To Buy or Rent: Party & Event Edition - Loanables

To Buy or Rent: Party & Event Edition

Weddings, birthday parties and holidays often present a challenging question. How do I get all of the gear needed to host the event without blowing my budget and leaving nothing for those special touches that make my event unique? At Loanables.com we want people to spend their money collecting memories and having experiences rather than on acquiring stuff that will sit collecting dust in an attic, or worse yet, cost more money to store for years to come. But, if you like to entertain, it’s possible the cost of owning may eventually even out. So, when it comes to special events, which items should I rent and which should I buy? The answer always depends on how many future uses you expect to get out of the item. We’ve done the math on a few common party items and you can apply the same formula to anything you are considering for purchase or rent.

Kid Table & Chairs

So, I know a family with 5 kids who was committed to doing birthday parties at home because…5 kids=5 kids birthday parties every year. That’s almost every other month! I guess I shouldn’t be too surprised, given I grew up in a family with 5 kids too, and at home birthday parties were the norm. Actually, we only got to have a party every 3 years so it wasn’t overwhelming. But, this particular mother of 5 purchased a long, folding kid table and 8 chairs for one of the first parties. She stored it flat against the wall in the garage in between uses but found that once she had it, she pulled it out for even more things like holiday meals and art projects. It cost about $175 to purchase the set, and it is used in their household about a dozen times each year. Assuming the kids fit in the chairs from the ages of about 2-12 years old, that it a cost per use of $1.46 ($175 divided by 10 years of use, divided again by 12 uses per year). To rent these items (1 kid table and 8 chairs) would cost $28. So in this case, purchasing is significantly less expensive than renting. If your situation is different because you host fewer events, the result may also be different.

Pop-up Tent

As a business owner, this is a difficult one for me. A pop-up tent seems to have many uses! I have done the occasional conference exhibit or holiday vendor show, and shade for an outdoor party or other event are key to making it bearable! The question comes down to cost and number of uses. These sorts of tents can vary widely in price. But for a good-quality, 10’x10′ canopy tent that won’t go flying in the wind, they are typically about $60- $100. This 12’x12′ pop-up tent is available to rent for $10 per day. So, it would take 6-10 uses to pay for itself. Thinking about my business, I really only do pop-up shows around the holidays. In fact, I think I did three last year. So, this probably wouldn’t be worth purchasing and storing all year long for those couple of uses. If you regularly show at a Farmer’s Market or other weekly/monthly event, though, your math will look different!

Bouncehouse or Inflatable Waterslide

Nothing completes a 3 year old birthday party more than a giant inflatable in the backyard! However, one thing I know for sure is that owning your own giant inflatable anything is not worth it! I say this, because we have had not one, but TWO in our attic for years. They have each been used only a handful of times. They are heavy and a pain to get in and out of the attic. The water ones need to stay out and dry for quite a bit before being stored. And they are really expensive! Now, they can also be expensive to rent, that’s true, but in comparison to other birthday party options, we think they turn out to be worth it for a special occasion. Your typical bounce house will cost anything from $120-$400 to rent from a company. There are a myriad of options to fit any theme. These cost $800-$2300+ to purchase initially and typically a rental company will include delivery, set up, and removal in their fee. Some of your neighbors may have a home version up in their attic though, so check the Loanables.com inventory to compare rental options from both your neighbors and local companies. Some examples include this Frozen themed bounce house in Houston or this Toddler waterslide in Austin that won’t set you back much at all!

If you have an event coming up or want to do something special for Labor Day in Austin don’t miss your chance to WIN a free rental of an inflatable waterslide and a bunch of other outdoor games like Giant Jenga and a Tug-O-War rope. It would cost almost $700 to purchase all of these items or they could be FREE if you win! Good luck!

 

, August 23, 2017. No Comments on To Buy or Rent: Party & Event Edition. Category: Giveaways, Party Ideas.

About Kristine

Kristine is an entrepreneur and business consultant. She invented a handy little gadget called My Bag Belt and uses her creative thinking to help other small businesses through their unique marketing challenges.

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