This has proven to be a highly profitable venture as it involves the temporary leasing of heavy machinery and tools used in construction projects, such as excavators, bulldozers, cranes, and more.
The demand for these rentals has been steadily increasing, which a source in the construction sector attributes to the rising costs associated with purchasing and maintaining such equipment. Additionally, renting allows for greater flexibility in terms of project needs and budget constraints. As a result, many companies have capitalised on this lucrative market by offering a wide range of equipment options, competitive pricing strategies, and exceptional customer service.
One of the significant advantages of renting construction equipment is that it eliminates the need for long-term investments in expensive machinery, which only a few possess the means to purchase outright. Some are sold between N30million and N90million or even beyond, depending on size and model. So instead, customers pay only for the time they use the equipment, thereby, avoiding maintenance costs associated with ownership.
A leasing construction equipment firm in Lagos says the kind of work and area where the equipment will be used determine how they rent out the equipment.