New York is one of the busiest places in the world. The transportation industry is a big part of that -- three major freight corridors connect the start to a large transportation network that extends beyond state borders. Commercial vehicles are needed for routes from Buffalo into Pittsburg, from Syracuse into Pennsylvania, and of course from Albany into NYC.
Some of the finest goods, infrastructures, and foods in the world travel through these freight corridors. Consumers and businesses alike recognize the great possibilities for the transportation industry in New York. Take advantage of this business potential by understanding the rental trends in the state. Leverage technology to optimize vehicle utilization and satisfy capacity needs.
COOP is proud to provide metric-based insights on New York’s transportation rental trends. Your business can use these metrics to gauge how its fleet utilization compares to the market’s rental demand at large. As a vehicle-sharing platform that serves both companies that need additional capacity and businesses that want to reduce downtime for idle units, we put together this guide so that your company can always keep moving.
Whatever your business needs, use this market guide to stay ahead of the rental surges and transportation trends in your market.
New York is, as it always has been, one of the first regions to face the challenges of the modern world. In the five boroughs and beyond, companies have faced manufacturing shortages, population migrations, and a changed face of the tourism industry.
One of the most important unique circumstances that will affect the commercial fleets into 2022 is the manufacturing shortages. Delayed production of several vehicle types has brought many companies into the rental market for the first time. Since purchasing a vehicle is more difficult, many companies are looking to the rental market to satisfy their capacity needs. Many manufacturers and shippers in New Jersey look to secure their freight lines into New York however possible. These businesses need final mile and over-the-road vehicles for freight capacity that allows them to mobilize to the point of sale.
To a lesser extent, population migrations that have bolstered the Moving Season critical to New York’s summer demand are worth keeping an eye on. Very common vehicle specs like etracks and liftgates will likely be at premium levels of demand around this time. With people getting back on planes, New York is a popular destination. Food venues have created outdoor dining spaces that promise a return to restaurateur demand, and with it a need for cold chain logistic vehicles once winter is over.
Rental transactions last an average of 21 days. This presents an opportunity to lock in long-term reservations to earn a stable profit margin out of idle vehicles that may have sat for the month otherwise. Our commercial vehicle-sharing platform brings this innovative solution to your business, it’s free to join keeps idle vehicles from negatively impacting the bottom line.
As businesses continue their growth trend, freight lines out of North Jersey and Albany into the city see greater rental demand to haul things from goods to food.
The Food industry, largely distributed out of upstate New York and consumed by New York City, is also a large driver of rental demand. The state is the 4th largest producer of dairy products. In the second quarter, we see a higher-than-average need for refrigerated vehicles out of Syracuse and Buffalo. Refrigerated trailer vehicles go out for 25 days at a time on average, which could mean a steady revenue stream through Food industry demand primarily in Q2 and Q4.
During the summer festival season in late June to early July, businesses can profit from providing vehicles that are maneuverable in the city to other companies trying to get additional capacity. This demand includes light-duty models like 26’ straight trucks, sprinter vans, and 16’ box trucks.
Holidays are the main driver of demand from the Tourism industry, as well as the adjacent Business & Personal Services Industry. A new Amazon distribution center in Long Island is a hallmark of rising demand for these industries. Christmas and New Years holidays create spikes in 26’ box truck rental demand in New York City to accommodate the increased tourist traffic. With many tourists flocking to the city, these industries need support from Owners with idle vehicles available to rent.
According to the largest moving company in the U.S. New York State was #3 for population migration in 2020 -- which leads us to anticipate a strong straight truck demand coming up in 2022 for moving companies. With New York state’s 7.4% population growth in 2020 driven by counties like Erie, Onondaga, and Albany, it’s more than just New York City when looking at what could change with rental demand.
More people means more goods and more business opportunities. A great place to start is with the largest percentage of vehicle rental days in the state, which is dry trucks. In New York and across the country, there has been a huge trend to rent more final-mile vehicles as people increasingly rely on ecommerce for their goods. It is especially important in New York City where these vehicles are easier to maneuver in tight streets. In the city, unlike other markets or even upstate New York, sleeper tractors are not as in-demand. Many businesses have a preference for day cabs, which implies a need to satisfy daily local trips rather than go over the road.
The top industry that drives demand is the Food and Beverage industry in New York. This industry has a preference for Freightliner and International refrigerated vehicles that are known to be reliable. However, Utility vehicles get the longest rentals of any other brand by far at 21 days -- primarily through the customizable refrigerated trailers, reefer vans, and flatbed trailers they manufacture. Business and Personal Services is a close second for industry demand, and fortunately for Owners they require much of the same final-mile 16’ box trucks, 26’ box trucks, and sprinter vans that rental demand drivers need throughout the market.
