For your next DIY or construction project, should you buy or rent the equipment? There are a number of arguments in favor of renting: you can get better quality equipment at a lower cost; it is available immediately and will be delivered to your door or work site ready to go. As a bonus, many equipment rental companies have years of experience and they can help you choose the right tools for the job.
Why are equipment rentals so popular?
In recent years, the market for equipment rental had grown dramatically. In fact, the American Rental Association reports that revenues from rentals have actually outpaced growth in the general economy by a factor of three. By 2014, total investment in the rental market was $12.1 billion, and by 2015, it had grown $14.3 billion.
Why are so many people and businesses choosing equipment rentals instead of buying new tools and machinery? Part of the answer is the availability of the best equipment rentals at very reasonable rates.
What tools and equipment can you rent?
Equipment rental companies are well stocked with the best tools and machinery, from scaffolding to compaction equipment to tools for rent. In fact, for the past two years, more than half, or 51%, of newly purchased construction equipment has been turned over to equipment rental companies.
This means that there are all kinds of tools, heavy machinery and party rentals available at very reasonable rates. These include:
- Air Compressor rentals
- Landscape Equipment rentals
- Masonry Equipment rentals
- Trenching rentals
- Power Washer rentals
- Painting Equipment rentals
- Floor Care rentals
- Power Tool rentals
- Canopy rentals
- Bounce House rentals
- Table rentals
- Concession rentals
Why rent instead of buying?
Another major advantage of renting equipment is that you can get the newest models for a fraction of the cost of buying new ones. You don’t have to worry about replacing them, but can just go on to renting newer models in the future as they become available.
Further, it is the equipment rental companies’ responsibility to maintain and upgrade equipment. Many equipment rental companies have very flexible terms, allowing you to rent for a single day or a whole year. They always have the equipment available, so there’s no waiting for it to be delivered.
Finally, it makes sense to rent rather than buy when it comes to equipment you need but don’t use all that much. The accepted standard in the construction industry is that if a piece of equipment is just lying idle for more than 60 to 70% of the time, it’s better to rent than to buy.
Equipment rental companies can get you all geared up and ready to start on your next project, for a fraction of the cost that it would take to buy all the equipment. That sounds like a smart choice.