US Product Rental and Leasing Sector NAICS 532

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Industry Summary
The 51,000 product rental and leasing establishments in the US provide the use of commercial and consumer goods in return for lease or rental payments. Establishments may rent or lease nonfinancial intangible assets, including patents and trademarks (but excluding copyrighted works).
Seasonal, Uneven Demand and Cash Flow
Cash flow in the equipment rental/leasing sector is seasonal and driven by the dynamics of downstream industries.
Variability in Residual Value
Firms are exposed to financial risk when the market value of a vehicle or rental good is less than its depreciated value (residual value) when it is sold.
Recent Developments
Oct 4, 2025 - Crane Count Drops
- A decline in the number of cranes operating in North America could signal a reduction in crane rental demand. Rider Levett Bucknall’s latest Crane Count reveals a 44% drop in crane activity across 16 North American cities, signaling a slowdown in construction momentum. While cities including Chicago, Denver, and San Francisco saw increases, major markets such as New York and Los Angeles experienced sharp declines due to project completions, financing constraints, and high interest rates. The report highlights a fragmented landscape where rising national construction costs contrast with uneven regional activity. This unevenness suggests the sector is in transition, with developers cautiously navigating economic pressures and shifting demand. A drop in crane activity could signal weaker demand growth for other types of construction equipment rentals.
- Demand for building design services rose slightly in August from the prior month, but design demand remained in negative territory, according to a September report by the American Institute of Architects (AIA). The AIA’s Architecture Billing Index (ABI) rose to 47.2 compared to July’s reading of 46.2. Any reading of 50 or more indicates growth in architectural billings. The score for new project inquiries dropped to 50.3 in August from 53.4 in July, and the index for the value of new design contracts decreased from 47.9 to 47.2. August marked the 18th consecutive month of decline for new design contracts, the longest slump in the 15 years the AIA has collected data. However, the AIA’s Chief Economist, Kermit Baker said, "While business conditions remained soft at architecture firms nationally, there are signs that the downturn may be bottoming out. Inquiries for new projects have increased four straight months, and billings both at firms with a multifamily or commercial/industrial specialization are beginning to stabilize."
- Some rental car companies are using AI-powered software to inspect cars for possible damage when customers turn in their rentals, according to USA Today. Such tools can detect minute damage to a vehicle's paint or body. Hertz has deployed technology by UVeye and suggests the AI-enabled tool streamlines rental and maintenance processes, ultimately improving customer experiences. However, some industry watchers suggest such tools often trigger additional charges to consumers for damages with no human oversight baked into the process. In some cases, there is no human intervention unless a customer complains.
- The Equipment Leasing and Finance Association’s (ELFA) Monthly CapEx Finance Index (CFI) showed new business volume increased 2.8% to $10 billion in August 2025 compared to July. On a year-over-year basis, new business volumes decreased 2% in August. New business volume declined 2.7% in the first eight months of 2025 compared to the same period in 2024. ELFA CEO and President Leigh Lytle said, "The equipment finance sector is holding up well despite some choppiness, and we’re seeing a second consecutive month of improving demand. I am not concerned about the modest rise in losses; we have seen similar spikes followed by quick reversals. With lower interest rates now a reality, we should see an easier financial environment, which should help fuel growth in equipment and software demand over the next 12 to 18 months."
Industry Revenue
US Product Rental and Leasing Sector

Industry Structure
Industry size & Structure
The product rental and leasing services sector is comprised of 51,000 establishments that employ 577,300 workers and generate $210.6 billion in annual revenue, according to government sources.
- The product rental and leasing services sector represents 1.5% of the nation's Gross Domestic Product (GDP) and employs 0.4% of the country's workers.
- The sector is concentrated with the 20 largest firms representing 48% of revenue.
- In addition to employer establishments, the product rental and leasing services sector has 123,000 owner-operated establishments with no employees. Subsectors with the highest numbers of nonemployer establishments are commercial and industrial machinery and equipment rental and leasing (29%); automotive equipment rental and leasing (35%); and consumer goods rental (27%). The owners of nonemployer establishments typically perform the work and may outsource support functions like marketing and accounting.
- The product rental and leasing sector has shed about 4,100 establishments annually, which equals about 8.7% of existing establishments. However, the sector has added about 4,300 new establishments annually, which is equivalent to 8.4% of existing establishments. As a result, the sector has an average loss rate of 0.3%.
- The product rental and leasing sector is forecast to grow its employment base by 3.6% overall in 2024-2034, which is slightly higher than the national average of 3.1% for all jobs, according to the Bureau of Labor Statistics.
Industry Forecast
Industry Forecast
US Product Rental and Leasing Sector Industry Growth

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