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How Much Does It Cost To Lease Gym Equipment?

Dec 13, 2023 • 4 min read
finance lease buy gym equipment
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      The cost to lease gym equipment will depend on how much equipment you plan to lease, the brand of equipment, and the type of machines. It might also be impacted by personal factors, such as your credit score and borrowing history.

      Depending on the size of your gym, you likely need to acquire at least $30,000 worth of new equipment. And while the final numbers will depend on your credit score, you could be able to lease $30,000 worth of equipment for roughly $1,000 to $2,000 per month—perhaps even less.

      Details of cost.

      According to gym equipment manufacturer Primo Fitness, the average commercial gym ranges from about 3,000 to 4,000 square feet. As noted above, filling this space with gym equipment will cost a budding gym owner roughly $30,000 to $50,000.

      More modestly, Primo Fitness estimates that it would cost about $10,000 to fill a small 1,500-square-foot personal training studio—this includes about four treadmills, a pair of ellipticals, several strength machines, and dumbbells. 

      Here’s a breakdown of potential lease prices based on current equipment prices and a 6% lease rate. Note that other fees may increase the monthly cost depending on the lease’s structure.

      Price12 months24 months36 months
      Strength rack$400$57$41$35
      Elliptical machine$1,000$143$102$88
      Free weights$500$72$51$44
      Bench press$200$29$20$18

      Benefits of leasing gym equipment.

      Leasing gym equipment can be a smart play for your small business because it doesn’t require nearly as much upfront capital as it does to buy equipment—and lease terms are typically less restrictive than financing terms. Also, when a lease is done, you can often choose to lease brand-new equipment, so you can keep your gym up-to-date from year to year.

      Gym equipment leasing vs. buying.

      While the obvious benefit to buying gym equipment at the outset is owning the equipment, leasing doesn’t require a large infusion of startup capital—a key advantage. Additionally, gym equipment can become obsolete fairly quickly, but when you finish repaying a lease, you often get the option to lease new equipment.

      Pros and cons of leasing vs. buying.

      ProsLower upfront costs
      Obsolete equipment replaced with each new lease
      Equipment owned outright by owner
      Potentially lower total cost
      ConsLocked in monthly payment with no prepayment optionCapital required up front
      Equipment outdated after a few years

      Equipment leasing vs. equipment financing.

      Financing and leasing of equipment share many similarities, but there are some key differences to be aware of. In both cases, you will be required to make a monthly payment over a set period of time. However, equipment financing takes the form of a loan with interest and includes the option to prepay the loan.

      By financing, you will gain ownership of the equipment. On the other hand, equipment leasing often means that the lessor (i.e. the person or company providing the equipment) retains the title of the equipment, event though you are using it.

      Learn more about your options for gym equipment financing.

      Quickly compare loan offers from multiple lenders.

      Applying is free and won’t impact your credit.

      About the author

      Lendio's team of experts is here to help you with every nook and cranny of your business. We'll make sure you have the best advice for financing, operations, management, hiring, and much more.

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