Nintendo has litigated against both rental services, and second hand sales. Usually they have been unsuccessful. I cannot speak to any other country then my own, and you will need to reference your local court rulings, and applicable laws to satisfy your local curiosity. In the United States the right to resell and rent is a byproduct of the First Sale Doctrine.
Basically the consensus is that purchases of games and movies are purchases of the physical item, and not a licensing agreement that can stipulate use. Games and movies are treated no differently then any other physical item. The only true statement is that you cannot buy and replicate for the purposes of reselling a product in volume. However you are permitted to copy for the purposes of backing up the information you purchased.
In my personal opinion. The arguments against the practices of renting and resale are extremely short sighted, and when they have been successful in some regions the result has seen the industry decline. A rampant increase in piracy, and no net gain in profit. With no legal cheap alternative less affluent enthusiasts have been forced into criminal activity.
Without renters buying, and resales allowing buyers to recoup losses the net result is that money within the market decreases. Fewer buyers, and fewer able to buy the only result is you sell less. Companies often treat rentals and resales as lost sales. When in fact they were sales that would never have taken place, and their existence promotes sales that otherwise would not take place.
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