Know the different influences that drive rental demand to keep your commercial vehicle’s wheels moving. With manufacturing done largely outside of the city, it comes down to the final-mile of delivering goods and services to drive the bulk of commercial rental vehicle demand yearlong.
The first quarter sees high rental demand for certain vehicle types. While it is true that dry trucks make up the bulk of New York’s rental demand, we see some of the longest tractor rentals go out in February. This is largely driven by sleeper tractors rented for over-the-road hauling. Tractors that go out in February stay on rentals for nearly 20 days at a time on average. These long-term rentals are a worthwhile cost-benefit analysis to make if your business only needs them a couple days in the season, they may be worth renting out instead.
Spring also presents business opportunities for those with fleets. Flatbed trailers see their top demand in the second and third quarter as the Construction and Building Materials industry take up a greater proportion of demand. As businesses prepare for the 2022 year, they should prepare for climbing demand that peaks in Spring. Driven partly by trailers that can go over-the-road, this season has the most rental demand outside of the Q4 holiday season. From 2017 through 2020, the trend of rising rental demand into Spring and Fall has shown consistently, which could mean great opportunity for Owners throughout 2022.
One final push remains for the 2021 Q4 holiday season demand that peaks in December. Nothing quite compares to the Tourism, Food, Beverage, and Ecommerce industries business need for commercial vehicles at the end of the year. With each large event planned, Owners should look to take advantage for profits instead of sitting on idle fleets. December alone makes up 10% of rental demand for both tractors and trucks in New York state.
Starting in Mid-November the freight capacity needed for mass returns of online and in-person shopping goods creates the ‘Boxing Season.’ To get these goods back to distribution, Boxing Season causes a substantial need for dry 16’ to 26’ straight trucks as well as commercial trailer rentals. Lately, this phenomenon has gone on longer than previous years. Even into January of 2022, we anticipate greater-than-normal demand for units that can satisfy Boxing Season’s rental demand.
Though 2020 came with challenges that left an impact on rental demand trends, 2021 has proven to be a return to the norm with certain notable exceptions. The need for final-mile vehicles seems to go beyond seasonality, and be a yearlong expectation. Future-proof your business by planning ahead, and giving it the tools to succeed in this unique business landscape.
New York businesses are used to plenty of opportunities. Technology is reshaping how vehicles are utilized and your business can profit. In fact there is a new technology, COOP by Ryder, that allows businesses to generate revenue when they experience vehicle downtime.
How can you create a new revenue stream for your business? COOP is the vehicle-sharing platform that offers businesses a groundbreaking way to better utilize their fleet. Companies with idle vehicles can generate revenue by renting out their trucks, tractors, and trailers. Additionally, when businesses need extra capacity, they can use COOP to get vehicles with the right specs and get on the road in a few easy steps.
As the economy overcomes the challenges of last year, make sure your business is prepared. Keep the wheels moving and look to leverage COOP as a tool to help positively impact your bottom line.
Know what to look for so that your fleet and you will get ahead. Take the initiative, join COOP to help your business reach its goals.
From growth in the food industry’s demand for freight, interest rates remaining high for the time being, fluctuating truckload rates, and other trends, the summer sees activity heat up, and it’s essential to be aware of these key topics.
This blog covers various commercial vehicle rental developments and historical stats you need to know, including whether we can expect an uptick in demand in Q3. To manage your fleet needs effectively, tools like the COOP by Ryder platform help businesses gain the flexibility to optimize fleet use. Read our complete guide for more data and insights to help your business make informed decisions about the transportation market in the third quarter and beyond.
Download our complete guide to read more about these topics and for additional market insights.
Based on historical rental trends over the last few years, we expect the Food & Beverage to see very strong activity. Additionally, moving companies have plenty of activity with local and cross-country moves until summer’s end.
As the holiday rush of Q4 approaches, keep in mind that many businesses will look to secure additional fleet capacity to move inventory toward the end of this season.
Take a deeper dive into these solutions and how they could help your business. Get the Q3 Rental Guide.
Having the right amount of vehicles for your business can take time and effort during the summer months. COOP helps Renters source equipment by finding available commercial vehicles from other trusted companies on the platform.
Whether you have a large or small fleet, listing idle vehicles on the COOP platform can improve utilization, cover transportation costs, and increase your bottom line in Q3.
