Whether you’re a big time contractor or a just trying to complete that weekend project, odds are you’re going to find yourself in need of a tool you don’t have every once in awhile. The rental tool market is exploding in America as companies look to control costs, reduce risk, and limit liability. Here are a few of the facts on the rental market, and why renting has never made more sense.
The Rental Market
According to the ARA Rental Market Monitor, total investment in the Rental Market reached $12.1 billion in 2014 and will grow to $14.3 billion in 2015, $15.9 billion in 2016, $15.8 billion in 2017, and $16.2 billion in 2018. Business is booming. Construction equipment manufacturers have noticed the shifting trends of renting versus buying construction machinery. Rental revenue has grown at more than triple the rate of the general economy. Half of new construction equipment manufactured has made its way onto rental lots. The rental industry continues to grow each year due to many notable factors.
Renting versus Buying
Many companies aren’t geared toward the maintenance aspect of owning equipment, and they don’t want to take on the liability that it entails. Rental equipment can be very easily procured while purchasing takes much more research and capital. Businesses that rent equipment are able to deduct those expenses from taxes. Many contractors say that they are better off renting than buying, as there is far less risk if the product fails. Renting is fast, convenient, and more cost effective than sinking major money into brand new permanent equipment. There is also a limitless selection of tools for rent to meet any need. These factors are driving the rise of the rental equipment market.
Meeting Your Businesses Needs
Whether it’s ladder scaffolding, compaction equipment, scissor lifts, jackhammers, or a forklift, renting may be the best option for your business. Rental tools are insured to protect you from risk. You have unlimited access to the best equipment with out the burden of maintenance and the risk that your whole investment may be lost. Rental equipment companies offer fantastic customer service, are incredibly knowledgeable about all of their products, and have all varieties of tools for rent. Speak to a professional at your local equipment rental business today and take the stress out of purchasing major equipment for good.