A method and system for managing shared inventory in a virtual universe. A received owner request from an owner of an inventory item designates the inventory item as a shared inventory item. The owner request specifies terms and conditions under which the inventory item may be shared for use by users other than the owner. In response to receiving the owner request, metadata comprising the terms and conditions is generated. It is ascertained that the terms and conditions in the received metadata permit use of the shared inventory item by a particular user from whom a user request to use the shared inventory item had been received and in response, the shared inventory item for use of the shared inventory item by the particular user is rendered. The particular user is not the owner.