How Much Does it Cost to Rent Heavy Equipment in Ontario?
Renting heavy equipment is a smart choice for upcoming contractors and businesses. You can choose the exact equipment at any time without worrying about your financial condition when buying new or used equipment. Renting allows you to save on expenses like project costs and maintenance, and concentrate on your work schedule. In this article, you will get a conclusion on how much it costs to rent heavy equipment if you are thinking of buying or renting equipment. It is essential to understand the factors that contribute to the total cost of equipment rentals, as well as common rental rates, which will be elaborated on in this article. Let’s get started!
What Factors Determine Equipment Rental Rates?
Several factors contribute to the cost of renting heavy equipment. Rental rates depend on the type, size and the amount of time you will use the vehicle. Additionally, it will vary from one country to another, depending on local market prices and the presence of competitors. Below, we have listed some of the key factors that affect the cost of renting heavy equipment. They are:
Type of Equipment
Get a clear idea about the type of equipment you need for your job. Factors such as project size and type can provide a clear indication of the type of equipment required for your project. If you are into smaller jobs or residential projects, compact equipment like skid steers, track loaders, and multi-terrain loaders can be used. Whereas, if you are into larger projects, you opt for a backhoe loader, which combines the functions of an excavator and a wheel loader in one piece of equipment. They are best for construction sites and large landscaping projects. There are also other pieces of equipment, such as forestry machines, dump trucks, and roadwork equipment, which can be rented in a similar manner.
Location
The rental costs vary from one location to another. Factors such as taxes, wages, expensive parts, and competitive prices determine the cost of equipment rental. The costs can vary significantly in areas with numerous local options compared to those with few reliable providers. To obtain a competitive quote, research and compare rates from various companies.
Contract Length
If you are renting on an hourly basis, some rental companies require a minimum number of hours, typically 2 to 6 hours, depending on the company’s policy, to authorize the rental agreement. Daily rental agreements are preferred by homeowners or small business owners who want to complete their project on weekends or within a couple of days. If the project is extended, small business owners may opt for a weekly rental, which is a flexible option, as a daily basis would be too limited for them. Businesses undertaking larger projects, such as construction, roadwork, or seasonal jobs, will typically opt for a monthly rental option.
Some equipment rental companies offer discounts if you rent the equipment for an extended period.
Equipment Technology
The age of the equipment also determines the rental prices. Some rental companies also maintain older equipment that is less efficient than modern equipment. Older equipment lacks important features and technology that can save you time and money. Modern equipment is designed with updated technology that can save time by improving work efficiency and reducing operating costs.
Due to these differences, the cost of renting them will be different. Modern equipment will be more costly than older equipment due to the enhanced features and technology. Still, you can opt for modern equipment to reduce operating and fuel costs, which can be an effective solution for overall productivity.
Equipment Size
After you have decided on the type of equipment, choose the size, as this also determines the rental cost. Select the correct size, as equipment that is either too large or too small can affect your overall budget and productivity. If the equipment is too small, the crew must work harder, resulting in increased production costs. If the equipment is too large for the project’s size, it becomes more difficult to operate. It also consumes more fuel and can be challenging to reach compact spaces, leading to accidents and damage.
Specialty Equipment
By choosing a rental provider with a wide inventory, you’ll be more likely to find the specialty equipment you need when you need it, without having to pay higher rates.
How Operating Costs Can Affect Your Rental Costs?
You should have a clear understanding of the total rental cost. Not only is there a rental cost, but there will also be other costs associated with the rental equipment, such as fuel, labour, and time. Below are the costs associated with renting and operating heavy equipment.
Upfront Rental Fee
Rental fees are the primary cost involved in renting and operating heavy equipment. The cost will start at $100 to $ 3,500 per day, or sometimes more, based on the type and size of the equipment. The upfront costs include delivery of the equipment to the job, or it can be charged as an extra, which makes it convenient for you not to worry about the transportation.
If it is a short-term rental, it also includes the maintenance and repairs to keep the equipment in working condition. Some companies also provide fuel if you are renting the equipment on an hourly basis. The terms and conditions will vary from business to business, so it’s best to confirm what is included and check whether there are any additional costs to be aware of.
Attachment Costs
Consider the number and types of tools required to complete your project. Select an equipment rental company that offers a diverse range of attachments to enhance productivity. Equipment like skid steers and other machines comes with a common bucket attachment. Depending on the type of work, you can use attachments to ease tasks such as digging, moving, hauling, and many more.
Commonly used attachments are:
- Augers
- Blades
- Brooms
- Brushcutter
- Compactor
- Flail mowers
- Forks
- Grapples
- Hammer attachment
- Mulchers
- Shears
- Snow Plows
Similar to equipment rentals, attachments also incur rental costs, depending on the model, size, and duration of use.
Labour Costs
Whether you operate the equipment yourself or hire an operator, both options require you to spend money and time. If you operate it, it costs you time, and if you hire an operator, it costs you money. So be prepared for both cases.
Long-term heavy equipment rental is more than just using it during work. You need to regularly conduct inspections to ensure that it is safe to use. These steps are important and involve cost and time. So, if you are planning for long-term rentals, include these factors in the project budget.
Transportation Costs
The cost of renting heavy equipment also includes transportation charges. Some rental companies take care of the transportation and deliver the equipment to your work location, then return to pick it up after the rental agreement is completed. But if you are working on different projects at different locations, you need to find a way to transport the equipment. So, it’s better to have a trailer of the right size and pay for its insurance so it’s legal to drive on public roads between locations.
Operator Training Costs
Operating training costs will be different depending on the type of training and the training provider. Based on the type of equipment and the project, you need to train your operators on the equipment’s use and ensure that certified operators are present on-site. You can opt for industry experts to provide training for the crew. The training can be in various ways, from in-person to simulator training, which is a safe and affordable way to develop skills.
Your crew gets the skills required to operate heavy equipment during the operator training. It also involves training your operators regarding the safety practices they need to protect themselves and others while working on the job site.
Fuel and Fluid Costs
Fuel costs should be taken into account when deciding whether to rent or own heavy equipment. Some equipment rental companies include fuel costs in short-term rentals, like hourly or daily, as you may not use much fuel. If you are opting for equipment for long-term rentals, you must plan for the fuel costs.
Fuel delivery services are available almost in every region. The price varies from one location to another and with the state of the economy. You must ensure that the equipment is well-maintained throughout the rental period. Therefore, regularly check the fluids and refill them as needed. This can be taken care of by your rental provider.
Rent Your Equipment From Impact Rentals
Renting heavy equipment can be a cost-effective solution for contractors and businesses with tight project budgets. By understanding the factors mentioned above, you can select the most suitable equipment that will save you time and money. At Impact Rentals, we make your equipment rental process simple, affordable, and hassle-free. We have well-maintained equipment and a dedicated team in Toronto, Markham and Ontario to ensure you get the right heavy equipment for your job. Contact us for more details.
