A Comprehensive Guide To How Much is a Forklift Rental

A Comprehensive Guide To How Much is a Forklift Rental

Meta Description: Discover the cost of a rental forklift with key cost factors and tips to save! Compare rates, consider the rental period, and get the best deals.

This article examines key factors determining the cost of renting forklifts and other material-handling equipment. Various elements like rental period, equipment specifications, fuel type, and additional fees are discussed.

We also provide tips to help contractors and businesses get the best rental deals through comparison shopping, long-term discounts, and special offers.

Key Takeaways

• Rental period, equipment type and size, fuel used, and additional fees like insurance and delivery all impact forklift and equipment rental pricing.
• 10-30% savings can be achieved through longer rental commitments of weekly, monthly, or multi-month durations.
• Comparing quotes from multiple rental companies allows contractors to negotiate the best deal that meets their budget and needs.
• Inquiring about discounts for pre-owned or used equipment rentals provides a cost-effective option for short-term or seasonal use cases.
• Keeping an eye out for special offers, seasonal promotions, and loyalty programs helps maximize savings on material handling equipment rentals.

How Much Does It Cost to Rent a Forklift?

The cost of renting a forklift can vary significantly depending on factors like the equipment type (electric, gas, or diesel forklifts), forklift capacity (low, medium, or high), rental duration (daily, weekly, or monthly rates), and location.

Rental companies offer different rental prices and consider initial costs like delivery charges. It’s best to contact multiple local rental dealers and compare their costs, equipment options, and deals to find the right forklift rental for your needs within your budget.

Factors That Determine The Cost Of Forklift Rentals

Contractors and businesses should consider several factors when determining the cost of renting the right forklift for their needs. One of the most important factors is the type of equipment being rented.

1. Equipment Type

The type of equipment, whether stand-up electric forklifts, gas forklifts, diesel forklifts, or other material handling equipment like pallet jacks or scissor lifts is being rented, can significantly impact the rental cost.

Electric forklifts tend to be the most affordable option for rent, with daily rates starting around $100. Gasoline or LPG forklifts provide more lift power but demand a higher rental price, typically around $150 daily.

Diesel forklifts offer the most significant lift capacities of over 5,000 lbs but come with higher rental costs starting at $200 daily. When setting the initial rental price, rental companies consider the lift height, weight capacity, fuel type, and other specifications of the forklift or equipment type.

2. Rental Period

The duration of the rental period, such as daily, weekly, or monthly, can significantly impact the rental rates. Many rental companies offer discounted weekly or monthly forklift rental prices compared to the daily rental rates.

Renting equipment like electric forklifts or pallet jacks for the long term can also help reduce the initial delivery and setup costs.

Contractors planning construction projects or warehouse work requiring material handling rental equipment for an extended time should inquire about long-term rental agreements and rates from local forklift dealers. Considering rental duration is essential to save money on the overall rental cost.

3. Location of Rental

The geographic location of the rental can also impact rental rates, as prices may be higher in densely populated urban areas compared to rural regions due to greater demand.

Rental companies in large cities with many high-rise buildings and warehouses requiring forklifts to navigate tight spaces may charge more to rent a forklift like an electric forklift, scissor lift, or smaller capacity lift trucks.

Contractors working in remote areas or job sites requiring rough terrain forklifts may find better daily or weekly rental rates from local dealers than in metropolitan areas. Factoring in location is vital to consider when comparing rental price quotes.

4. Fuel Costs

The type of fuel used for internal combustion forklifts – gasoline, diesel, or LPG – affects the rental rate. Gasoline forklifts are usually the most affordable to rent for contractors needing fuel-powered lifting equipment.

However, rising gasoline prices have pushed rental companies to pass on higher fuel surcharges for gas trucks. Diesel forklifts, with their ability to handle weighty loads, demand the highest rental fees but offer excellent lifting capabilities for construction jobsites.

Rental companies factor current and projected fuel prices into their daily, weekly, or monthly rental pricing structures. Contractors should inquire about additional fuel charges to avoid unforeseen costs during extended rentals.

