Understanding Skid Steer Rental Cost: Factors, Comparisons, and Savings
Skid steers, whether they're wheeled or tracked, are commonly used for any small and medium-sized project. The cost to rent a skid steer depends on a variety of factors including location, size, model, rental duration, attachments needed, and more. In this blog, we will cover each price factor in more detail.
How Much Does It Cost to Rent a Skid Steer?
However, according to our research and data, wheeled skid steers have rental prices ranging between $200 to $450 for a day, $750 to $2,000 for a week, and $2,500 to $4,000 for a month. Compact track loaders have a similar range with daily rental prices between $250 and $700, weekly rates of $1,000 to $2,000, and monthly rates from $3,000 to $5,000.
| Skid Steer and Compact Track Loader Average Rental Costs | |||
|---|---|---|---|
| Average Daily Rate | Average Weekly Rate | Average Monthly Rate | |
| Wheeled Skid Steer | $200 - $450 | $750 - $2,000 | $2,500 - $4,000 |
| Compact Track Loader | $250 - $700 | $1,000 - $2,000 | $3,000 - $5,000 |
While these are the averages across North America, you can try contacting local rental companies for quotes. However, the easiest and most efficient way to find rental prices for skid steers and compact track loaders is by searching DOZR's Marketplace. On DOZR, you can set your jobsite location and find the rental rates from all the local equipment rental companies in that area. Simply search for wheeled skid steer rentals or compact track loaders and set your jobsite location.
Factors That Influence Skid Steer Rental Cost
As mentioned, several factors influence the rental price of skid steers and compact track loaders.
Size and Capacity of the Skid Steer
There are three sizes of skid steer loaders: small-frame, medium-frame, and large-frame. Smaller models are typically cheaper and rise in price the bigger they get. Larger skid steer models have more horsepower and lift capacity and also tend to be worse on fuel. If you are working on a project that requires moving heavier materials, a larger skid steer may be worth the cost.
As larger models are more specialized pieces of equipment there is typically less demand for them on the rental market. This means that rental companies may not have as many in their inventory which can lead to higher rental prices.
Rental Duration
A general rule in renting construction equipment is the longer you rent the equipment, the cheaper the daily rate will be. For example, if you rent a skid steer for a day, the total might be $300, but if you rent it for a week, it could be only $1,200. This means that the average daily rate is $240.
This is why it's so important to know how long you will need the equipment. Understanding the project's schedule before renting equipment will help you cut costs and save money when needed. It will stop you from paying for unused days and minimize the number of times you need to extend or shorten your rental period.
Make and Model
Contractors have their favorite make and models and so do equipment rental companies. This results in some brands and models being more expensive to rent than others. What you're willing to pay may change depending on the options available.
However, most skid steers are capable of performing the same tasks. To determine which make and model you need, we suggest comparing all skid steer brands and compact track loader brands. You can also read our skid steer and compact track loader spec guides to find models that fit your requirements.
Location and Delivery Costs
The location of your job site will also affect the cost of the skid steer rental. For example, compact track loaders are in more demand in northern regions and Florida where terrains can get muddy. Wheeled skid steers are more popular in dry areas. This is just one example of how location leads to price changes in different markets.
As for delivery costs, they change on a project-to-project basis. Delivery is affected by the location of the jobsite and the location of the equipment rental company. Having an exact location of the jobsite, and making sure you don't accidentally put in your office's location, will provide you with accurate quotes.
Market Conditions
As was witnessed throughout the COVID pandemic, market conditions can affect pricing drastically. For example, as the supply chain affected the shipments and delivery of new models, more contractors were forced to rent. This drove up prices as demand increased but supply remained the same.
Weather can also affect the market. Prices can increase when equipment is needed more, like snow removal equipment in the winter. Overall, various market conditions can affect skid steer and compact track loader rental prices.
These are just a few factors that can affect skid steer rental costs. There are also post-rental costs that can add up. These include fuel costs, attachments, insurance, and environmental fees. It's important to consider these miscellaneous costs when creating your equipment rental budget.
How to Save on Skid Steer Rental Costs
Fortunately, there are a few ways to save on skid steer rental costs. The first is to have a firm understanding of just how long you will need the equipment. Paying for unused days or not having the equipment long enough can eat into your budget. If you need one for an extended period, it's best to go with weekly or monthly rates to save on costs.
The second is to book your equipment as early as possible. Last-minute orders, especially in busy locations, can drive up rental prices. Unfortunately, this may be necessary if a piece of equipment breaks down suddenly and is affecting your project timeline, so the positives might outweigh the negatives.
The third option is to book the right equipment for the job. Underestimating the size of the skid steer you need might put you back a day. On the other hand, there's no sense paying more for a larger skid steer when a smaller one could have been just as efficient.
The Cost of Renting Vs. Buying a Skid Steer
Unfortunately, there is no clear answer on whether or not you should buy or rent a skid steer. It all comes down to context and preference. Below we will cover a brief pros list for renting a skid steer.
Pros of Renting a Skid Steer
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Less Upfront Costs: New skid steer models cost upward of $50,000 which can be a lot of money for small companies. This also doesn't factor in storage, maintenance and repairs, transportation, and asset depreciation.
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Delivery and Transportation: When renting equipment, transportation to and from the site is included in the price, reducing the need for a trailer and delivery person.
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Attachments: When you own a skid steer, you will also need to buy all of the attachments that fit with the model or that you need to use. Most equipment rental companies do not rent out the attachments without the machine.
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Wider Range of Options: When renting a skid steer, you can have access to a wide range of sizes and specs. This allows you to be flexible with the model, brand, and size that works best for the project. When buying a skid steer, you are locked into one specific size. It also allows for the freedom to switch been a tracked skid steer or a wheeled skid steer, depending on your needs.
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Cost Effective: If you don't use a skid steer for every project, it makes more sense to rent the equipment.
Cons of Renting a Skid Steer
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Utilization and Usage Rates: If you use a certain size of skid steer with very specific attachments each time, it may be worthwhile to buy the equipment. High utilization rates can make any equipment purchase make sense as it turns a liability into an asset and can help save on costs in the long term.
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Flexibility: When you rent equipment, you are affected by the availability of the equipment rental company's inventory. When you own equipment, you can make your own schedules and aren't limited to the company's inventory.
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Known Costs: As mentioned above, market conditions and other factors can affect the cost of a skid steer rental. When you own a skid steer, you know your costs and can adjust accordingly.
Why Choose DOZR for Affordable Skid Steer Rentals
While skid steer and compact track loader rental prices depend on several factors, finding accurate prices and renting construction equipment can be easy. With the DOZR Marketplace, you can search for transparent skid steer rental prices, as well as other equipment.
At DOZR, we emphasize affordability, access to multiple equipment rental companies, and providing a wide variety of makes and models. Try DOZR today by visiting our equipment rental pages, putting in your jobsite location, and finding the model that meets your needs. Search for skid steer rentals or compact track loader rentals near you on the DOZR Marketplace.
