You love RVing, but unfortunately, your rig is spending too much of the year collecting dust in storage. Your spouse says you aren’t getting enough use out of it to justify its cost, so it’s time to sell. Sound familiar? It’s a dilemma many RVers are faced with, but the solution doesn’t have to be parting ways with your beloved RV.
Thanks to the rise of peer-to-peer rental services, turning your RV into passive income by renting it out is easier than ever. If you aren’t using your RV full time, chances are it spends weeks and sometimes months going unused. Instead of letting it sit, you could be getting paid to let other travelers enjoy it while you aren’t using it. Often, RVers are able to cover a large chunk of their RV payment using the income generated from renting it out. Should you rent your RV instead of selling it? Here are a few things to consider.
Passive Income
The number one factor to think about is how much you can make with renting your RV and whether that income can justify keeping your rig around. You may not make as much money by renting out your RV as you would selling it (at least initially), but you may be able to make enough to offset your RV payment. And you still get to use the RV whenever you want! You just rent it during the times you aren’t using it. The prices RVers charge per night can range from $50-300 depending on the type of RV. RV rentees make an average of $10,000 a year by renting their rig, but peer-to-peer rental site RV Share advertises earning up to $60,000 per year by listing a Class A motorhome on their site. The amount you will make depends on several factors, such as how new and how nice your RV is, the area you’re renting in, how often you make your rig available to rent, and how well you build your peer-to-peer rental “business.”
Choose Your Rental Service
Once you decide you want to rent out your RV, you’ll have to choose how you’re going to do so. Luckily, there are several sites out there that make it incredibly easy to list your RV. Think Airbnb, but for RVs. The most popular peer-to-peer rental sites include RV Share, Outdoorsy and Campanda. For each site, you’ll have to share anywhere from 15-25% of the revenue with them, but they also make it easy to have insurance for both you and the renter as well as roadside assistance included in the booking. You get to choose how much you charge and what dates your rig is available for rent, and the peer-to-peer rental company helps match you with renters who are searching in your area and facilitates the transaction. The commission they earn on your rental is well worth the marketing and insurance benefits that come with their services!
Rental Location and Time of Year
Another thing to think about is when and where you are renting. If you live in the northeast and you’re only willing to part with your RV to rent it out in the winter months, you probably won’t make as much revenue as someone who is renting their RV out during the summer in an area with an abundance of national parks. If you live in a metro area near an airport and your area is full of popular RV stops, you have a better market for travelers who don’t own RVs but want to fly to a certain location and hop in an RV for a weekend road trip rather than staying in a hotel.
Prepping Your RV for Rental
Keep in mind if you’re going to rent out your RV, that means you’ll have to remove all of your possessions and give it a good cleaning each time you send it off with a new renter. Often RVers have items that the keep in their RV at all times, but if you’re renting it, you’ll want to keep it looking as close to new as possible. It’s good practice to leave a few essentials for renters like extra linens, some coffee or tea, and a few dishes and toiletries, but for the most part, you want to let the renter make it feel like home. It might be a pain to remove all of your clothes and knick knacks before each rental, so you’ll have to decide if the income is worth the hassle.
Letting a Stranger Drive off in Your Rig
This is definitely the most stressful part of renting out your rig. The first time a stranger drives off in your RV may be anxiety-inducing! After all, it’s essentially your home they’re riding off in. While you can never guarantee your RV will come back in the exact same shape it left in, the good news is most peer-to-peer RV rental sites have extensive insurance policies that will cover damage should any occur. It’s just a matter of getting comfortable with the idea of handing over the keys and being at peace with leaving someone else in charge.
Introducing Others to the Joys of RV Living
On the flip side of that last point: while handing the keys to a stranger may be daunting, there’s also a certain joy in it. You’re allowing another family to soak in everything that’s great about RVing during their vacation. There’s a reason why you’re trying to avoid selling that RV – you know how great RV vacations can be! With renting, you can let someone else join in on the fun while allowing yourself to still reap the benefits of being an RV owner. You just might be the catalyst that leads someone to become an RV owner themselves!
Rent Your RV Instead of Selling Your RV
It’s no small decision to choose to sell or rent your RV. There are a lot of factors that come into play, and there’s no right or wrong, only what you feel is best for your particular situation. Hopefully though, we’ve been able to provide you with an option to manage the financial piece of owning an RV without having to kiss it goodbye!
For more on how to make the most of RV ownership, check out our blog for RV tips and tricks!
