Many brides and grooms have planned their wedding day for years. By providing wedding rentals, you can help make dreams come true for happy couples. However, you might find it hard to put a price on dreams. The good news is it's not impossible. TCFLinen is here to help you determine how to price wedding rentals in a way that’s profitable and competitive.
How Much Do Couples Pay for Wedding Rentals?
When you decide how to price wedding rentals, you first need to understand what your customers expect to spend. While this isn’t the only consideration, it can help you set prices that make you stand out from your competitors.
According to Wedding Wire, most couples in the United States spend between $425 and $1,000 on wedding rentals. The average rental cost for weddings is $650. In the lower range, couples spend $140 or less. As for the upper range, the amount is $2,000 or more.
These numbers include everything from table linens and dinnerware to lighting and tabletop decor. Event furniture, dance floors, and tents for outdoor events can also be included in this number.
How to Price Wedding Rentals For the Best ROI
Customer expectations can help you set competitive prices for wedding rentals, but you also need to determine what is profitable for your business. Doing so involves a little bit of math, but don’t worry! You can use a simple formula to help you start setting your wedding rental prices:
Cost x Markup ÷ Usage = Minimum Rental Price to Charge Per Day
Now, let’s break this formula down a little bit:
- Cost is the purchase price (including shipping) to buy the rental item.
- Markup in the industry is 75% on average. You’ll enter this in the formula as 1.75.
- Usage refers to the number of times you will rent the item in a year.
As an example, let’s say you want to determine how to price wedding rentals for this Clear Chiavari Chair (retail price of $119.99). If you plan to rent this chair 20 times in a year, the formula would look a little something like this:
$119.99 x 1.75 ÷ 20 = $10.50 per chair per day
Keep in mind that this is a simplified formula to help you decide how to price wedding rentals.
For maximum ROI, you’ll also want to consider any other costs and your unique business goals as you finalize your pricing. For example, companies that offer white-glove service should have more premium pricing than more budget-friendly options.
Mistakes to Avoid When Pricing Wedding Rentals
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Forgetting Your Labor Costs |
Forgetting to include costs for delivery, set-up, and pick-up can eat into your profits. |
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Setting the Lowest Prices Possible |
Selecting the lowest prices possible leads to lower profits for the same amount of work. |
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Leaving Prices Off Your Website |
Not including pricing on your website can make it harder to attract the right customers. |
Before you finish deciding how to price wedding rentals, you should be aware of some common pricing pitfalls. These mistakes can harm your bottom line in different ways.
Forgetting Your Labor Costs
In the world of wedding rentals, you and your team will spend time delivering, setting up, and retrieving items from your customers’ venues. If you don’t include these costs in your pricing, you will cut into your profits (or even worse, lose money).
Setting the Lowest Prices Possible
You might think that having the lowest prices will make your business more appealing to customers. However, lower prices equal lower profits.
The way you price your wedding rentals can also send a message to potential customers about your value. While you want to offer competitive pricing, you still want to make a profit and be seen as a high-value service.
Leaving Prices Off Your Website
Transparency is important to customers, especially when they are spending a lot of money to plan a special day. Having your prices or a range listed on your website makes your company seem more trustworthy and more attractive to potential clients.
Clearly listing your prices can also help you attract customers who have the right budget for your services. The result is a higher conversion rate.
Build Your Wedding Rental Inventory With TCFLinen
Once you know how to price wedding rentals, it’s time to make sure you have the right inventory to rent to happy couples. TCFLinen offers a stunning selection of wedding essentials like table linens, dinnerware, lighting, tabletop decor, artificial flowers, backdrops, and even furniture. These essentials and extras can make each wedding magical and memorable!
In addition to offering beautiful and affordable decor that’s designed to last, we also offer a Preferred Partner Program that gives members special benefits:
- Expert Guidance and Support: Our experienced team members can help you with everything from selecting the perfect decor to placing large, complex orders.
- High Quality and Low Prices: With our wholesale pricing, it’s easy to save on stylish event decor. Our bulk pricing lets you save more when you buy more.
- Speedy and Secure Shipping: Don’t worry about tight deadlines because our fast and reliable shipping options will get you your order on time (even if you need it overnight).
TCFLinen is the wholesale arm of Tableclothsfactory, one of the nation’s leading online retailers of event decor, so you can count on both quality and reliability at every step.
With our tips for deciding how to price wedding rentals and help from TCFLinen, it’s possible to make dreams come true for happy couples while you make a profit!
