As the rising cost of living continues to hit wallets hard, industry experts are encouraging Aussies to rent their tools to help lower the price tag on their next project.
From bustling construction sites to humble home workshops, the trend of opting for tool rentals is making significant headway for builders in all walks of life.
According to Hire and Rental Industry Association (HRIA) CEO James Oxenham, projects of all sizes, from DIY home renos to large-scale job sites, can massively benefit from hiring their equipment.
“We have a massive range of customers. There’s a lot of tradies and some people who do DIY that will hire equipment if they need it,” Oxenham told Build-it.
“Hiring tools can be a great way to massively cut down on project cost and save renters the need for that big initial capital expenditure.”
With a keen eye on the bottom line, renters can access a wide array of tools, from power drills to heavy machinery, without the astronomical prices or need for storage space.
“Because hiring companies are buying the latest in equipment, tradies can get access to the latest technologies for a fraction of the cost, which usually helps on the job with efficiency and safety as well,” said Oxenham.
“You can also hire it for a short period of time. So there might be jobs where you don’t need this kind of equipment on a regular basis.”
Simple power saws can rack up a hefty price tag of over $600, with some even ranging in the thousands. But savvy renters can use that exact same saw for as little as $20 a day.
According to Oxenham, while tradies and home hobbyists are just discovering the benefits of hiring, it’s an economy the construction companies have been taking advantage of for years.
“The construction sector, the tier one, they will supplement whatever equipment they own during peak times with hire equipment. And quite a lot of the equipment on site is actually hire equipment,” he told Build-it.
“They don’t need to own certain items. Things like boom lifts and scissor lifts are all on a ‘hire as needs’ basis and transported to and from the site by the hire companies.
Better for the environment
Oxenham also believes the “circular economy” around hiring equipment was far better for the environment than buying tools.
“We believe it’s a better outcome for the environment. You’re not purchasing a piece of equipment which is idle and you’re actually just hiring it for the time that you need to do this,” he told Build-it.
“And then it gets back to the hire company and off to another person, and that creates a really good circular economy model where equipment is utilised again and again.”
Peace of mind
Hiring companies also regularly maintain all hired equipment to keep it up to Australia’s high safety standards so renters can get to work knowing they have the best tool for the job.
“Safety is a big one. When you’re hiring equipment from HRIA member company, you can be assured that it meets Australian standards and is well maintained to meet various regulations,” Oxenham told Build-it.
“These regulations allow renters to have peace of mind.
“When you hire a piece of equipment, you’ll have an agreement in place with the hired company that, if there is an issue in that timeframe, they’ll be able to come out service that or replace it with another one.
“So if you own that equipment, you’ve got the challenge of finding someone who can fix your tools on your own, and that means money and quite a lot of downtime.
