Whenever we walk past a construction site, it’s hard not to be awed by the sheer amount of machinery on a construction site. Huge cranes, towering scaffolding, numerous power tools…all the necessary equipment to construct a building or even renovate just a part of a building costs quite a bit. Add that cost onto the other necessary costs of a construction site — permissions, materials, labor, etc., and the costs would be almost prohibitive if a company had to buy specialized equipment for every site they went to. For larger companies who have multiple sites going at once, it would be incredibly tough. So how do they do it? One answer that might surprise you is that rental tools are available for construction company rental — anything from rental tools like a chain saw or scaffolding to something as big as a back hoe. Even things like chairs or seating for workers on a break can be renting — chairs often start as low as $2 apiece.
Rent or Buy? In more recent years, the trend has turned towards renting rather than owning things — in more areas than just construction sites! The American Rental Association reports that rental revenue has had triple the increase as compared to the general economy. Their Rental Market Monitor shows that the total investment was supposed to hit over $12 billion in 2014 and over $14 billion in 2015, showing a continuing upward trend.
In terms of housing, renting has always been a popular option as real estate prices have soared, especially in cities. Even retail has hopped on board — there are a few websites now that will let you rent high end clothes, jewelry, shoes, and other items instead of purchasing them yourself. For the 35% of weddings that take place outdoors, most brides and grooms choose to rent tents, tables, and chairs. Even our entertainment is on a rental business — we don’t own the TV shows or movies we consume, but pay a streaming service or cable service to have access to them instead.
So How Does Renting Work With Construction? For one thing, storing the scaffolding or large scale construction tools needed for multiple construction sites would be crazy. The general rule of thumb in the construction industry is that if the equipment isn’t used more than 60-70% of the time, renting might be the right way to go. Otherwise, you have to be responsible for storage, maintenance, and other associated costs. If people are worried about time constraints — construction projects often run over, due to weather or other unforeseen complications — construction equipment can actually be rented for as short or long of a period of time as needed. You could rent the piece for as short a time as a day or keep it for as long as a year.
That period will probably be negotiated on your rental contract and when that time is over, you can often negotiate to keep it for a longer time if you pay an extra fee. Construction equipment manufacturers are taking notice of this trend — the last couple of years, over half of new construction equipment has wound up in equipment rental lots.
What Are Advantages to Renting Construction Equipment? Tools for rent or other pieces like scaffolding needed on a construction site can be tough to store. And storage costs money as well! By renting, you may actually be saving money, especially when you consider the maintenance and taxes involved on owning big equipment. Power equipment rental lets you sidestep both of those things! Additionally, if you rent, service and hauling the equipment around falls on the rental company most times — one less thing for you to have to worry about! You won’t have to worry about taking care of repairs either — the rental company has skilled workers on hand to carry out repairs.
For many contractors, renting construction equipment is a no-brainer. They can get the equipment and tools they need without worrying about things like transportation, maintenance, repairs, and may even save money in the long run by renting.