Equipment Rental Prices Expected to Continue to Rise — But Not as Much

By Ryan Whisner | Most equipment rental companies anticipate 2023 to continue the strength shown in 2022, amid the market volatility. According to the American Rental Association (ARA), the U.S. equipment rental revenue surpassed pre-pandemic highs in 2022, with a 13.5% year-over-year increase totaling $56.1 billion. This compared to an 11% growth in 2022, which ended at $55.8 billion. Despite these consistent double-digit increases, projections are for equipment rental revenue to slow over the next few years with single-digit percentage increases. In December 2022, ARA had projected an increase of 3.4% in 2023 to nearly $57.7 billion. In its review of Q1, the increase has risen to approximately 5.3% for the year. “In speaking with rental companies across the United States and Canada, despite some unprecedented headwinds, their businesses are strong,” said Tom Doyle, ARA vice president of program development. “It’s generally a great time to be in rental.” The projected slowdown has seemingly not dampened positivity among companies within the rental industry. READ FULL ARTICLE >>