A NOTE ON RECENT IMPROVEMENTS TO THE RETAIL RENTAL PRODUCT, UPDATED 7/15/16

In early 2015, MagikMe Equipment launched an aggressive growth program (Rental Partnership Program) to increase the amount of rental house data partners for our Retail Rental Product, going from ~30 to more than 200 in one year. As a result, we saw a drastic increase in a precision of our rental rates, with some models leading to a correction in the rental rates.

That change, as exemplified below in our Bobcat T190 retail rental rates, did result in some drastic improvements for some models.

We have achieved a scaled number of rental house partners and expected smooth, market-driven trends moving forward.

 

Introduction to Retail Rental

MagikMe Equipment’s Retail Rental product gives you access to the most up-to-date retail rental rates on the market. By leveraging our Rental Program, including more than 150 rental houses across the U.S. and Canada every quarter, MagikMe Equipment is able to provide accurate rental rate data so you can make more informed rental, pricing and utilization decisions.

The Retail Rental rates are nationally averaged rental rates compiled from thousands of rental charges reported by equipment distributors and rental companies throughout the United States. The rates listed herein are statistical averages reflecting equipment of various ages and conditions. New and nearly new equipment may rent on the market for substantially more than the averages reflected in this data.

Searching for and Selecting the Correct Model

Type the Manufacturer and Model into the Search Bar and hit enter on your keyboard or click the search button on the far right (as shown below).

Click on the Retail Rental Check box for the model that you want to see (as shown below).

 

Using the Features on the Website

The screenshot below shows the Retail Rental page for the specific model you searched for. Circled below is the location filter. This allows you to see the United States overall average rate and also lets you see what the rate would be by each specific state. They represent the deviation from the average for this particular equipment type. In the instances where there may be insufficient data for a region within an equipment category the modifier shown is based on a comparison of all equipment categories. These modified rates shown are compiled from all equipment types, ages, and sizes. It should be noted that within the broad spectrum of equipment in this compilation, there are variations in size, capacity, design, and age that can also affect the regional use and demand of equipment.

The picture below shows what the average rate would be in California (green line) versus the United States average rate (blue line). To do this, just click on the drop down location filter and click on the state you would like to see.

The circled part of the image below shows the Adjustment box. You can manually adjust the average rate to any percentage of the United States or whatever state you choose. The image below shows 90% of the average United States and California rates.

The circle section below shows you the icons for printing the report, downloading the report, and taking the tour. The tour will do a walkthrough of every feature. The download report button will download a PDF version of the page and the print button will print the same PDF.

 

 

Frequently Asked Questions

From how many Rental Houses are the rates collected?

It depends on every quarter. Data collected from over 500 rental houses are used in averaging the rates every quarter.

 

Are these rates collected from invoices?

No, all of the rates we collect are advertised rates on rental websites or are from rate sheets sent to us from the rental houses.

 

How many states/provinces are represented in this data?

We collect rates from all 50 states, ten provinces, and three territories in the United States and Canada. We don’t collect any rates from the U.S. territories such as Puerto Rico.

 

How many hours are included in a daily rate?

The standard daily rate includes a typical eight hour day.

 

Do you provide hourly rental rates?

No, we only track daily, weekly, and monthly rates.

 

Why are the rates the same for similar models?

Our rates are calculated by the subtype and the specific size class within that subtype. For example, the Bobcat T190 will have the same rate as the Case TR270 and the Caterpillar 257B SERIES 3. These three Compact Track Loaders are all in the same size class (1751 – 2200 lbs Operating Capacity) and have very similar rates, so we use all of the rates within this size class to calculate the published rate.

 

How is this rate different than the Rental Rate Blue Book aka Cost Guide?

The Rental Rate Blue Book rate is the total cost of using your own equipment and broken out by hourly, daily, weekly, and monthly. The Retail Rental rate is the average advertised rate charged by rental houses.

 

Disclaimer

The Retail Rental section is not intended to suggest that actual rental rates be set at any particular level on the market. It does not establish maximum or minimum levels for rental rates and the rates are not necessarily typical for any one section of the country. Rates published in this section do not reflect rates charged by any single rental company. The rental rate averages contained in the Retail Rental section should never be specified as the basis for any rental transaction or contractual agreement whatsoever.

It is not a valid use of this information for municipal, state, or governmental bodies, or any other users, to stipulate figures at any common level whether it is at, above, or below these national averages, as the basis upon which transactions or negotiations can or will be conducted.

The rental rates and terms set forth in this compilation are for informational purposes only. The rates contained herein are not intended to suggest or to influence the rates or conditions of rental of any items of equipment. This is a matter which must be determined by the equipment lessee and lessor. Information on some of the factors distributors and customers may consider reaching agreement on rental terms can be found in the Introduction to this compilation.

Rental rates vary significantly throughout the United States due to a variety of factors. Some examples are length of working season, climatic factors, labor rates, local practices, job site condition, and market conditions. There can also be rental rate variation in the same trading area, especially in the case of more expensive equipment. Rates charged by distributors in the same locality can vary significantly on an identical or comparable piece of equipment. The figures shown in this publication are national averages, they are not suggested rates, maximum or minimum levels or typical for any one section of the country. It follows that for sound business reasons these rates should not be used to determine rates charged in a given situation.