The construction industry is one that is ever-growing and very lucrative. According to the American Rental Association, renting equipment in this industry is higher than ever, with 93% of those who took part in the study stating they rented equipment in 2019. There are many reasons for choosing construction equipment rentals over buying the equipment. Here are some of the top benefits.
1. Avoid the Initial Purchase Cost
Buying new construction equipment can be incredibly costly and consume a huge part of your budget. Also, buying equipment means you’ll be tied down to those particular machines until you decide to sell them. Renting is much more affordable.
2. No Storage Issues
Storage can be a big issue for construction companies, especially if they also need to worry about the security of their equipment. Construction equipment rentals eliminate the problem of where you’re going to store everything.
3. Lower Repair and Maintenance Costs
Maintaining and repairing construction equipment is something you won’t be able to avoid. However, when you’re renting equipment, you don’t have to worry about it so much. In the long run, the costs will be a lot lower than if you owned the equipment.
4. Access the Latest Technology
The construction industry is ever-evolving — new technology is always being introduced to make construction work easier. With that said, buying the latest and best equipment will be very costly. By renting, you can use the latest technology without its high price tags.
5. No Worries About Market Fluctuation
Like most industries, the construction sector and market can be affected by many things. The cost of equipment, maintenance costs, and jobs can all go up and down unexpectedly. Construction equipment rentals mean you don’t have to stress about it.
6. Avoid Depreciation Costs
Deprecation costs are inevitable, even in the construction industry. Over time, the value of equipment goes down, and you won’t get back what you initially paid for it. When you own equipment, you’ll have to incur those costs, and reselling it might be a big loss for your company. By renting, you remove the need to worry about deprecation.
As you can see, there are many benefits of construction equipment rentals, no matter what the project may be.
If you’re looking for a reliable equipment rental company, contact Ramco Rental today!