Learn about actual and potential costs
How much should I pay for Tool Rental?
What is the average price of Tool Rental?
This procurement report includes pricing information to help you purchase Tool Rental. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.
Has the price of Tool Rental been rising or falling?
Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.
I’m not ready to purchase Tool Rental yet. Will I pay more if I wait too long?
We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.
What other costs are associated with purchasing Tool Rental?
Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Tool Rental with a reduced risk of unexpected costs.
See how we display average pricing information, trends and market data.
Find the vendor to meet your needs
Where can I purchase Tool Rental?
The tool rental market has a low level of market share concentration. In total, there are about 6,800 suppliers currently providing tool rentals in the United States. ProcurementIQ estimates that the top four companies, United Rentals, Ashtead Group (operating under Sunbelt in the United States), Home Depot and Herc, generate... Subscribe to learn more.
Questions to ask potential suppliers
How can I gain leverage during negotiations?
How many employees do you have working at any given time? Do you have employees on standby if urgent service is needed?
Who will be servicing my account? Will this person stay with my account for the duration of my rental?
How can I get in contact with you if there is a problem with my tools or equipment?
What happens if my tools or equipment are defective? What happens if one of the products I rent breaks while in my possession?
Supply Chain Risk
Which upstream suppliers currently provide you with your tools? How long have you been using these providers?
How have input costs changed for your business during the past three years? How have you dealt with these changes?
Would your business be negatively affected if your top supplier went bankrupt? What back-up plans do you have for such a scenario?
How do you maintain financial viability during times of reduced demand?
Do you offer insurance to renters? If so, what are the terms and conditions of your insurance policy?
How does your insurance compare to your competitors'?
Do you offer insurance yourself, or is it provided through a third party?
Can I purchase supplementary insurance if needed?
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Key elements for every RFP
What should my Tool Rental RFP include?
Buyers should explicitly state the amount of the contract award.
Buyers should explain when and how many payments will be made.
Buyers can consult the Benchmark Price section of this report to determine how much they should pay for each tool.
Buyers should evaluate the experience of the supplier.
Buyers should make sure the provider offers appropriate types of tools with the appropriate specifications and durability.
Buyers should evaluate suppliers based on the estimated costs of the units they are offering.
For a detailed list of key selection criteria, buyers should reference the Buying-Decision Scorecard section of this report.
Buyers need to include the date when proposals are due and when award information will be available.
Buyers should include any other benchmark dates relevant to the project that suppliers will need to be aware of.
Evaluate major factors to mitigate risk
How risky is the Tool Rental supply chain?
Renters of tools face a moderate level of supply chain risk. The upstream suppliers that tool rental firms have the most trouble with are tool manufacturers. Since the Trump administration’s implementation of a 25.0% tax on steel imports, tool manufacturers have been facing higher steel prices. These tariffs have been... Subscribe to learn more.