Is it a Good Idea to Start a Dumpster Rental Business in 2023?
If you pay attention, you probably see dumpsters in driveways, parking lots and yards with messages on them like “Rent Me” or providing a phone number to call for rentals. You may have had a thought or two about buying yourself a truck or trailer and a few dumpsters to start your own rental business. Is it a good idea?
The answer to that question will have to do with a lot more than just you. Where you live matters. What are the laws? How big is the market? How much are dumping fees? Are there competitors? Your family matters. Can you afford the financial investment? The loans? Can you afford to invest the time it will take to get things going?
That’s a lot of questions. In general, though, we can get an idea of how starting a dumpster rental business in 2023 differs from starting that same business 5 or 10 years ago.
So What’s New in 2023?
Earlier this year, IBISWorld released a Market Research Report on the dumpster rental industry in the United States. The report studies the current dumpster rental market and makes predictions for the next 5 years. The report makes some interesting observations.
The five years previous to the COVID-19 pandemic (2014-2019) saw the dumpster rental industry grow consistently each year, driven largely by growth in residential and non-residential construction. Since 2020, the market has resumed its upward trend, and is projected to continue growing at least through 2027.
So Is It a Good Time to Get Started?
In 2022, the market already already reached heights beyond where it was in 2019. We continue to see growth in non-residential construction, and the demand for dumpsters is at an all-time high. The report projects that construction will continue to grow year over year through the end of 2027 – the end of the time period covered by the report.
The bottom line: the dumpster rental industry has already grown beyond what it was 3 years ago, and it’s expected to continue growing, and demand to keep increasing for the next several years. Is it a good idea to start a dumpster rental business in 2023? Do your research and find out if it’s a good fit for you. If it is, there’s no reason to wait. As demand grows, so will your competition. The sooner you get started and get your name out there, the better position you’ll be in to take advantage of the growing demand over the next 5 years and probably more.