Equipment Rental in Portugal is a fairly new business type that has only evolved over the past 8 years or so.
In the Lagos area I am not so sure that there are any real substantial businesses doing this, but I seem to remember that Mad Max in Portimão do some equipment rental.
Also see the following who are based between Albufeira and Faro.
http://www.brazmaq.com/brazmaq/aluguer.html - São Bras.
http://www.tools-tools.com/ - Loulé
http://www.vendaploc.pt/vendap_contactos.html - Ferreiras, nr. Albufeira
