After polling its members, the American Rental Association says “rental revenues are declining and are projected to significantly deteriorate in the coming months” due to impacts from the coronavirus crisis.
As of March 16, 32.92 percent of ARA’s construction/industrial and general tool/DIY member survey respondents say they’ve been experiencing up to 15 percent revenue loss; 37 percent have indicated no revenue loss and less than three percent reporting loss of more than 60 percent of rental revenue.
As would be expected, the impact is much greater on the association’s event side where 55 percent of survey respondents said they had revenue losses in excess of 60 percent.
“This is a dire time for our industry,” says Tony Conant, ARA CEO. “ARA and ARA Insurance have put initiatives in place to ease the financial stress on our members as it relates to membership dues and insurance premiums.”
ARA says it will deploy weekly surveys to monitor the current situation.