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  • Appropriate rental fees?

    a friend at work i have been friends with for 20+ years has sent his M32 in for various reasons. he has had a few gigs pop up and needed a mixer so i rented him my Qu-16, apple extreme router and ipad with charger and cable.

    these gigs are net $4k each.

    after a few gigs he asked me what i wanted for a rental fee, and i thought i was giving him a HECK OF A DEAL by saying $60 per night. for anyone else i either wouldnt rent out or it would be $150/night.

    he kinda balked but accepted.

    i think i was really low on my price. what is a typical fee for those items, racked and ready to go?
    band status - "its complicated"

  • #2
    Somebody like Andy or Bill would be able to give you a better response - but I would use a formula like this

    Y = total replacement cost for vintage gear, or total purchase cost for new gear
    X = Y * 0.03

    Nightly fee: X
    Weekly fee: 2X
    Monthly fee: 3X

    Note that this is much higher than Long & McQuade (Canada's big chain) charges. But they get both ends of the deal on this stuff (the same holding company owns Yorkville, which is mostly what they rent). Long & McQuade appears to use X = Y 0.013 or thereabouts, assuming they are pricing based on retail purchase price.

    Wes


    Do daemons dream of electric sleep()?

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    • #3
      that formula would be $75
      band status - "its complicated"

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      • #4
        Originally posted by wesg View Post

        Note that this is much higher than Long & McQuade (Canada's big chain) charges.
        I'll offer a hunch that an attractively priced rental program by a retailer could be a marketing strategy by getting the product in the hands of a potential buyer... rather like test driving a car at a dealership. A "break-even" or even subsidized rental price that produces sales may be pretty cheap and/or cost effective advertising.

        A couple years ago I purchased a new to me, used riding lawn mower... and it is "pretty nice"... comfortable, easy to operate, does a real nice job, etc... My neighbor wander over to admire my new to me mower while I was mowing a mutual patch of lawn that we trade-off on mowing. I invited him take my mower for a spin... he refused, absolutely. Said if he tried it out, he'd likely "have to have one"... didn't want to be tempted.

        I need to catch up with those guys, for I am their leader.

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        • #5
          The rental industry charges a 10% of replacement cost per rental.

          $ 150 mic should rent for $ 15 per day.

          For longer term rentals, 3 days = a week. The mic would be $ 45 a week.
          Thanks,
          Bill Cronheim
          Entertainment Systems Corporation
          Back stage since 1965
          Equipment specialist since 1973

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          • #6
            thats what i thought, but $250 seems high. i know guys that cant get work with an entire rig, truck, trailer +themselves for that price per night.

            band status - "its complicated"

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            • #7
              I work a 4 star resort that hosts corporate events. I get $ 75 a day for a wireless mic and $ 125 an hour to set it up, operate it and strike it.
              Thanks,
              Bill Cronheim
              Entertainment Systems Corporation
              Back stage since 1965
              Equipment specialist since 1973

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              • #8
                thats what i thought, but $250 seems high. i know guys that cant get work with an entire rig, truck, trailer +themselves for that price per night.
                It really varies... that 10% thing is what I have seen when people are dealing with A/V providers at hotels and for professional events, renting to the public and less price sensitive clients.

                The 3% with a big break for multiple days is a lot closer to what I've seen for cross rentals between my friends for live sound or low-rent video production.

                FWIW, if it really is a buddy, usually they either _want_ to pay me what it's worth or I do it for free cause they've helped me out. $60 for that rig seems really inexpensive (normal, though) buddy rate, especially on a $4k gig.

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                • #9
                  I agree pretty much with Bill's opinion, maybe 7 or 8% rather than 10% depending on the piece of gear (mics take quite a beating in the rental market). My guess is that $75/day would be a pretty darn reasonable rate (maybe too reasonable), and 3x the day rate for a week is pretty typical.
                  -------------------------------------------------------------------------------------------------------------------------------------------------------------------
                  Former product development engineer: Genz Benz, a KMC Music/FMIC/JAM Industries Company, continuing factory level product support and service for Genz Benz

                  Currently product development engineer: Mesa Boogie

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