Latest ARA member survey shows third month in a row of improving conditions for the event rental industry

For the third month in a row, American Rental Association (ARA) event rental members are reporting improved business conditions. The results from the latest ARA member survey in March, in fact, show a near reversal in responses with nearly 64 percent saying the situation for event rental is getting better compared to 8.2 percent who say it is getting worse.
 
“We are seeing signs that business for the event rental companies is improving with each passing month in 2021. The number of positive responses from those surveyed is on the rise, while those reporting decreases in quarterly revenue is lower than it has been in months,” says James Auerbach, ARA vice president, event segment. 
 
“We still have a long way to go to get back to the levels of revenue prior to the coronavirus (COVID-19) pandemic, but it seems like the event rental industry is turning a corner,” Auerbach says.
 
Of those responding to the survey, 81 percent said they expect their first quarter 2021 revenue to increase compared to the first quarter of 2020. In February, the number expecting an increase was 28 percent.
 
Responses to the question, “Since vaccine distribution started, we have noticed the following effect/s on our business,” also has changed significantly in March when compared to responses from January and February.
 
For example, 61 percent in March said future bookings have increased compared to 37 percent in the February survey and 11 percent in January.
 
Of those responding in March, 56 percent said they have increased customer calls compared to 44 percent in February and 10 percent in January; 29 percent in March said they have increased revenue, up from 8 percent in February and 3 percent in January; and 32 percent in March said rentals have increased compared to 11 percent in February and 3 percent in January.
 
Survey respondents on the equipment rental side also say things are improving from their perspective as 35.4 percent said the situation in the first quarter 2021 is better compared to the last quarter with 46.4 percent says it is the same and 18.2 percent saying is getting worse.
 
Some on the equipment side also said they are seeing positive impact from vaccine distribution with 24 percent in the March survey saying they have seen increased revenue, 22 percent said they have increased future bookings, 28 percent said they have increased rentals and 27 percent said they have increased customer calls.