The construction industry grappled with serious issues during Covid-19 but responded well to a surge in demand recently. The construction rental equipment market has been vital in supporting rapid growth in the industry. ResearchandMarkets reports that the heavy rental equipment market is projected to reach $117,788.8 million by 2030 with a CAGR of 4.3% from 2021 to 2030. This growth may translate into an increase in customer demand, greater adoption of advanced, up-to-date rental equipment, and increased profits for rental businesses.
The American Rental Association has forecast an 11.1 percent increase in equipment rental revenue and projected that the construction and general tool segments will reach nearly $56 billion this year. While these are encouraging numbers, your equipment rental business profitability depends on more than just a growing market.
With businesses and households holding more and more events each year, the revenue from party rentals is predicted to grow. With an annual revenue of around 5 billion, there are no dominant market leaders in the party rental industry. What this essentially means is that there is lots of room for businesses to grow and become industry leaders – but there is also heavy competition among existing players vying for that top spot. Party rental businesses need to do everything they can to optimize their rental processes, cut costs and plan for growth. Continue reading →
The best online rental software for your rental business
Rental businesses can be difficult to run. There are so many concerns that need to be met with diligence and efficiency. Trying to work out rental trends, off-season pricing, ensuring your equipment is in top shape, and trying to carve out a space for yourself in the burgeoning industry are all tough jobs to handle.
With so many cloud computing options available, rental business owners can often get confused about which rental software features they should be prioritizing in order to give themselves the best chance of success. Below, we’ll outline some major features you should be on the lookout for when shopping for the best online rental software. These will not only help you lower overheads and increase efficiency, but will also open up a lot more time for you so you can focus on being the best rental store around!
We crave recreation, be it watching a game of football or taking a bike ride down the black canyon trail. Outdoor recreation is a priority for 140 million Americans, who spend a $646 billion yearly on it. In fact, Americans spend as much on internet access ($54 billion) as they do on snow sports ($53 billion). These outdoor lovers crave all sorts of sports like mountain biking, skiing, hockey, golf, dirt biking, and boating. These lovers are a diversified set of people of all ages, shapes, sizes, genders and income levels. For the sports rental industry to cater to this diverse customer base they need an efficient online rental software by their side.
Here are 5 ways in which online rental software helps the sports rental industry achieve higher revenues.Continue reading →
This February the American Rental Association will be hosting its 61st annual convention. More than 675 exhibitors from all corners of the world will be showcasing their products and services on one of the largest equipment rental conventions and trade shows in the world. According to ARA, “Every aspect of the show is designed with one thing in mind: profit.” Rental businesses will use the opportunity to network, catch up on industry trends and find solutions like an efficient rental software to overcome many of their equipment troubles. Whether you are a small business or a large enterprise associated with the rental business it seems that attending the ARA Rental Show is a must. Here is a list of 5 reasons why you should attend the ARA Rental Show. Continue reading →
Many bicycle enthusiasts consider running a bike rental business their dream job. After all, what could be more rewarding than sharing your joy of cycling with others? However, running a bike rental business isn’t just about bikes. A sound understanding of bike specifications and customer requirements is only one of the many things necessary to run a profitable bike rental business. An online rental software which allows seamless inventory management and helps manage an online storefront is another essential ingredient for success.
Rental Management Software and the Rental Industry
Rental management software can be a brilliant tool to utilize if you want a bigger slice of the rental industry pie. According to the American Rental Association, the forecast for the increase in revenue of the equipment rental industry still stands strong. The revenue forecast predicts a 5.6 percent growth in revenue to $47.9 billion in 2016. Revenue is projected to grow another 4.9 percent in 2017 and reach a record $55.6 billion in 2019. The industry’s growth forecast is double that of the overall economy.
“The equipment rental industry continues to grow at a fast pace with strong equipment rental demand within all markets,” says Christine Wehrman, ARA’s executive vice president and CEO.Continue reading →
EZRentOut offers flexible ways to set up pricing. The pricing model requires that each Asset (and Asset Stock entry) have its individual rental rates. Let’s take the example of a bike rental shop where we have Road Bikes, Mountain Bikes, and Beach Cruisers. We’ll use different rate examples to show how they can be laid out.
Using the table below, determine the pricing structure that you have, and then jump directly to the relevant section.