Can you make money renting your own RV? That may be one of the questions you have on your mind if you own an RV but only use it part time. In this article, we’ll be explaining how you can make money from your RV by renting it out. In addition, we’ll discuss the pros and cons of doing so.
Can you make money renting your own RV?
Let’s get straight to the point. Yes, you can make money renting your own RV. It’s actually a really good idea to do so if you’re looking for extra income. In today’s economy, who doesn’t want to earn a little more money on the side?
This is a particularly good idea for those who only use go RVing part-time. Instead of putting it in storage when not in use, you can opt to rent it out. That’s not to say full-timers can’t rent out their RVs. It will just reduce the amount of time their vehicle can be rented.
Aside from earning extra income, the money from renting out your vehicle could go towards paying loans or debts. If you haven’t paid for your vehicle in full yet, renting it out will help cover your RV payments. Additionally, it will supplement your maintenance and operating costs.
What are the pros and cons of renting out your RV?
While earning a little more income is an attractive idea, renting out your RV is a decision you shouldn’t take lightly. This is especially true if you’re a full-time RVer. Below, we’ll discuss a few of the pros and cons when turning your vehicle into a rental.
We can think of three main factors that may convince you to rent out your vehicle.
Firstly, the biggest point on RV rentals’ side is the money you’ll get. This will of course depend on how often you rent out your vehicle, but on the average, you can earn around $10,000 annually. And that’s a conservative amount. Many RV owners who rent out their vehicle even report earning upwards of $30,000.
Secondly, renting your RV out can provide you with a way to subsidize accumulated purchase, maintenance, and operating costs from your vehicle. Buying an RV can’t be cheap so renting it out will definitely help you with the costs.
Thirdly, you will be introducing new people into the RV life. By renting your vehicle, you allow other people to join the RV community and experience it for themselves. Moreover, you are also expanding your network of RVers. You meet new people through your RV rentals.
Of course, with pros come the cons. While renting out your RV will help with your expenses, there are a few minor things that could put you off turning your RV into a rental.
First, there’s the issue of having to empty your vehicle of personal artifacts before every rental. It’s a small thing, but depending on how much you have to move, it can be a hassle on top of being time consuming.
Second, you’re not sure of the kind of people who will be renting your RV. This could cause you to worry about wear and tear, proper handling, or worse, accidents while they’re on the road.
Third, the learning curve associated with turning your motorhome into a source of income. Evidently, you will have to learn a little about business, since you will be selling your vehicle as a rental. It might take a little more effort to learn, some research about the correct market rate, and great people skills.
The benefits and drawbacks we presented were meant to help you decide whether or not you want to let other people borrow your RV and get paid for it. If you’re still leaning towards yes, then you need to know how to do so. The next part of this article will discuss the mechanics and give examples of RV rental marketplaces.
How can you make money renting your own RV?
There are several RV rental marketplaces you can utilize to rent your RV out. Most of them have an online payment system, customer support, and roadside assistance. In addition, Below, we’ll discuss two of the most popular platforms. Specifically, we’ll present RVshare and Outdoorsy.
First, we have RVshare, which is an RV rental platform that connects would-be renters with current owners. It’s a great site even for beginners, as listing your RV for rent is free. Through RVshare, the middleman is removed from the equation. Thus, potential renters can connect directly to you. What’s more, you can vet who rents your RV. You can also set the price and availability of your vehicle.
Moreover, RVshare aims to give you peace of mind whenever you let others use your motorhome. With this in mind they have a rental insurance with collision and comprehensive coverage, as well as liability coverage. To add to this, their insurance providers are two of the biggest names in the country, namely MBA Insurance and National General Insurance.
Next, there’s Outdoorsy, also a trusted RV rental platform. Similar to RVshare, it’s free to list your vehicle on their platform. You can also decide on who gets to rent your precious motorhome. What makes Outdoorsy stand out is its extensive background check on potential renters. Before renters can book your RV, their driving history is checked thoroughly.
In addition to these measures to keep your vehicle safe, Outdoorsy also has a liability insurance policy, which also covers theft and damage.
In summary, the answer to the question “Can you make money renting your own RV?” is yes. Definitely, you can make money from renting out your own RV. It’s actually a pretty lucrative stream of income in today’s world where RVing has become quite popular. Above, we’ve given the pros and cons of renting out your RV and explained how you can do so through peer to peer rental sites like RVshare and Outdoorsy. Armed with this knowledge, the decision is all yours.