How do I rent my RV and start making money in the sharing economy?
No doubt about it: Renting out your RV is a brilliant way to unlock extra income. Turning your motorhome or travel trailer into an earning machine can help you pay for the rig’s repairs, maintenance, insurance, and storage fees.
And if you’re a little savvier, you could generate enough revenue to fund future adventures, pay off your camper loan early or pay for kid’s college tuition.
Notably, the average RV owner spends just 3 to 4 weeks a year using their rig according to the RV Industry Association. Yet, all RV types lose around 30% of their value within the first four years. Surely, if you only use your mobile abode a few weeks a year, why let it sit idly in your garage and witness a drastic dip in value?
With that in mind, you must be wondering: how do I start earning from my rental RV? This guide will cover everything you need to know about generating income with your camper.
Now, let’s dig in and learn more about how to rent out your RV.
Is Renting Out Your RV Profitable?
Can you make money renting out your RV? Sure, renting out your camper is a profitable venture. However, your earnings will ultimately depend on:
- What type of RV you own
- What year your RV is
- How much you charge renters
- How often you rent it out
- Where you live
So, how much will I actually make if I rent my RV? Let’s discover this in the next section.
How Much Income Can You Generate From Renting Out Your RV?
Below is a breakdown of how much you could expect to earn renting out your RV. To be precise, our estimate is based on Go RV Rentals’ Price Index Report. For the annual earnings, we’ve calculated using 150 days (5 months). That’s because it’s more realistic trying to rent your rig for 150 days a year as opposed to 365 days a year.
|RV Type||Average Rental Price per Night||Average Rental Price per Week||Potential Annual Earnings (150 rental days per Year)|
|Class B / Campervan||$224||$1,568||$33,600|
As you can see, renting out your motorhome or towable is an enormously lucrative business. And if you manage to have your camper booked for more than 150 days a year, you can easily earn over $50,000 per year, depending on the type of rig.
On a related note, many people who start renting out their RV decide to grow their business. They really like this gig and the financial freedom it affords. Therefore, they go out and buy several RVs for rent by owner. Not surprisingly, these RV rentals can make an entrepreneur over a $100,000 – $150,000 per year!
Bottom line, you can make a whole lot of money renting out your RV. However, like most businesses it takes work and risks are involved.
Is Renting Out Your RV Worth It – Pros and Cons
Sure, I’ll make lots of money renting out my RV. But what else do I stand to gain or lose if I rent my camper out? Let’s go through the positives and negatives of this business venture.
Benefits of Renting out My RV
Looking for solid reasons to rent out your RV? Here are the main benefits you could enjoy.
- Offset Ownership Costs – If done right, renting out your rig could help offset the costs related to purchase, financing, maintenance, storage, repairs, upgrades, and insurance.
- Meet Other RVing Enthusiasts – You get to meet fellow RVers who are in love with the lifestyle, helping you grow your network of friends.
- It Feels Good Introducing People to RVing – Introducing newbies to the magic of camping in an RV can be quite fulfilling.
- Avoid Storage Fees – Renting out your RV means you don’t have to budget for storage in months your rig is rent out. RV storage can cost between $45 and $450 per month, depending on the facility and RV type.
- Your RV Systems Will be in Better Shape – An RV functions better when it’s used more frequently. Putting it in storage for extended periods may cause some systems or components to fail or rot.
Pitfalls of Renting Out Your RV
Just like any other venture, there are downsides involved in this business. Below are the cons of renting your RV.
- Wear, Tear, and Mileage – Your RV will be on the road a lot more often, which definitely causes wear and tear while adding more mileage to the engine.
- Stress and Anxiety – It’s not unusual to feel uneasy when strangers drive away with your precious investment, especially the first few times.
- Managing a Rental RV can be Time Consuming – Before every trip, you’ll need to clean the RV inside and out, put out your personal stuff, and put everything in order. You also need to walk renters through the various RV systems and communicate with them regularly.
- Damage – No matter how well you vet your renters, sometimes accidents just happen. Of course, If you didn’t use the right platform to rent out your RV, you might end up paying for damages with money from your pocket.
So, how do I rent my RV safely so I can worry less and avoid paying for damages in case something happens? Keep reading to discover.
How to Rent My RV Safely
Don’t be tempted to rent your RV directly to friends and neighbors or on Craigslist. What would happen if the person got involved in an accident? To eliminate risks, the best way to rent out your camper is through a well-reputed peer-to-peer marketplace.
Indeed, these sites provide you a platform to list your RV, so that thousands of potential renters can easily find you. And when someone rents your RV, you get covered in case anything goes wrong. But here’s an important thing to note: not all rental platforms are created equal.
Up next, we will look at one of the most reliable platforms for renters and RV owners alike, Outdoorsy.
