RV owners should consider carefully the pros and cons of renting out their RVs.
After all, you’re placing a valuable asset in the hands of another private party who may or may not treat it well. Thankfully. the analysis isn’t that complicated. There are relatively few pros or cons you need to consider. Let’s start with the top two Pros:
- Money – You can earn a little or a lot. At an average of $800 per rental, and assuming a “side-business” approach at 8 rentals per year, that’s $6,400, less direct expenses.
- Maintenance and upkeep – By renting out your RV a few times a year, you keep ready (for you or your renter). RV’s rot and fall into disrepair when left to set idle. It may take a little time and effort in maintenance to keep your rig running, but this effort is worth it. If your RV is sitting idle, you could face high repair and maintenance costs due to “lot rot”.
Now the three major Cons:
- Damage – The number one issue for most RV owners and RV rental companies is damage, which tends to happen when novice RV renters move the RV from point A to point B. Let’s face it, backing up a big box isn’t easy, even for the most experienced driver.
- Wear, tear, and mileage – More use is going to take its toll on your RV, especially the mechanical parts. You can’t hand someone the keys and then expect them not to use it. You can expect over 1,000 miles per trip, given national averages. At 8 rentals per year, that’s 8,000 extra miles. How will that affect value? Something to consider
- Time and effort – Nothing in life is free or easy. It takes time to advertise for, screen, and vet your renters. The rewards come after the work has been done.
RV Sharing (Renting Out Your RV)
Of course there are other pros and cons to renting your RV. The financial benefits are huge, but the satisfaction of sharing your RV with a family who is going camping for the first time can also be very rewarding.
The biggest downside that most RV owners see in renting out their RVs is the damage, and this is a legitimate reason for not sharing. Do you really want someone else driving your rig? Of course this question also goes along with, “I don’t want someone else sleeping in my bed”. If you find yourself facing these concerns, consider how a hotel works. Odds are you’ve stayed in a hotel before, and hotel beds sleep thousands of guests each year.
As for damage, this is a real concern and it’s likely to happen. Ask any RV rental company and they will tell you it’s their number one issue. This is why any successful RV rental company also has good insurance and a repair shop.
Delivered RV Rentals vs. Driving RV Rentals
There are two options when it comes to RV rentals; let renters drive or tow your rig, or stick to delivered RV rentals. This means, you deliver, set up, and pick up. Your renter never moves your rig.
RVPlusYou has created a turn-key RV rental system that virtually eliminates typical RV rental damage, i.e. accidents caused by novice renters driving a big box. By NOT letting renters drive or tow, you can cut the risk by almost 99%. Why? Again, because damage happens when novice renters try to move your RV, take a corner, fit under a tree limb, pull a 7% grade in 2nd gear at 65mpg, or back into a campsite. All things that RV renters WILL do.
Our answer to this problem: Don’t let renters move your RV!
So, when considering the pros and cons of renting your RV, consider your motivation level and ask these questions:
- How will an additional $6,400 per year affect your life? What can you use this money for?
- Can you reduce risk of damage using RVPlusYou and our “delivered RV rental” business model?
- How long does it take to list your RV and communicate with prospective renters? Do you have time to deliver your RV 15 to 30 miles away and set it up for your renters a few times per year?
Sharing your RV can be a pain, but in our experience it’s usually a joy. You get to be part of the vacation excitement that every family enjoys for that weekend getaway. Read our 5 Steps article for a more in-depth look at how to get started.
Remember, it all depends on your motivation, and your attitude. Hopefully this article will help those RV owners who are sitting on the fence to take action. There’s only one way to know for sure! List your RV today!