Unless you live in your RV full time, the chances are good that there are many days when your RV just sits in your driveway.
Instead of just taking up space, you should ask yourself how can I rent my RV to make some extra cash?
Many RV owners engage in renting out their RV during times when they aren’t traveling.
While there are some challenges that come from renting out your RV, if you do it correctly, you can make a good amount of money. Allowing others to use your RV is also a great way to introduce dozens of people to the lifestyle.
Want to try your hand at renting out your RV? Here’s what you need to know before diving in.
What You’ll Receive When You Rent Your RV
Before you decide to start renting out your RV, you’ll want to know what to expect.
By far the biggest benefit you’ll receive in renting out your trailer is an additional income. On average, most RV owners earn $10,000 a year in renting out their vehicles.
Renting your RV is a great way to bring in more income, as it doesn’t require much from you. As long as you make an effort to keep your trailer maintained, and keep up with renter agreements, you won’t have to spend much time on this source of income.
Introducing New Campers to RVing
Deciding to own an RV is a big decision.
You wouldn’t invest in an RV if you didn’t enjoy traveling across the country in a trailer. Introducing new people to the joys of RVing and sharing the happiness you get from indulging in this lifestyle.
Renting helps introduce people to what it’s like to live in an RV.
Without that opportunity, they wouldn’t know what it’s like, and couldn’t make a decision on owning one for themselves.
Reduce the Costs of Owning an RV
Owning an RV can get expensive.
Between insurance costs, maintenance bills, and gas, running this vehicle can run in multiple thousands per year. However, in renting out your RV, you can easily make these costs back and then some.
Downsides You Should Look Out For
As beneficial as renting an RV can be, there are still several downsides you need to consider.
It isn’t all fun and games.
Understand the Stress of Running a Business
Renting your RV is a lot like running a business.
You have to make sure everything is running smoothly, and you are responsible for anything that happens. Here are some similarities between the two.
- Work with insurance
- Create Contracts
- Work directly with clients
Not everyone is cut out to run a business. The stress of irregular rentals, double booking, and working with problematic clients can add up.
Vet Your Drivers
Renting your vehicle can be scary if you don’t know who you are working with. Not everyone is suited to drive an RV.
Before you start renting out your RV, you’ll want to have a driver vetting process in place.
Consider running a background check before you present a rental agreement. You can also put together or send RV driving educational material, so your customers will know exactly how to drive in a larger vehicle.
How to Rent Your RV
Now that you’ve read through the ups and downs of renting an RV, you’re ready to start doing it.
Here’s a brief walkthrough of each step in the process.
Connect With Your RV Insurance
Before you create any advertising or accept your first customer, you must check with your insurance.
Not all RV insurance companies will allow you to rent out your trailer, as that increases your liability.
Make sure you know exactly what’s allowed, and what restrictions your insurance might place on a rental. Keep a detailed record of insurance regulations, and make sure you keep within them as you explore this additional source of income.
Find Places to List Your RV
You can’t rent out your trailer if no one knows about it!
To make any income from renting out your RV, you need customers who are willing to pay.
There are a few ways you can go about getting clients. More than 1 billion people have Facebook profiles, which makes this a great place to advertise your rental. Facebook Marketplace is a great way to advertise any sales or services you offer.
Here are several places you can list your RV rental online.
Make Sure Your RV is Up to Spec
Before you start renting your RV, you’ll want to make sure you don’t need to complete repairs or replace any parts.
You can come up with a rental readiness checklist and go through it each time you get your vehicle back.
By making sure everything in your RV is in working order, you’ll avoid any liability issues that could come from renting out damaged goods.
Clients trust you to rent them vehicles in proper working order.
Create a Contract For the Worst Case Scenario
Despite protections you may have put in place, there’s no telling what could happen to your clients when they are on the road.
You shouldn’t be held responsible for reckless driving. Writing up a contract that states that you are not responsible for any accidents that happen because of the fault of the driver will protect you should one of your customers make an expensive mistake.
Contracts also show your customers that you are serious about renting your RV and that you’ve taken an effort to make sure they have access to a safe vehicle. Don’t be afraid to get advice from a lawyer about what you should include in your contract.
Renting out your RV can be a great way to generate some additional income.
Since the majority of RV owners don’t use their vehicles full time, making yours available for rent will allow others to enjoy the experience of traveling the country in a small, portable home.