5. Insurance Fees

Rental companies typically include basic liability insurance coverage as part of their standard rental rates. However, contractors taking possession of rented forklifts or scissor lifts may be required to pay additional daily insurance fees to cover total replacement costs in case of loss or damage to the equipment.

These supplemental insurance charges, which can range from $10-30 per day depending on the value and type of equipment, help protect both the rental company and the customer from unforeseen financial risks. Factoring insurance costs into budgets is essential.

6. Delivery Charges

Depending on the location, rental companies factor equipment delivery and pickup charges into their rental pricing. For job sites within 50 miles, standard delivery rates of $50-100 are expected. But contractors working on remote construction sites, ports, or mines requiring delivery of heavy-duty diesel forklifts or telehandlers over long distances can expect to pay significantly higher fees.

Rental firms pass on fuel surcharges and driver wages to the customer for long-haul equipment transport over 100 miles. Factoring in an estimate of potential delivery costs upfront helps customers budget for material handling equipment rentals involving offsite project locations.

Average Forklift Rental Costs By Type

Understanding the typical rental rates for different types of forklifts can help contractors and businesses determine their budgetary needs for renting material handling equipment. Two key factors rental companies consider are the forklift type and its specifications.

Electric Forklifts

Electric forklifts, called electric-powered lift trucks, are usually the most affordable option for short-term rentals. These forklifts operate using electric motors powered by onboard rechargeable batteries, eliminating the need for diesel, gasoline, or LPG fuel.

Rental companies recognize electric forklifts as a sustainable, cost-efficient choice for indoor applications like warehouses and manufacturing facilities. On average, rental rates for electric forklifts start at roughly $100 per day. Contractors renting these forklifts for weekly or monthly durations can expect even lower daily rates.

Electric forklifts are well-suited for job sites requiring operation in tight spaces or enclosed areas like cold storage facilities, as they produce zero emissions without concerns for exhaust fumes or ventilation.

Gasoline Forklifts

Gasoline or LPG-powered forklifts, commonly known as internal combustion forklifts, typically offer higher lift capacities than electric forklifts. These forklifts use gasoline or propane fuel to power their engines, providing greater lifting power for heavy loads in the 2,000-5,000 lbs range.

While gasoline forklifts are better able to handle heavy-duty applications like construction and rough-terrain job sites, they also demand higher rental rates than electric models.

Contractors can expect to pay around $150 or more daily on average to rent gasoline forklifts with capacities suitable for handling heavy pallets, machinery, or construction materials. However, their fueling flexibility makes them a good option for locations without electric power infrastructure.

Diesel Forklifts

Diesel-powered forklifts can handle the heaviest lifting jobs, requiring capacities of over 5,000 lbs. Ideal for heavy construction sites, ports, and large warehouses, these forklifts use diesel fuel to power their efficient internal combustion engines.

Diesel forklifts are the best option for high lift capacities because they are effortless to carry and maneuver, even with weighty loads.

However, their capabilities come at a higher cost, with average daily rental rates starting at around $200 or more, depending on the model, attachments, and lift specifications. Their higher upfront rental fees make them a worthwhile investment only when ultra-heavy-duty lifting is essential.

Impact Of Forklift Rental Period On Cost

The duration of a forklift rental can significantly influence the overall rental fees. Most rental companies price based on daily, weekly, or monthly rental options.

Daily Rental Rates

When renting forklifts or other material handling equipment like pallet jacks or scissor lifts daily, contractors can expect to pay the highest daily rental rates. This short-term rental option gives flexibility for jobs requiring equipment for a day or two but also comes at a higher per-day cost.

Rental companies typically list their standard daily rental prices for different classes of electric forklifts, gas forklifts, or diesel forklifts, depending on the lift capacity required.

For example, daily rates for a small 2,000-lb electric forklift may start at around $100. A large 5,000-lb capacity diesel forklift could have a daily base rental price above $200 before additional charges.

