There are more than 855,900 forklifts in the United States. This is unsurprising since forklifts are essential to operations in so many industries. From distribution to construction to manufacturing, forklifts get things done. 

Yet purchasing a forklift may not be the best investment. Renting is often smarter and more cost-effective. Keep reading to learn about forklift rental prices and whether renting is right for you.

When and Why to Rent a Forklift

New forklifts can cost up to $100,000. But that is only the beginning. Before you can use your new forklift, you will need to insure it. 

You will also need somewhere to store it. Then you’ll need a way to safely transport it to and from each job site. You’ll probably want a service plan, as well, to keep up with the necessary maintenance.

These costs add up quickly. 

Renting a Forklift Saves You Money

For many individuals and companies, renting is far more cost-effective. Renting a forklift prevents you from taking out expensive equipment loans. It also saves you money by avoiding upkeep, transportation, and insurance costs.

Renting can be particularly ideal for seasonal companies or projects. 

Renting Gives You Flexibility  

Different jobs call for different types of forklifts. Renting allows you to use exactly the right type for each job without buying an entire garage-full of lifts. It can also enable you to experiment with different types of lifts to determine which ones are best for your needs. 

Renting can also be ideal for individuals or companies who only need a forklift short-term.  

Renting Can Keep Your Project on Schedule

Even companies that own forklifts may sometimes find it useful to rent. For example, imagine that a forklift you own breaks down in the middle of a project.

Waiting for repairs can set your entire project back. It will cost you time and money. It will also create inconveniences for your clients and employees. 

Renting a forklift can keep your project running while the lift you own is repaired. 

Choosing the Right Forklift for the Job

renting a forklift

When choosing to rent a forklift, it is important to consider several things.

The Job

The first step is to look at the work you need to accomplish. Ask yourself:

  • How big of a space will you have?
  • What you will be lifting and how much does it weigh?
  • How far will items need to be transported?
  • How high will items need to be lifted?
  • What type of terrain must the lift cover?
  • Do you need cushioned or pneumatic tires?
  • Do you need pallet jacks or other attachments?

If you aren’t sure which type of lift is best suited to your needs, rental professionals can help. They can advise you on whether you need a small or large forklift rental. They can also provide insight into specific models that might suit your project. 

Your Personnel

It is important to consider whether you will operate the lift yourself or have someone else do it. In either case, the intended operator must be trained and certified on the type of lift you rent. Using untrained operators is both illegal and unsafe. 

You should also evaluate your safety equipment. Do you or the driver have the right gear to operate the chosen lift safely? If not, you may need to rent that, as well. 

Duration 

Occasionally, forklifts may be rented by the hour. However, in most cases, they are rented daily, weekly, or monthly. Estimate the amount of time for which you will need the lift before renting. 

Best practice is to add up to 10 percent more time onto that figure. So, for example, if you expect to need a lift for nine weeks, you may want to rent it for ten. This ensures that you will have the lift for your whole project, even if you experience delays. 

It also helps you avoid costly overtime fees, which can apply if you return equipment late.  

Fuel Type

Forklifts come in electric and internal combustion (IC) models. 

Electric forklifts are primarily intended for use indoors. They are powered by batteries can have capacities between 3,000  and 15,000 pounds. 

IC forklifts may run on gas, propane, or diesel. They are typically intended for heavy outdoor work. They tend to have capacities between 5,000 and 35,000 pounds. 

Factors to Keep in Mind When Renting

Maybe you’ve asked, “where can I rent a forklift near me?” Perhaps you’ve already found the perfect place to rent and decided the forklift rental cost is a good investment. 

Before you sign the rental agreement, however, there are a few more things to keep in mind. 

Supplemental Fees 

Review the rental agreement for any fees that you may have overlooked. Most rental services charge between $50 and $100 for forklift drop-off and pickup, for example. Specialty equipment and attachments may also carry fees. 

Terms and Conditions

Terms and conditions include information such as when you are required to pay and in what form. They will also include details on when you may be charged extra, such as late fees. The conditions should also spell out what condition you are expected to return the equipment in. 

Both you and the rental provider should be clear on what will happen in the event that the forklift is damaged or other unforeseen circumstances arise. 

Forklift Rental Prices

Forklift rental prices vary by region, size, and style of lift. 

Small forklift rental typically starts around $100 per day. Weekly rentals cost about $350. Renting a small forklift for a month costs approximately $1,000, on average. 

Moderately sized IC forklifts cost around:

  • $180 to $260 a day
  • $400 to $575 per week
  • $1,200 to $1,600 a month

Very large diesel forklifts with accessories can cost up to:

  • $500 per day
  • $1,250 a week
  • $3,000 a month 

Obviously, renting for longer periods upfront is most cost-effective. Renting for shorter periods and then extending your rental will cost more. During periods of high demand, prices may escalate.

See What Renting Can Do for You

As you can see, forklift rental prices make renting an attractive and viable option for almost everyone. Contact your local forklift rental experts today and find out how they can help you with your next project.   

FAQ related to Forklift rental Prices

Can I rent a forklift with specialized attachments?

Yes, many companies offer forklifts with attachments like clamps or rotators, though these may come with an additional rental fee.

Are there hidden fees associated with forklift rentals?

Some rentals may include additional fees for delivery, maintenance, or exceeding usage hours, so it’s essential to review the contract thoroughly.

How can I save money on forklift rentals in 2024?

To save, consider bundling rentals, negotiating long-term contracts, and choosing the right capacity forklift for your job to avoid overpaying.

What is included in the rental cost of a forklift?

Typically, rental costs cover basic usage, but maintenance, insurance, and operator fees may be additional depending on the rental agreement.