Construction projects can get expensive quickly. When all said and done, going over budget can be fairly easy, even with careful planning and experience. When thinking about your budget, consider renting the equipment you may need to mitigate costs and eventual headaches.
Reasons to consider renting equipment for your project:
Take on short-term projects
New, short-term projects are optimal for renting construction equipment. Whether you’re prepping one jobsite or installing utilities at another, purchasing equipment could leave you stuck with an asset that you may not need afterward. Renting provides a temporary solution without the need for ownership.
Expand your service offerings
Looking to expand your services? Renting attachments that expand the abilities of your current equipment can open up new opportunities for revenue without the added cost of asset ownership. You’ll have access to more varied pieces of equipment. Bonus: The money you save will leave extra room in the budget and facilitate adjusting to changing markets and applications.
Decrease operating costs
Another benefit of renting construction equipment is that you are only responsible for routine maintenance costs during the rental period. When you own an asset, maintenance costs can build up over time. When you rent equipment, the owners are responsible for a routine maintenance schedule to help ensure the asset’s long-term durability.
Reduce the need for storage
Properly storing equipment once a project is completed involves additional costs. Reduced need for ongoing storage is yet another benefit of renting construction equipment, since it can be returned to the rental store or dealership where the owners are liable for proper storage in between projects.
While renting equipment for construction projects, you may find that some assets would add value as permanent additions to your fleet. In that case, consider a rental purchase option (RPO), which allocates a portion of a rental fee toward assuming ownership of an attachment or a machine rather than returning it to a rental center or dealership at the end of the rental period. If you are considering eventually purchasing a piece of rented equipment, it’s vital to structure an RPO contract and discuss your plans with your representative to ensure this type of contract is available.
Renting construction equipment can save time, money and hassle during the duration of your project. Have you rented equipment for a construction job? We want to know! Tweet us and share your experience @willscot.