Go RV Rentals Publishes RV Rental Price Index Report
Go RV Rentals, the preeminent source for RV rental pricing analytics, has released its 2022 RV Rental Price Index Report. Since last year’s Report, the news has been filled with stories of high economic inflation for many goods and services. So, how have motorhome and camper rental prices fared?
The Report shows that the base cost to rent an RV is currently $184 per night, which is up 3.6% from one year ago. Note this key data point represents the average base price of all RV types across 20 sampled metro locations. Furthermore, $184 excludes miscellaneous charges such as insurance, service charges, optional equipment, and sales tax, all of which together may add 50% or more to a bottom line trip cost.
RV rental prices range from an average daily rate of $91 for a pop-up camper to $300 for a Class A motorhome. The mid-priced travel trailer and Class C motorhome average $116 and $215, respectively. Furthermore, within the sample the lowest daily rate observed was $35 for a pop-up camper and the highest daily rate observed was $725 for a Class A motorhome.
According to Go RV Rentals Founder and Online Marketing Director David Kosofsky, “It’s fortunate for travelers that the cost to rent an RV has been kept comparatively in check during a period of historically high inflation. In fact, RV rental prices are up only 3.6% over the past 12 months compared to the 8.5% inflation rate reported by the Bureau of Labor Statistics in their Consumer Price Index (CPI). Within the RV industry, it’s common knowledge that new and used RV purchase prices have exceeded CPI lately. Yet, what many may find counter-intuitive is that RV rental rate growth has significantly lagged CPI. On the supply side, this trend is due to increasing unit and platform competition in the RV rental space, a sector that experienced extraordinary growth during 2020 – 2021, as travelers chose one of the safest ways to travel during the pandemic. As the pandemic wanes, nearly all forms of travel previously limited by government restrictions have opened up, and these alternatives have curbed RV rental rates on the demand side.”
Mr. Kosofsky goes on to say, “renting an RV is cheap compared to the cost of owning one. Most RV owners only use their RV about 20 days per year, according to the RV Industry Association, so the rig sits idle 345 days. All the while, the owner is making a monthly note payment and/or suffering depreciation. Also, there is the cost burden of storage, insurance, property taxes, maintenance, and repairs.”
A 2020 study by Go RV Rentals revealed that a typical $80,000 Class C motorhome’s cost for those 20 days of usage is $911 per day when you factor in the total cost of ownership. Now compare that to an average base rate of $215 per day for renting a Class C, and it’s easy to see why RV rentals are a travel bargain.
Furthermore, the beauty of renting an RV is that when you’re done with your trip, you can just turn over the keys to the owner and don’t have to deal with all of those ownership costs. This is why many people who want to go RVing rent one versus buying it. This is also why a lot of RV owners are renting out their RVs to defray ownership expenses.
The 2022 RV Rental Price Index Report, includes drivable RVs or motorhomes: Class A, Class B, and Class C; and, towable RVs: travel trailer, pop-up, and toy hauler in the survey. Furthermore, the Report includes 20 major U. S. metropolitan markets. Included metros are: Atlanta, Austin, Charlotte, Chicago, Dallas, Denver, Detroit, Houston, Los Angeles, Miami, Minneapolis, Orlando, Philadelphia, Phoenix, Portland, Salt Lake City, San Diego, San Francisco, Seattle, and Tampa.
Anyone interested in reading the current installment of Go RV Rentals’ Report is referred to Everything To Know About RV Rental Prices on the company’s website, where updated RV rental prices are published on a current basis.
About Go RV Rentals
Go RV Rentals (gorvrentals.com) is the leading website for the RV rental lifestyle, industry sector trends, how-to guides, and featured camping destinations. Site visitors can quickly find an RV rental in one search. They can also plan their road trip using the many free resources on the website.