If you own an RV, you might have it sitting aside when not in use. It is also not a vehicle you can just drive around recreationally. What then could you do with it when you do not require it? Well, for starters you could consider renting it out. You’ll be surprised by how many people are looking to rent motorhomes by owner.
It can be a good source of income and if done right it can be profitable. Purchasing your own RV would have been a huge financial decision and if you took a loan to make the initial purchase you might find that even in times when the RV is not in use you still have to make payments.
Types Of RVs You Should Rent Out
Having your own RV can be a valuable asset. You are able to take it out for a trip whenever you wish and can be flexible in changing or adjusting plans which give you the freedom that renting an RV might not be able to give.
Class C Motorhomes
To understand the RV rental business you will require experience. The types of RVs that have the greatest financial potential are camper vans, Class C motorhomes, and small to medium sized trailers that are less than 10 years old. These kinds of RVs will be able to turn the most profit.
You can easily rent them out for ten to twenty days a month and if you charge about $100 a night you can enjoy the profits and use them to pay off the loan. But to be able to reap such profits you must understand the market and what makes an attractive RV rental.
You will want to ensure that your RV is not only relatively new but also well maintained. You will want to ensure that it does not have a high cost of maintenance. A typical and popular RV that people often rent is a twenty to thirty-foot class c motorhome that can accommodate up to 8 pax.
This is because the RV is large enough for bigger groups who want to go on road trips and bigger RVs will have the necessary amenities for longer trips such as separate rooms. They are also relatively common so renters will find it easy to navigate the RV to campsites that will host them.
Another option would be camper vans. These are like the Class C motorhomes but are smaller and use a van chassis. They can be popular as not everyone will be comfortable driving a large vehicle but a van would be more accessible to less experienced drivers.
It also caters to couples and small families that do not necessarily need the amenities or are not traveling for long. There has been a trend of renting vans to go on road trips so it might prove to be a worthy investment.
Towable trailers, although they are not able to function as a standalone, can be lucrative to rent as they provide a unique experience and appeal to those who already have their own vehicles. This modular arrangement might appeal to renters who might not necessarily want to have their vehicle to be large and inflexible.
Some parts of their trip might require just a small multi-terrain vehicle and they can park the trailer at a campsite while they explore in their SUV or small truck. A trailer is also a prudent financial choice as it does not suffer from the same wear and tear as a van or RV. There is less for maintenance due to the lack of an engine and it does not depreciate due to mileage.
Types Of RVs You Shouldn’t Rent Out
Knowing what kinds of RVs are good to rent is essential as they can make or break your RV rental business. You must thus know which RVs you should never consider in your fleet.
RVs With Canvas Sides
Firstly, you should never rent out expandable RVs or trailers with canvas sides. This is because you never know how well the renters would take care of the RV and thus should only rent out vehicles that can take a beating without causing any serious damage. RVs with expandable sides can be costly to repair as if they are not operated properly they can be damaged and become unserviceable.
You then not only have to suffer the costs of the repair but also the downtime of the vehicle and the lost potential income. Maintaining such RVs also usually tends to cost more than just a simple RV. You will want to set aside money to maintain your RVs in tip-top condition so that renters will be more inclined to rent from you as they trust in your quality.
You should also not rent out more premium motorhomes. The same logic applies for more premium vehicles – the parts will be more expensive to replace or repair. It is hard to guarantee that a renter will not damage the vehicle you rent out to them. Most RVs also do not have a lifetime warranty coverage and if you are renting out a more expensive RV, your insurance would be consequently more expensive as well.
RVs That You Wouldn’t Rent Yourself
Lastly, you should not rent out RVs that you yourself would not rent as well. It can be easy to rent out old trailers or RVs that are not in frequent use anymore. You may find it easy to rent them out as they no longer seem as precious anymore. However, you should not do this as you will simply get poor reviews and the business will not be able to sustain itself, because your customer base will not trust your brand and you.
How To Get Started Renting Out Your RV
Once you have decided what RV to rent out, you will have to then promote it. Here are a few simple steps you can take.
Start by taking nice photos of the RV. Take photos of the RV in action, at a campsite, or with a scenic backdrop. This is so people can imagine where they can take the RV to and be more inclined to rent from you. Feel free to use personal photos when promoting the RV as it adds a personal touch and people will trust you easier.
Take detailed photos as well, capture close-ups of the important amenities. This will give renters the assurance they need as they will be taking your RV on a long road trip and they will need to be able to trust that the vehicle they rent will not fail on them.
With that, we have come to the end of this article! We hope that you are now more informed on how to approach renting your RV out.