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Is renting out your RV a good business? How much money can you make renting out an RV? Read on to learn more.
Renting out your RV is a great side hustle, especially if you're a seasonal RVer or a snowbird. But is RV renting all it is made out to be? Will you get your RV back in the right shape? and which is the best platform to list your RV for rent? Read on as we dive deep into how you can earn a passive income by renting out your motorhome.
Should I Rent Out My RV?
Let's start by asking one basic question; should I rent out my RV? The answer depends on a number of factors. Do you own a decent RV that stays parked a couple of months a year? Would you like to earn some extra income through your RV? If you answered Yes to these questions then renting out your motorhome might be the right call for you.
Pros and Cons of Renting Out Your RV
Before you decide to rent out your motorhome, let's take a look at some pros and cons of the process.
Benefits of Renting Out Your RV
Extra Income: Renting out your RV is a great way to make some passive income during the off-season. A Class A motorhome can be rented out for over $250 per night. This makes renting out your motorhome a solid business idea.
No Storage Charges or Campground Fees: Not everyone has a garage or driveway where they can park their RV for free. Renting your motorhome saves you the money you would have to spend on storage costs and campground fees.
RV Payment: RVs are expensive, especially Class A motorhomes and larger trailers. The income you get from renting your RV can go towards your motorhome payments while making sure that the RV pays for itself.
Share the #rvlife Experience: A lot of new RVers want to get a taste of the RV lifestyle before they commit to it and they do that by renting RVs. RV sharing allows you to promote the RV lifestyle and introduce new people to the benefits of living on the road.
Meet New People: The thriving RVing community is full of different kinds of RVers. It is always a good idea to meet new, like-minded people and share your #vanlife stories. The more people you meet, the stronger the community becomes.
Stresses of Renting Out Your Motorhome
Moving all your stuff out: One of the benefits of owning your own RV is that you can store all your camping gear and other stuff inside the RV year-round so that it is ready and packed whenever you decide to hit the road. When you rent it out to someone, you will have to take all that stuff out which is an added hassle.
Wear and Tear: RV maintenance is no joke. While your RV is on the road it will face wear and tear (and maybe even bruises and bumps). While RV insurance can help cover any major expenses, you will have to pay the normal maintenance expenses yourself.
Cleaning the RV after every trip: You need to clean and wash your RV after every renting trip. Even if the renters were nice enough to tidy up the inside of the RV, very few would swing for a full wash and deep clean. Cleaning your RV that frequently is not just a hassle but can also rack up the bills if you're paying a professional to do it.
Tension and Anxiety: For a lot of RV owners, the RV is their home. Letting someone else into your home (and driving off with it) can be a stressful thing. No matter how conscientious your RV renters are, they are still strangers using your space.
How to Rent Out My Motorhome?
So you've decided to rent out your motorhome, what next? Here are some ways you can rent out your RV.
List your RV on Peer-to-Peer RV Sharing Platforms
The easiest way to get your RV on the market for renting is to use RV sharing platforms like Outdoorsy and RVshare (RVezy if you're in Canada). These platforms help you find pre-vetted renters for your RV. You can easily find renters for any kind of motorhome or camper and based on your location, you can charge a premium rate for your RV. Shared economy hosting is not a new concept, but if you're a new renter, it might take you some time to get used to the concept. However, Outdoorsy, RVshare, and other related platforms have a user-friendly interface that walks you through the process seamlessly.
Find Renters in Your Local Community
Maybe you're not comfortable vetting RV renters online, another way to find reliable renters is to reach out to your local community through newspapers and E-newsletters. Have your local news portals run a small AD about your RV and ask interested candidates to meet you face-to-face. This is a good way to meet and vet potential renters so you can choose the ones you are most comfortable with.
Advertise Your RV on RV Forums
There are many online forums where RVers of all types frequent. Choose the one you're most comfortable with and let them know that your RV is up for renting out. Advertising on RV forums means you are reaching out to your target market directly. You can interview interested candidates online or in person, as per your preference.
Is the RV Rental Business Lucrative?
How much money can you make renting out your RV? Well, the exact amount depends on the class and type of RV you own, the renting platform you are using, the season in which you are renting your RV, and how well you advertise your RV and negotiate the rate.
Here are some examples from Outdoorsy on how much you can make on a 1-2 week RV rental:
$1,600-$3,000 for a Class A RV
$1,500-$3,000 for a Class B RV
$1,100-$2,200 for a Class C RV
$900-$2,000 for a campervan
$900-$2000 for a camper trailer
According to RVshare, larger motorhomes can make up $60,000 a year through renting on their platform. But RV sharing is not all about the income, there are costs too.
Commission: If you're hosting your RV on a peer-to-peer sharing platform, you will have to pay a commission to them for every renting opportunity they send your way. Outdoorsy charges 20% of the total reservation cost while RVshare can cost up to 25%.
Maintenance and Insurance: You will be paying all the maintenance costs on your RV. The more your motorhome gets used, the more maintenance it needs. You will also need to pay for RV insurance (which is essential when renting out your RV)
RV Storage: Even if you have back-to-back renters lined up for your RV, you will still need a place to park your RV, even if it's just for washing it. You need to factor in RV storage costs when calculating how much money you can make off of renting your RV.
FAQs
How easy and convenient is renting out your RV?
Peer-to-peer RV marketplaces make renting your RV out a breeze. You have all the freedom to choose the kind of renters you want, the rate you want to list your RV at, and how frequently you want to rent your RV out. The platforms help you handle all the scheduling, the only thing you have to do on your own is prep your RV for renting.
What kind of insurance do I need to rent out my RV?
Online RV renting platforms offer insurance packages to RV owners. For example, Outdoorsy offers comprehensive and collision insurance to owners worth up to $250,000 and RVshare offers up to $200,000. The companies also provide liability coverage of up to $1 million. Additional protection for your RV includes DMV checks for your renters, renter security deposits, customer support teams, and 24/7 emergency roadside assistance.
Can I rent out my RV on AirBnB?
Yes, you can rent your RV on AirBnB. The platform has a campervan hosting section where you can host your RV as an Airbnb. The platform also offers insurance to hosts.
What type of RV is the most rented?
Travel trailers and Class A motorhomes are the most popular RVs with renters. However, there is a marketplace for every kind of RV. Depending on the location and the season, campervans and Class C motorhomes also rent out pretty quickly.
Can I rent out my RV on my property?
Technically Yes, you can rent out an RV that is parked on a property you own. However, whether you can do so depends on city and state laws. A lot of states don't allow you to rent out your RV while it is parked on your property.