We ride in other people’s cars with Uber and Lyft. We stay in other people’s apartments and houses through Airbnb. It makes sense that we might also rent heavy equipment from one another. In fact, this is a growing trend, as many contractors, technicians, and other industry professionals are beginning to engage in peer-to-peer rentals. Because thousands of pieces of equipment are available to rent on Equipment Trader everyday, we thought we’d dig deeper to find out What’s the Deal with Peer-to-Peer Equipment Rentals!!
What are Peer-to-Peer Rentals? The concept for peer-to-peer (P2P) renting is relatively simple; industry professionals with idle heavy equipment rent out those machines to other businesses. The P2P process cuts out traditional equipment rental dealerships and keeps the renting transaction between a network of industry workers.
Why Participate in Peer-to-Peer Rentals? The benefits of P2P renting are also pretty straightforward. Contractors and technicians who have idle equipment that sit on the lot for long periods of time between projects have an opportunity to generate additional income for their business by renting out those machines. Such profits are purely supplemental, so any rental price above what the business values to be the cost of the wear and tear on the machine makes renting out the equipment worth it.
Pricing flexibility allows P2P professionals to offer lower prices than equipment rental dealerships, letting the supplying business make money, while the renting business saves money. Contractors and technicians in P2P networks can also have greater assurance that their machines are likely being operated by someone who knows how to properly use and maintain the equipment. And with advanced telematics, industry professionals can track the location and use of their machines, even when in the hands of another worker.
What are the Concerns with Equipment Sharing? Here are a few questions you’ll want answered before diving into P2P rentals: Despite assurances, will you really know who you are renting to or from? Who is liable for damages to rented machinery? Is equipment insurance expected to be obtained by the provider, the renter, or the service that set up the network/connection? If a renter does break the machine, can you really afford to be without the equipment while it is being repaired or replaced? How expansive are these emerging networks? Are there hidden costs or other liabilities?
How Can I Participate in Peer-to-Peer Rentals? If you’re looking to rent equipment, you’re in luck, because Equipment Trader is a leading online marketplace for buying, selling, and renting new and used equipment. To rent equipment, simply explore the website and utilize the “Rent” search filter to find rental equipment from across the country. If you’re specifically interested in P2P rentals, there are a few startup companies with P2P as their sole focus, including Dozr, Equipment Share, Getable, and Yard Club.
P2P rentals are a relatively new phenomenon with many advantages. We’re excited that Equipment Trader offers you a leading online marketplace with great opportunities to rent quality equipment. If you ever have suggestions for improving our rental network, feel free to send us some feedback!!
Would you ever participate in Peer-to-Peer Rentals?? Let us know in the comments below!!