In the past, owning equipment was a status symbol for contractors. The more equipment you owned, the better you were considered. In recent years, though, things have changed. Even when the economic climate is relatively stable, the equipment rental sector is still active. Construction companies and contractors realized it is much more financially and practically advantageous to rent what they need than to purchase niche equipment with low day-to-day utility outright.
Interestingly enough, the new economic reality is not the only indicator of this industry-wide shift to renting. The most important reason for this shift is that as a culture, we have become more comfortable and accustomed to the idea of renting in general, even on an individual level. The phenomenon of renting has spawned a number of websites, magazines, and other sources of information. Today, renting is the norm, not the exception. Here are the reasons why construction businesses, engineers, and contractors should rent equipment instead of purchasing it.
If you are considering renting or buying equipment, you must consider the numbers. Cost and convenience are two essential factors that determine whether a construction project goes smoothly or closes due to lack of funding and mismanagement. When it comes to large-scale construction projects, renting offers more than just financial benefits. Engineers, and those in charge of the project in general, have more freedom in selecting equipment when renting. In turn, this factor makes it easier to manage resources, labor, and tasks from a logistical perspective.
Because not all pieces of equipment are versatile, you’d have to cut expenses somewhere else, resulting in a cascade of compromises that could spell disaster. Not to mention the fact that if you decide to buy the equipment, you’ll have to budget for additional storage and maintenance costs. On the other hand, if a contractor has the financial means to do so, purchasing the equipment may be a better long-term investment. It goes without saying that brand-new equipment is costly. All contractors wish they had access to the most up-to-date technology, but they can’t afford to buy top-of-the-line equipment, so they must rely on previous-generation equipment. This is a problem that can easily be remedied by renting.
Technology nowadays advances at a far faster rate than it did ten, even five years ago. This increased rate provides a fantastic chance for both renting companies to extend their equipment variety and prosper, as well as contractors to try the latest technology with minimum costs and commitments. However, in the case of the latter category, the benefits extend beyond simply using the technology – it is an excellent opportunity to test it, learn how to use it effectively in future projects, and determine whether it is worthwhile to purchase. Again, the costs and dangers are low because if the equipment is damaged or malfunctions, and the renting company is legally compelled to provide rapid help.
Equipment rental services have thrived and prospered as a result of recent economic advances. While there is a case to be made for acquiring equipment in some circumstances, contractors, engineers, and construction companies stand to benefit more by renting whatever equipment is required for the project. Apart from the logistical advantages of not having to spend money on storage, maintenance, transportation, and so on, renting is a fantastic way to try out new technologies at a low cost and with absolutely no risk.
