I know there is a fairly obvious answer to this question. There's a cost of organizing and coordination. But, yet, in the aggregate an immense amount of money is likely wasted because of this coordination failure. Surely there could be just one lawnmower for every 10 households (I just made that number up of course), there could be a modest hourly rental fee, with a weekend premium, and an online reservation system.
But, okay, yes, there is a genuine cost to organizing such a system, and maybe lawnmowers don't cost all that much. Still in my time in the burbs I don't remember anyone ever simply suggesting sharing a lawnmower between two neighboring households, a rather simple arrangement.
Along those lines, apparently The Market likes ZipCar.