The top pros and cons to renting out your RV is something all RV owners should consider carefully. After all, you’re placing a valuable asset in the hands of another private party who may or may not treat it well.
But the analysis isn’t that complicated. There are relatively few major pros or cons you need to consider, other than the ones that impact the most.
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 per year, you keep it on the 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 if it’s sitting idle, the repair and maintenance costs tend to be major in nature 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 everything, 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 vett your renters. The rewards come after the work has been done.
Of course there are other pros and cons to renting your RV and sharing with others. 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 RV 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 a long with, “I don’t want someone else sleeping in my bed”. Of course you realize that hotel beds sleep thousands of guests each year. Ever stayed in a hotel?
As for damage, it’s real and it’s going to happen. Ask any RV rental company and they will tell you it’s their number one issue and why any successful RV rental company also has good insurance and a repair shop.
RVPlusYou has created a turn-key rental system that virtually eliminates the possibility of damage. 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. 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 $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!