Start your journey and sign up for COOP. With the assistance of our team of professionals and cutting-edge technology, you'll have access to an innovative platform with tools that businesses across the country are using to create extra revenue or increase their fleet capacity.
To learn more about the market conditions this summer and gain additional knowledge and statistics, get the comprehensive Q3 2023 Commercial Vehicle Rental Market Guide today!
Managing commercial vehicle rentals efficiently is vital for businesses. That's why we've developed a user-friendly dashboard to get rental information quickly and help streamline your experience. Whether you're a frequent Renter or just getting started, our Renter Dashboard is designed to give you greater control and visibility over your rental activity on COOP.
If you’ve had rental transactions on the COOP platform, you can see and download your statements with just a few clicks. Here’s how:
1. Click the Get Statements button from your Renter Dashboard.
2. Your renter statement overview will open displaying your summary of charges.
3. Filter the statement(s) you need by reservation or date range.
4. To download the page as a PDF, right click anywhere in the top portion of the page. To download the page as a csv file, right click the reservation and select “Export”.
At COOP, we're dedicated to helping businesses succeed by streamlining logistics and transportation needs with our technology-driven commercial vehicle rental and solutions platform. This new Renter Dashboard feature is another valuable tool to helps Renters on their journey to success. Stay tuned for more features coming soon!
Ready to get started? Apply for an account today!
Have an account? Check out your Renter Dashboard.
Looking to rent commercial vehicles in bulk and unlock the possibilities for your fleet needs? We're thrilled to bring you a new, significant feature designed for businesses that are looking for multiple rentals at once. You can now request multiple vehicles on the platform when searching for them.
To use this new feature and request to rent multiple vehicles of a certain type, click here. With a few clicks and a little bit of info, you're on your way to getting the vehicles you need. You’ll be able to customize your requests based on vehicle type, price point, specifications, rental periods, and more, all in one go. Once you submit a request, our team will connect with you to set up the reservations.
Watch this video clip to see how it works:
Finding extra capacity and optimizing fleet use shouldn't be a middle-of-the-road experience, and with COOP, it's anything but. We understand that seasonal demands, special events, excess inventory, and many more impact the need for finding several vehicles right where you need to pick up and haul your loads.
At COOP, we take pride in providing reliable service and innovative solutions for your commercial vehicle rental needs. The introduction of the Multi-Vehicle Request feature is just one more way we're committed to elevating your experience with us. Start renting today and discover how to enhance your approach to bulk rentals and empower your business for success. Stay tuned as we share more new features in the coming weeks and months!
The busy moving season is here! Many individuals, families, and businesses choose this time to relocate due to favorable weather conditions, school breaks, and the availability of free time. Whether your company is in the moving industry or not, this time of year presents a significant opportunity to expand your customer base, maximize fleet utilization, and find ways to generate higher revenue.
On the COOP by Ryder commercial vehicle sharing platform, companies can build relationships by connecting with a community that provides access to rent or list vehicles all at their fingertips. In this blog, we’ll cover some trending stats, tips for planning, and more. For an in-depth look at some moving industry insights and tools to effectively manage fleet demand, read our complete guide.
Here are a few stats that show the direct connection between transportation and the moving industry.*
Read our guide for more facts about the moving industry.
Preparation is key to ensuring a successful peak season. Even if your business is not in the moving industry but has commercial vehicles sitting on a lot somewhere, exploring plans for maximizing fleet utilization can lead to practical solutions that can move the needle and increase profits. Here are 3 tips on what you can do to remain competitive:
· Embrace flexibility
· Keep up with new tools
· Adapt to the market's needs
Using the COOP platform provides helpful resources and options to plan accordingly and keep your business moving.
Depending on the size of the job, a wide range of vehicles are needed to have sufficient space and capabilities to transport belongings. The following are some of the most commonly used vehicles during peak moving season:
· Box Trucks
· Cargo Vans
Want to get more specifics about these vehicles? Read our guide for more details about each one.
There are many ways businesses can take advantage of a revolutionary commercial vehicle sharing community like COOP during the moving season. With our innovative tools, we’re helping businesses overcome challenges and optimize fleet utilization. By registering for an account, you can get access to thousands of commercial vans, trucks, tractors, and trailers available for rent in your area. Plus, companies with idle equipment can list their vehicles to earn thousands in additional revenue.
Download our complete moving season guide now to get more insights!
*Sources: American Trucking Associations, Forbes, IbisWorld