Also referred to as lift trucks, forklifts are expensive, yet important machines in almost any warehouse today.
Buying a forklift outright would cost you about $30,000 or more. This is why many forklifts are leased or financed. If these are not viable options for your business, forklift rentals will come in handy.
Forklift rental costs vary significantly from rental company to another. The rental cost for a forklift will mainly depend on its capacity, age, features and the lease period. On average, you should expect to pay between $225 and $800 a day or $1,000 to $5,000 a month to rent one.
Throughout this article, you will learn the benefits of renting a forklift as well as the various rental cost factors associated with these machines.
Average Forklift Rental Cost – Industry Standard
Holding other factors constant, the cost of renting one will depend on its capacity and how long you would like to have it.
Bearing these in mind, here are the industry average rental rates for forklifts:
Low Capacity Forklifts (3,000 to 5,000 lbs.)
The smallest of forklifts in the market today is capable of lifting between 3,000 and 5,000 pounds.
As such, these units tend to attack the lowest rental rates. With daily rental plans, you should expect to spend between $250 and $360 a day on such a machine.
The leading rental companies will charge you between $750 and $1,000 for such a forklift with monthly rental plans.
Medium Capacity Forklifts (6,000 to 10,000 lbs.)
As you can imagine, these are larger in size and even more powerful, as co pared to the low capacity forklifts. As such they will cost more to rent. On average, a medium-capacity forklift costs between $350 and $700 a week to rent.
Should you decide to opt for monthly rental plans, the leading providers will charge you between $1,000 and $2,000 per month. Some of the best forklift rental companies are also known to offer daily rental plans. In this case, you will be required to pay between $150 and $300 a day to rent the machine.
Large Capacity Forklifts (10,000 to 30,000 lbs.)
Machines within this range are some of the largest forklifts you can find today. This being the case, the various makes and models within the range come at higher rental costs. For instance, daily rental plans for these machines cost between $200 and $700 a day.
With weekly rental plans, most companies will charge you between $500 and $2,000 a week. For monthly forklift rental plans, machines with this capacity often cost between $1,500 and $4,500 a month to rent.
Hourly Forklift Rental Rates
While there are many forklift rental companies in the industry, only a few offers per hour rental agreements. This is one of the reasons why they charge a comparatively high cost for such rentals.
For instance, you may need to rent a low-capacity forklift, say a 5,000-pound capacity forklift, for just a few hours.
Some of the leading rental companies would be willing to rent it to you for about $124 for an average of two hours. If you would rather rent a higher-capacity forklift on an hourly basis you should be prepared to spend more.
On average a two-hour rental for an 8,000-pound forklift would cost you about $163 per hour. You should also read the agreement to know whether the company will charge you penalties if you happen to return the machine late. If so, the cost of renting a forklift will be higher for late returns.
Additional Forklift Rental Cost Factors
Following the delivery of the equipment to your premises, the forklift will be entirely in your hands. As such, you will be required to pay for any maintenance and repairs carried on the unit as long as it is in your hands.
In addition to the above-mentioned cost factors, there are several other costs you should anticipate while renting a forklift. Discussed below are some of the additional costs you may incur while renting this piece of equipment
Delivery and Pickup Costs
If you happen to be renting the forklift from a contractor far away from you, you should be prepared to pay for the trucking expenses as well. This is because the forklift needs to be transported from the company site to your warehouse.
The transportation cost for a forklift will mainly depend on its size and the distance it needs to be transported. Some of the leading rental companies will charge you about $115 for deliveries within their stipulated delivery radius.
If the distance is longer than that, the provider may charge you an additional per-additional-mile cost to deliver and pick up the forklift. You need to check this with your preferred rental company as it will impact your overall rental cost.
Although some companies include a tank-full of fuel in the rental cost, you will have to refill it on your own if it runs out. As you may be aware, forklifts run on an array of fuel types, including diesel, gasoline, and LPG.
Fuel costs will partly depend on the type of fuel your rented unit uses. On average, you should expect to spend about $3 for every gallon of fuel consumed by the forklift while under your care.
Most of the leading forklift rental companies send their forklifts with a qualified operator. In such a case, the rental cost will be inclusive of operator fees. However, if such an operator happens to work overtime, you will be required to compensate him or her accordingly.
When the working hours exceed the operator’s shift schedule, be prepared to pay anywhere between $5 and $30 per hour in overtime fees. In other cases, the rental company may fail to provide an operator. In such a case, you will be required to hire one.
If the company is not able to provide an operator to man the forklift, a qualified operator would normally you around $15 an hour. For a forklift operator that has lots of experience, it would be around $20 an hour.
Ready to Rent a Forklift?
As you may be aware, a forklift is an important piece of equipment for lifting and stacking consignments and items in almost any warehouse.
However, these machines do not come cheap. This is why a considerable number of businesses result in renting one in accordance with their needs.
The cost of renting a forklift will mainly depend on the rental period and capacity. In some cases, you will also be required to cover delivery, pickup, and operator costs. All these factors will impact the total forklift rental cost.
If you prefer buying a forklift from a trusted brand like Toyota, check out our buyer’s guide.