Renting Out Your RV With Outdoorsy
Established in 2015, Outdoorsy is one of the largest, most trusted RV rental marketplaces in the world. It’s a peer-to-peer rental program that makes it easy to rent out your RV and earn some extra cash when you’re not using it. You can hire out your RV using their website or download the mobile app.
Outdoorsy is ranked among the best because of the lengths it goes to protect owners and their homes on wheels, thus offering peace of mind. Furthermore, the platform also ensures renters have the smoothest experience possible.
Here’s why you should consider renting out your RV with Outdoorsy:
- Your RV is covered with up to $1 million liability insurance
- Free roadside assistance
- They verify the renter details by doing DMV background checks
- It’s totally free to list your RV on their platform
- They do the marketing and bring leads to your listing
- They handle the booking request, transactions, and paperwork for you
- Their platform has a built-in chat that helps owners communicate and coordinate with renters
- Great customer support for every step of the rental process
- You have 100% control of who you choose to rent to
- Use your RV when you want to
- You get paid within 24 to 48 hours of trip departure
Of course, because of all of these services Outdoorsy provides, they keep 20% of all booking fees. That means you’ll earn 80% of the total reservation cost. That’s fair, considering all they do for you.
Smart Tips for Running Your RV Rental Business
I’ve finally decided to rent my RV, but how do I attract customers and maximize rental income? Use the following tips to earn more money from your camper and sustain a thriving business.
Marketing Hacks for Renting Your RV
- Use High-Quality Photos to Get More Bookings – Take some pretty pictures that showcase the inside and outside of your RV, and highlight the best and most interesting elements. Most renters love to see the sleeping areas and kitchens.
- Title Your Listing Wisely – Cut to the chase and communicate the things that make your RV stand out from the rest. E.g., dog-friendly, solar panels, TV, and multiple beds.
- Have a Killer Description – Provide a description that sounds great while still being accurate. Offer as much detail as possible to answer questions the renters may have.
- List Your RV in Google – Outdoorsy has a feature that helps your listing appear on Google search results. Specifically, the feature creates a copy of your Outdoorsy listing on Google, Yelp, and Yellow Pages, helping your rental RV show up in Google searches related to RV Rentals in your location. By all means, use it to get more bookings and make more money.
Offer Value Added Services
- Have a Delivery Option – Offer more options on delivery services. For instance, you could offer to drop off the RV at the airport, the renter’s home, the campground, at sporting events, or tailgate parties, and pick it up afterward. If you price your delivery wisely—above the fuel expenses, you’ll make more bucks.
- Offer Set Up Services – Some campers want to avoid the hassle of driving/towing, setting up, and parking the RV. Thus, you can charge a premium for setting up the RV at the campsite. This includes tasks like leveling the rig, rolling out the awning, bringing out camp furniture, and hooking up to electricity, water, and sewer.
- Charge Extra Mileage – You don’t want renters crisscrossing the country with your RV for free. Outdoorsy recommends setting a limit of 100 miles per day, and charging $0.35 per extra mile. Of course, you can set a lower limit or charge more per additional mile.
- Have a Cleaning Fee – You can include a cleaning fee as a part of the rental terms. While it’s necessary, it can also help you earn some extra bucks.
- Offer Add-Ons for a Price – Entice renters by including some optional amenities at a small fee. Providing camp chairs, a cooler, pots, cleaning supplies, a grill, a bike rack, or a generator will increase your revenue.
Tips for Increasing Your RV Rental Business Profit Margin
- Consider Discounts for Long Term Renters – To attract renters who will spend more, offer discounts to people who rent your rig for more than a week or month. Definitely, these incentives will help your RV stay rented longer, which translates to more dollars.
- Keep your Rig in Shape – Perform all routine maintenance and safety checks and keep records.
- Increase Rates Around Holidays or Events – Don’t have a fixed rental fee all year round. You can make good money by hiking your rates during peak seasons and increasing the minimum rental length.
- Lay the Ground Work for Repeat Business – Creating conditions for repeat business can help you amplify your earnings in the long term. Treat every renter right, be honest, add a welcome basket, provide a custom guide to orient the renter, be available to answer questions, and follow up a few days after the trip.
Renting Out Your RV is a Profitable Venture
Renting out your motorhome or travel trailer makes perfect financial sense right now. Lately, plenty of people are getting on board with the RVing lifestyle, therefore this is the ripe time to embrace RV renting as a side hustle. To make the most bang for your buck, adopt our smart tips above.
If you have an RV to rent out but have reservations about letting a stranger drive it, partner with the right RV sharing platform, and you’ll have peace of mind. Outdoorsy makes the process smooth and stress-free, and they go above and beyond to protect you and your RV.
Apart from offering the best insurance coverage, they’ll market your listing in front of the right people, protect your sensitive information when transacting, provide round-the-clock roadside assistance, plus they have a dedicated customer support team.
It’s quick and easy to start making a steady income with your recreational vehicle. List your RV for rent on Outdoorsy by setting up a free account today.