Rental Management 201: Intermediate Rental-Module 4: Rental Rates

Video Transcription

Video Summary

In this video, the speaker discusses the importance of rental rates and how they are not always determined by a set formula. They debunk myths such as setting rental rates based on overhead costs or a fixed percentage of dealer net. The speaker explains that rental rates should be based on factors like customer demand, competition, and the value of time and money for customers. They emphasize the need to consider the machine's usage, wear and tear, market demand, and whether the item is a commodity. The speaker also highlights the different rental periods and how they affect pricing. Overall, they emphasize the importance of adjusting rental rates based on market conditions and customer needs.

Keywords

rental rates

set formula

customer demand

market demand

rental periods