In a recent study, it has been theorised that the construction equipment rental industry is expected to see a 5.11 per cent compound annual growth rate (CAGR) during the period of 2017-2021. This number is based on the growing trend of business owners choosing to partner with companies that have equipment for hire to meet their construction needs.
As more business owners are looking towards cost-effective solutions for their projects and operations, the convenience of renting construction equipment has become a popular choice. Here are some of the advantages of choosing this option for your project.
Avoid Costly Expenses
Brand new construction equipment, or even those that have been previously owned, are expensive. If your company has no need for these machines after the completion of your project, this option can prove to be a costly expense rather than an investment. In choosing to rent your construction equipment, you are able to avoid pricey upfront costs that can significantly affect your budget. Moreover, it frees you from the burden of having to find some other use for speciality equipment that would otherwise gather dust in your storage space.
Less Maintenance and Repair
Aside from the initial purchase cost, there are maintenance and repair expenses to consider when you purchase construction equipment. Regular upkeep is a necessary investment to maintain the quality and value of these machines. These expenses are avoidable or at least considerably lessened when you partner with a rental company. Most contracts take these expenses into consideration and include them in the rental fees. Additionally, they often provide maintenance and repair services that allow you to focus more on your project and less on finding solutions to problems.
Get the Latest Technology
With the demand for construction equipment on the rise, rental companies are working hard to keep clients satisfied through competitive pricing, convenient customer service, and product upgrades. This is advantageous to you as it gives you the opportunity to utilise the latest technology in construction equipment without the costs that usually accompany them. On top of this, up-to-date equipment is often developed to better meet industry standards which allow you to have an easier time complying with construction regulations.
Avoid Storage Issues
One of the difficulties that accompany owning your own construction equipment is finding the appropriate storage space for them. While these are robust and durable machines, they still need to be kept in safe and dry places. Additionally, their size would require a large space that will entail its own upkeep. All of these can be avoided when you choose to rent your construction equipment. Rental companies include storage in their contracts so that you have less to worry about.
Reduce Transportation Costs
Transportation is another investment that you will have to consider when you own your construction equipment. Much like storage space, these machines require specialised transportation that is another expense that will affect your project budget. With rental equipment, you have the benefit of transportation being included in your contract. Rental companies often deal with logistics because it is also their way of securing the safety of their equipment.
Overall, renting construction equipment has a number of advantages that allow you to save on time, money, and manpower. If your project will only require the one-time use of this heavy machinery, then renting is the smarter option. However, if you will be using the equipment frequently, then you should purchase your own. All things considered, you should go with the option that best suits your needs.