Coronavirus Hitting Event Rental Industry Particularly Hard

Photo by The Climate Reality Project on Unsplash

The effects of the coronavirus (COVID-19) are significantly impacting the equipment and event rental industry. According to a recent survey of the American Rental Association (ARA) membership, rental revenues are declining and are projected to significantly deteriorate in the coming months.

All party and event rental business respondents indicate event cancellations leading to a loss of revenue when compared to 2019. Nearly 55% report revenue loss in excess of 60% and 15.63% of respondents experiencing 46% to 60% loss of revenue. Of these cancellations, the majority are corporate, private, festival and charitable events. 

The survey results representing construction/industrial and general tool/DIY members indicate a lesser economic impact, albeit concerning. As of March 16, 37% have indicated no revenue loss, 32.92% experiencing up to 15% revenue loss and less than 3% reporting loss of more than 60% of rental revenue.

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