Construction projects vary significantly in their scope and needs, and contractors sometimes require specialized tools to finish the job. In many cases, they can rent the needed tools, avoiding the cost of ownership.
"We've definitely seen our rentals increase, both because there's more awareness of our program and because pros are cautious about making a large tool investment," says Jim Summers, director of tool rental operations and merchandising for Home Depot in Atlanta.
Concrete tools are popular rental tools. Mitch Speck, president of Speck Enterprises in Sandy, Ore., often has rented a concrete-cutting saw in addition to a jackhammer. They aren't used on every project, but they are needed on a few projects each year, he says.
Other popular rental tools at Home Depot include pressure washers, high-speed painters and sanders. "Some contractors try out a tool two or three times to decide if they want or need to buy it," Summers says. "It's a much better way to go than buying a tool from a store and then trying to return it later."
In fact, renting tools offers a number of benefits. But there also are benefits to ownership, as well. Here are some factors to consider:
Rentals
1. Cheaper per use. "Larger tools often are cost-prohibitive to buy if you're only going to use them one to five times per year," says Speck. For instance, he uses a hardwood-floor nailer only a few times a year, and he can rent it for $130 a week in his area. The Home Depot Tool Rental Center offers four-hour, daily and weekly rates, Summers notes, allowing remodelers to rent tools for the length needed for their job's requirements.
2. No maintenance needs. "Renting tools allows contractors to use professional-grade tools without the worry or cost of maintaining them to the highest standard," Summers says. The more mechanical moving parts a tool has, Speck notes, the more maintenance it needs. That eats up labor time and money, as well as adds the cost of replacement parts.
3. New features. Rental centers typically stock the latest versions of tools, ensuring they have state-of-the-art features and technologies. Home Depot's fleet, for instance, is kept no longer than three years and often only two, Summers says.
4. No storage needs. Large equipment, especially those used only occasionally, require storage space that may even need to be rented. That adds to the "hidden" cost of owning tools that contractors don't always calculate.
5. Less investment during expansion. "Renting tools is pivotal in the development of a growing business, because it gives the contractor an opportunity to take on more and/or larger jobs outside the normal scope and develop new skills by using tools they currently don't own," says Summers.
6. Lower insurance rates. Owning large, expensive tools provides an asset for a company, but it also creates more items that must be covered by insurance, Speck notes. "Insurance rates can go up if someone steals these assets."
7. Ability to try out options. Speck often rents tools as a "tryout" to see if he should buy one. He recently rented a 60-pound jackhammer and decided he liked that particular brand, so he bought a new one. Although Home Depot does not stock all of the tools it rents, stores can special-order almost any tool, Summers says.