Weekly Rental Rates

• Renting forklifts or other equipment every week is often more cost-effective than daily rates. Most rental companies offer discounted weekly rental prices.
• Contractors can save 10-20% by renting small electric forklifts for at least five days. Weekly rates may start at $75-85 per day compared to a $100 daily rate.
• Medium- and large-capacity forklift rentals offer more significant weekly savings. Gas or diesel forklifts rented for 5-7 days could cost $125-150 per day versus a $175 daily rate.
• Some rental companies require rentals for at least one week to qualify for reduced weekly pricing. This long-term rental option helps lower material handling costs for contractors, with projects extending for several days.
• Weekly rental discounts effectively allow contractors and businesses to reduce lifting equipment expenditures over time.

Monthly Rental Rates

• Renting forklifts or other equipment monthly provides the most cost savings potential compared to daily or weekly rates.
• Contractors can save 20-30% by renting small electric forklifts for at least four weeks. Monthly rates may be as low as $60-75 per day.
• Larger capacity forklifts on month-long rentals are available at $100-125 per day, a significant discount from standard daily prices.
• Some rental companies bundle maintenance, insurance, and operator training into discounted monthly package rates.
• Long-term rental commitments of 28 days or more are ideal for construction projects, manufacturing/warehousing facility openings, or renovations lasting several weeks.
• Monthly rental discounts provide material handling fleets on tight budgets the best value over extended periods.

Tips For Getting The Best Deal On Forklift Rental Cost

Research and comparison shopping can help contractors and businesses maximize savings on material handling equipment rentals. Getting competitive quotes is essential.

1. Compare Multiple Rental Companies

Rather than relying on the first rental price provided, contractors should take the time to obtain rental cost estimates from several local rental firms. Factors like rental period discounts, services, and proximity of the rental yard can vary between companies.

Getting quotes for the same forklift specifications, such as a 4,000 lb capacity diesel forklift with a 120-inch fork, from at least three rental companies allows for valid cost comparisons.

Shopping around often results in 10-20% savings versus just accepting the initial rental rate. The extra step to request written estimates from multiple rental dealerships helps land the most competitive deal.

2. Ask About Long-Term Discounts

• Rental companies often provide discounted rates for contractors renting equipment for extended periods, such as 4-12 weeks or more.
• Ask rental representatives about special monthly or multi-month pricing for bulk rentals of multiple forklifts, pallet jacks, or scissor lifts.
• Larger construction firms or manufacturers renting material handling fleets for long-term projects can negotiate lower rates.
• Discounts may be 15-30% off regular weekly pricing when renting several units of the same type, like electric forklifts, for an entire season or year.
• Consider long-term rental commitments if your operation involves continuous lifting equipment usage for the foreseeable future. This can significantly reduce rental expenses.

3. Consider Used Equipment Rentals

Renting used forklifts or other pre-owned material handling equipment can significantly reduce rental costs compared to new models. Forklift rental companies maintain fleets of well-maintained used electric forklifts, internal combustion counterbalance trucks, scissor lifts, boom lifts, and other machinery available for rent at lower daily, weekly, or monthly rates. Used equipment rentals are suitable for short-term or seasonal use cases.

A budget contractor can save 20-40% versus renting new trucks and used units that work well for low-hour applications that do not require a daily heavy-duty operation. Inquiring about availability and rates for quality pre-owned options provides good rental cost savings potential.

4. Take Advantage Of Special Offers

• Many rental companies promote seasonal discounts and special offers to attract new customers and boost slow periods.
• Watch for winter and summer clearance promotions with savings on electric forklifts, scissor lifts, or boom lift rentals.
• Holiday and year-end sales may provide 10-25% off regular daily or weekly rental rates.
• Rental yards sometimes offer free delivery or pickup when renting equipment for five days or more.
• Ask representatives about member loyalty programs with rewards like free rental days after ten jobs.
• To maximize savings on material handling equipment rentals, take full advantage of promotional codes advertised online or any special discounts applicable.