If you are willing to share a Kindle account, all your Kindle ebooks will be available on both Kindles. The most significant downside to this is one credit card at a time for Kindle purchases, but you only need buy an ebook once to cover both Kindles.
Alternatively, in October the Kindle Team
said:
Quote:
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Second, later this year, we will be introducing lending for Kindle, a new feature that lets you loan your Kindle books to other Kindle device or Kindle app users. Each book can be lent once for a loan period of 14-days and the lender cannot read the book during the loan period. Additionally, not all e-books will be lendable - this is solely up to the publisher or rights holder, who determines which titles are enabled for lending.
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This above is similar to what has always been available on the B&N Nook. The year isn't over yet, but I would not be surprised if this does not appear before early next year.