research has documented how consumers respond to the opportunity of renting goods to one another. This work delineates how metaphysical (besides physical) contagion beliefs, particularly when self‐identification with possessions is high, demotivates people from renting out their possessions in P2P platforms. We claim and empirically test that (1) others' physical contact hinders willingness to share a possession due to an anticipated threat to its essence and that (2) the possession's emotional link with the owner's identity amplifies this effect. Online and laboratory experiments provide evidence for these effects in isolation from physical contamination concerns. This research extends the research on peer‐to‐peer sharing by demonstrating detrimental effects of beliefs in essence threat and a possible mitigation tactic. Despite the rising popularity of peer‐to‐peer sharing platforms, we know little about how consumers respond to the opportunity of renting goods to one another. This work delineates how metaphysical (besides physical) contagion beliefs, particularly when self‐identification with possessions is high, demotivates people from renting out their possessions in P2P platforms. [ABSTRACT FROM AUTHOR]