Consumer goods rental sector, 2023

Released: 2024-12-02

Third consecutive year of growth for the consumer goods rental sector in 2023

The consumer goods rental and general rental centres industry groups reported total operating revenues of $3.7 billion in 2023, up 6.7% from 2022. During the same period, operating expenses rose 7.2% to $2.9 billion, leading to an industry-wide operating profit margin of 20.7%.

Ontario (59.1%) accounted for the largest share of total operating revenue in 2023. Quebec accounted for the next largest share with just under one-fifth (19.4%) of the total operating revenue, followed by British Columbia (8.3%) and Alberta (6.6%). Combined, these four provinces represented 93.4% of the industry's total revenue.

Sales continued to be dominated by individuals and households, who contributed just over two-thirds (67.9%) of total industry sales in 2023. The business sector accounted for 27.9% of sales, while government, not-for-profit organizations, public institutions and clients outside Canada represented the remaining 4.2%.

Salaries, wages, commissions and benefits were the largest operating expense for this industry and accounted for 28.9% of total operating expenses in 2023. This was followed by amortization and depreciation, representing 21.4%, and the cost of goods sold (16.1%).

Industry group breakdown: consumer goods rental and general rental centres

The consumer goods rental industry group, primarily engaged in renting or leasing personal and household goods, such as electronics, furniture and appliances, reported an operating revenue of $2.8 billion in 2023, up 5.3% from one year earlier. Operating expenses for this industry group reached $2.2 billion, resulting in an operating profit margin of 22.6%.

The general rental centres industry group, which rents out consumer, commercial and industrial equipment, reported an operating revenue of $831.3 million in 2023. Operating expenses for this industry group amounted to $713.2 million, resulting in a profit margin of 14.2%.

Looking ahead to 2024

The following factors should positively impact the consumer goods and household-related rentals industry group in 2024: the downward trend in inflation from its peak in 2022, policy interest rate cut by the Bank of Canada starting in June 2024, and continued investment in residential building construction. A complete financial picture for the 2024 reference year will be provided when survey data are published in 2025.

Contact information

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