Growth in the consumer goods rental sector cools in 2024
Following two consecutive years of double-digit growth in total operating revenues, the consumer goods rental and general rental centres industry groups experienced a deceleration in 2024, with revenues rising by 2.5% to $3.9 billion. Operating expenses mirrored this growth, increasing by 2.5% to $3.1 billion, while the operating profit margin was unchanged at 21.2%.
Ontario (60.9%) had the largest share of total operating revenues and contributed more than three-quarters (77.7%) of the nominal growth in 2024. Meanwhile, British Columbia, Alberta and Quebec together made up 14.3% of the growth, and the remaining 8.1% came from the other provinces and the three territories.
Individuals and households were the largest clientele for these industry groups, accounting for 66.3% of sales in 2024, though their share of sales was down slightly (-0.9 percentage points) from 2023. By contrast, businesses represented 29.3% of sales in 2024, while sales to governments, not-for-profit organizations, public institutions and those outside Canada accounted for the remaining 4.3%.
The three largest components of operating expenses in 2024 were salaries, wages, commissions and benefits (28.9% of total operating expenses), amortization and depreciation (21.6%) and the cost of goods sold (15.9%).
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 operating revenues of $3.0 billion in 2024, up 2.8% from the previous year. Operating expenses for this industry group grew 2.6% to $2.3 billion in 2024, leading to an operating profit margin of 23.4%.
Operating revenues for the general rental centres industry group, which rents out consumer, commercial and industrial equipment, were up 1.6% to $879.8 million in 2024. Operating expenses for this industry group reached $758.3 million, resulting in an operating profit margin of 13.8%.
Looking ahead
Investment in residential construction with housing starts in the first half of 2025 was up 2.3% over the same period in 2024. Going forward, the consumer goods rental sector may be positively affected by lower interest rates, with the Bank of Canada cutting its policy rate by 2.25 percentage points since June 2024, along with easing inflationary pressures. A complete financial picture for the 2025 reference year will be provided when survey data are published in 2026.
Note to readers
Data from 2022 and 2023 have been revised.
These and other data related to business and consumer services can be found at the Business and consumer services and culture statistics portal.
Contact information
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