This year, the industrial equipment rental and leasing market in the United States is expected to see a 4.1% growth in business. Special equipment renting is seeing serious growth because various industries are recognizing the benefits.
Renting equipment is the better option for companies that don’t use the same tools for each project. Not sold on the concept? The benefits of equipment rentals will change your mind.
Keep reading to learn four of them.
1. Low Costs
One of the best benefits that everyone can agree upon when it comes to renting equipment is that it costs less. This is especially true when your business needs heavy equipment to work.
You can find more affordable options at Stone Equipment because of their renting protocols.
Along with the cost of renting vs. the cost of buying equipment, you’ll save money on repairs. When you own equipment, you have to make repairs on it to keep it in good working condition.
When you choose to rent equipment instead, you’ll avoid the following costs:
- Leasing or buying workspace for maintenance and repairs
- Buying tools and equipment to perform maintenance and repairs
- Sourcing and purchasing machine parts
- Funding emergency repairs
- Managing equipment records
- Scheduling and coordinating preventative maintenance
Nonproductive equipment downtime because of the need for repairs will also cost you.
A lot of industries balance and manage multiple projects at once. Sometimes, sharing the equipment you have isn’t enough to get the job done in a decent timeframe.
When working on short-term jobs, especially, it is more cost-effective to rent equipment instead of buying.
Plus, when you no longer need certain equipment for projects, you won’t be wasting money on storage and maintenance. Having the flexibility to source the right equipment when needed is beneficial for all industries.
3. Minimize Your Fleet
An equipment rental company can help you minimize your fleet. When your business expands, the need for new and bigger equipment will come. With the benefits of renting heavy equipment, you’ll be able to efficiently expand.
The rental market is expanding for these reasons. Contractors want to have access to a full fleet of equipment to fill immediate needs on a short-term and ongoing basis.
Having the option to rent equipment gives you more options without the need to expand your fleet and increase unnecessary costs.
4. Access to the Latest Tech
The last of the benefits of renting construction equipment that we want to discuss is that you’ll have access to the latest technology. Construction technology specifically has advanced over the last decade.
New technology fills the need that contractors have to be able to manage projects effectively. The latest tech also creates an easier, faster, and safer working environment for everyone involved.
Renting Equipment: Is It the Better Option?
Unless you use the same equipment for every project, renting equipment is the better option. For all industries, renting equipment means low costs, flexibility, a minimized fleet, and access to new technology.
For construction industries, it is a no-brainer to turn to equipment rentals rather than purchasing equipment for ownership.
For more business advice like this, check out the other informative articles on our website.