The Benefits And Pitfalls To Renting Out Your RV
RV rentals have become a very popular business and for good reason. There are more people than ever RVing and the demand for RVs is increasing along with it.
Lots of RVs unfortunately spend many days and months sitting in storage unused. So renting it out and making a few bucks seems like a no-brainer, right?
Well, there are benefits and pitfalls to renting out your RV. If you are deciding whether you are going to rent out your RV, here are some things to consider.
Pitfall – You aren’t able to use it
You likely bought an RV to travel, enjoy the outdoors, and have time away with friends and family. There are a variety of reasons why in your situation you are not able to use it, and so renting it out works.
If, however, you just aren’t making time or putting off RVing for a better time, I suggest taking the time and enjoy your RV.
When renting your RV, you commit to the people you are renting to. This means if you have taken a reservation for a weekend rental, and all of a sudden a group of friends is going to the lake, you may be sharing a bunk.
Benefit – Extra income
This is the reason most people will consider renting out their RV. If you have an RV that you are not using or it only gets used for the long weekend, this might make sense to you.
Many RVs are financed and making monthly payments on something that only gets used for short periods of time often doesn’t make sense.
RV rentals can be a great money maker with nightly rates averaging $125. You can easily make your monthly payments and possibly some extra to pay for any trips you do take.
Depending on where you advertise, there may be some costs involved, but in the end, there will be money in your pocket.
Pitfall – Wear and tear
One of the biggest pitfalls of renting out your RV is the wear and tear. When considering the price to charge for an RV rental, you have to consider the maintenance and repair to your RV. More use will add wear and tear to your rig.
Tires, bearings, brakes, and all the appliances in your RV will endure wear and need to be maintained and repaired. A worst-case scenario would be significant damage that you can’t recover from the renter.
Deposits and contracts are a safety net, but there is always a chance you end up with a big bill. Besides the mechanical issues, there is the wear on the cosmetics like flooring and furniture.
Benefit – Someone is making memories
This is a benefit for your soul more than your wallet. If you have an RV you’re not using, why not allow someone else to enjoy it?
For all of us fortunate enough to own an RV, we know the feeling of a weekend away. Some people aren’t in a position to purchase an RV, and having the option to rent allows them to experience it.
Another large portion of the people renting RVs are people considering buying an RV. Renting your RV to potential buyers gives them the chance to see if RV life is for them.
Pitfall – Inconvenience
For anyone who has been a landlord or even rented a room, they understand the time involved.
Renting your RV isn’t just collecting the money when they pick up the RV. You have to deal with the person renting, scheduling the rentals, and turning over the RV between rentals.
Another reality is when someone calls you with a problem with your RV, you have to accommodate them. Whether it’s driving out to a campground to fix something, or towing your RV home when their tow vehicle has issues.
Many people who don’t own an RV also don’t own a vehicle to tow one. Although it comes with an added cost attached to the rental, it is your time being spent on hooking up and towing both ways.
Renting out your RV, like renting out your house, is a great way to make some extra money or help pay for your camper. The decision to do so, however, should be considered carefully.