How Do Audio Equipment Rental Prices Compare to Buying Your Own Gear?
AV equipment plays a key role in the success of any event. Having the right gear is essential, but it can be expensive to purchase and maintain.
Buying or renting conference audio equipment depends on the needs of the project and your technical capability. Buying may be the best option if you anticipate using the equipment often.
1. The Cost of the Equipment
Purchasing high-end audio equipment can be extremely expensive. A few quality speakers alone can cost thousands of dollars. Plus, most events require many other items including mixers, microphones, stands, cables and more. This is where renting AV equipment makes sense. AV companies know what each event needs and can provide a strategy that maximizes resources.
AV rental businesses may also incur costs for warehouse or storage space to house their inventory. This cost can vary depending on the geographic location and size of the facility. Additionally, a rental business will incur costs to maintain the equipment they own including regular maintenance and repairs as well as replacement parts.
Finally, a rental company will need to pay for employee wages and salaries as well as insurance premiums including liability and property coverage. This can range from $15 to $30 per hour depending on the level of experience and responsibilities of each employee. These costs can add up quickly when operating a rental business.
2. The Duration of the Rental
Whether you’re staging a live event, a corporate function or a tranquil wedding, quality sound takes it to the next level. With so many moving parts, finding the right equipment and securing it on time is key. When selecting a reliable audio equipment rental provider, look for one that offers state-of-the-art gear and has a clear policy on equipment damage. This is important, as most states require lessors to bear the risk of loss unless otherwise specified in the lease agreement.
Purchasing your own equipment is usually more expensive than renting it on an hourly basis, especially when you’re considering high-end sound mixers and PA systems. However, the benefits of owning your own audio equipment include full control over usage, no rental fees and lower maintenance costs. It’s a solid option for AV producers with the resources and space to purchase their own gear. It’s also ideal for recurring events where equipment is used on a regular basis.
3. The AV Brand
Many AV rental companies keep their equipment updated and in good condition. However, there are some pieces of equipment that are a little older but still hold their own against current technology. These pieces of equipment can be rented at a lower price because they’re not as up to date and they don’t have the same features as newer equipment.
When a customer rents a piece of equipment, they should be able to choose exactly which piece of equipment they need based on the type of event they’re planning. This is where consolidated rental
software is a great asset. This type of software allows customers to use a web portal that displays all of the available equipment and lets them choose which items they need for their event.
This helps to reduce the chances of equipment not being used because it wasn’t chosen based on its appropriateness for an event. It also makes the rental process faster and more convenient.
4. Maintenance Fees
A good quality piece of AV equipment will likely require some regular maintenance. This includes things like recalibrating sound levels, replacing parts and cleaning the equipment. Fortunately, most rental companies offer these services for their customers, saving them the hassle and expense of having to take care of this themselves.
Operating costs for a sound equipment rental business include costs like computer hardware and software for accounting and inventory management. These costs can vary widely depending on the specific equipment needs of the business and the type of software solution that is used.
Additionally, a rental company will need to budget for marketing and advertising expenses in order to attract and retain clients. Finally, licensing and permit fees may be required in some states and localities in order to operate the business. Liability insurance is typically required in order to protect against liability for equipment damage or injury, and can range from $500 to $1,000 per year.