If you’re a contractor or the owner of a construction company, you may have noticed that it’s getting more difficult to track down machinery for purchase. Yet the number of places offering tools for rent seems to get higher each year. Why is that? Simply put, renting is becoming more of a convenience to construction companies and contractors than the old method of buying all equipment. As a result, more equipment rental companies have opened in the past few years.
There are a number of reasons for this shift. Here are three of the most popular reasons to use equipment rental companies:
1. Renting is affordable. For the most part, rental rates for tools and equipment are fairly low, and businesses can rent only as long as they need the equipment. That means they can rent by the day or week, and sometimes companies allow hourly rates for certain items. In general, it costs far less to rent than to buy, especially when factoring in maintenance costs.
2. Using rental equipment involves less liability. Many contractors are choosing rentals because they don’t involve the same amount of liability as owning equipment does. Owning machinery requires regular maintenance and tune ups and even heavy equipment repair when necessary. Renting doesn’t come with the same costs, and it also gives businesses the ability to write the rental fee off as a business expense on their taxes.
3. More equipment is available to rent than to buy. These days, about 51% of the equipment being manufactured is heading to rental lots rather than to showrooms. The best equipment rentals are just as good if not better than the machinery on the sales floor, and rental companies take care of the maintenance for you. Most equipment rental companies offer a number of smaller rental tools in addition to power equipment rentals, so there is something for any size project.
Have you considered using an equipment rental service before? Tell us why in the comments.