In our rental business, we cared for owner’s RVs on our lot and the owners collected a check for the rentals each month. That is just one of many business models available for turning your RV into an income producing vehicle and making money renting your RV.
So before you embark on making money with your RV, be sure to asess your risk/tolerance level by considering the factors below.
10 Questions to ask yourself before renting your RV
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- Do you plan to use your RV in between rentals and if so how often?
- How do you feel about knowing complete strangers last slept in your RV?
- Are you willing to physically turn your RV over to a professional operator? Ans is there one in your city or state?
- How much time are you willing to invest in each rental (booking, prep,
orientation, cleaning, billing, insurance claims, etc.) - Do you like people?
- Do you inherently trust people?
- Are you a worrier?
- Are you willing to share in the profit or do you want all of the money yourself?
- Can you accept normal wear and tear not attributed to your personal use?
- Do you understand that damage can and likely will happen eventually? And that you might be responsible for the repair?
RV Rental Business Models
This is and example of a Full Time Rental Operator – but your RV wouldn’t be advertising like this.
Full Time Rental Operator – fleet will be made up of company owner and privately owned units. Rental operator assumes all the risk and liability, and the owner receives a percentage of the income, less expenses.
Booking Service: There are many of these sorts of companies all over the country. They advertise, book, and collect some or all of the rental deposit/income. Their fee is a portion of the deposit/rental. RV Owner is responsible for the storage, maintenance, orientations, insurance issues, etc.
Private Rental: This is where the RV owner rents his/her RV from their home. While this may seem like the most profitable, it also carries with it the greatest risk. You don’t know what you don’t know.
Final Thoughts on Renting Your RV
There is no free lunch, and there is no get rich scheme. Every business has its unique risks and rewards. This is true for renting your RV. In addition to the physical and emotional issues outlined above, there are also local issues to be considered. These include things like: taxes, business license, insurance, operating a business from your home (check with your HOA), etc. All of this varies from state to state so be sure that you are informed before the tax man appears at your door.
Finally, check that anyone you are partnering with is playing by the rules. We often competed with operators whose prices were lower, but they also weren’t square with the various taxes, etc. Whether this was due to ignorance or intentional, it didn’t matter, it put the owner and their asset at a certain level of risk. Be informed and do your research.
Your RV can pay for itself and of you are of the appropriate temperament, then rental is a great option to consider. Do you have more questons about renting your RV? Ask the Smart RVer or order the book “RV’s to Riches”
