Have you bought an RV but find it sitting unused more often than not? Renting out your RV could be a great solution.
Through RV rental services, you can earn money while letting others experience the freedom and adventure of camping.
However, renting isn’t without challenges. You become responsible for maintenance and cleaning between renters. Damage or accidents are also a risk. Plus, your RV may not always be available for your own trips. Still, if handled well, renting can breathe new life into your underused RV and put some cash in your pocket too.
Let’s find out the benefits and pitfalls of renting out your RV, so you can decide whether it’s worthwhile.
Is Renting out Your RV Worth It?
Are you wondering if it would be profitable to rent out your camper? The truth is you spend plenty on storage and maintenance when not using your RV. But will renters treat your home on wheels with care? And will the costs of hosting strangers be worth the income?
Let’s look closer at the rewards and risks of renting out your RV.
Pros of Renting Your RV
Here are some of the advantages you can get by renting out your camper when not in use:
1. Earn Extra Cash
Since most owners only use their RV for about 20 days per year, according to the RV Industry Association, renting it out could be a great way to earn some extra money.
You can expect to make around $100 to $450 per night depending on your RV’s age and size. The newer and bigger the RV, the higher the nightly rate you can charge. Rent it out during busy times, like weekends, holidays, and summer and you’ll make even more. Consider flexible vacation dates so you don’t miss out on high-paying holiday rentals.
While fees and maintenance costs are associated with renting, many RV owners report earning as much as $50,000 annually by strategically listing their RVs when demand and rates are highest. Some people use rental income to help cover their RV’s costs.
Renting helps recoup costs for the investment and puts that underutilized RV to work earning income.
2. Paying for the RV Loan and Add-ons
Renting out your RV is a smart way to pay for your RV loan. The rental income can go straight towards the loan payments or upgrades you want for your RV.
It’s a win-win situation. You get to own your RV sooner and don’t have to pay the full amount from your pocket. Guests, on the other hand, get to enjoy all the fun and freedom of RV travel. When your schedule is free, you can take the RV off the booking site and go on your camping trip. The rest of the time, someone else can appreciate and pay to use your vehicle.
The money adds up fast whether you rent long term or just seasonally. A few weekends each summer could fund new solar panels for boondocking. A couple fall bookings might get you those rugged off-road tires. Before long, you’ll find that the battery or satellite TV package is paid off too.
3. The Joy of Knowing Other People
Renting your RV out is a great way to connect with interesting people from all over. You’ll meet international tourists who come to explore our national parks and scenic roads by RV. Knowing others are enjoying your camper to create their own memories can be very fulfilling.
Also, it’ll allow you to share your passion for the open road and outdoors with guests. You’ll find joy in their experiences traveling in your RV. Meeting people from diverse backgrounds also lets you learn about other cultures.
Cons of Renting Your RV
Renting something always comes with some challenges, whether it’s a home or a camper. Here are a few things to consider before deciding to rent out your RV:
1. Prepping and Cleaning
Preparing and cleaning the RV between guests can be time-consuming. You need to thoroughly clean both the interior and exterior. This involves things like vacuuming, dusting, mopping floors, scrubbing countertops and fixtures, wiping down surfaces, and taking out the trash.
Outdoor cleaning can be just as intensive. You must hose off the exterior, wash windows, scrub dirt and grime from around doors and awnings. You also need to sanitize outdoor furniture, dump waste tanks, and refill fresh water tanks.
All this cleaning adds up. It can easily take you several hours to properly prepare the RV between each guest stay. However, your listing company may take care of the cleaning work for a fee.
2. Risk of Damage from Renters
Renting out your RV always poses the risk of accidental damage by the renters. Most renters will treat your trailer with care, but things can sometimes go wrong on the road.
Inexperienced campers may bump and scrape the RV when maneuvering it in and out of tight campground spots. Daily driving also puts extra wear and tear on things over time.
Major accidents are rare, but possible if a renter encounters bad weather or makes a mistake behind the wheel. Even minor issues multiplying over several rentals may eventually lower the resale value.
The only way to avoid bearing these costs is having an insurance plan or choosing a listing company that includes coverage.
3. Making Time for Renters
The rental business may require quite a bit of your free time. You’ll need to be available whenever a renter has a question or issue. Renters will likely call you first whenever they face any problem, even a minor one.
You also have to spend time inspecting and cleaning between rental trips. Even if you list the RV to a booking site, you need to manage some aspects of rental bookings. All this extra responsibility eats your leisure time.
So, is RV rental a good investment? It depends. You can make good money and meet cool people, but it takes effort. You have to be prepared to deal with occasional repairs and regular maintenance work. However, if you can handle those challenges, it can be a fun way to turn your unused camper into a source of income.