Something many RVers don’t realize is that your RV can also be a source of income. This is a great option if you find that you must stay with family for a stretch of time. Just as you can rent out a storage unit you own, you can rent out your RV. We’re here to introduce you to renting your RV.
And how much income are we talking about? First of all, it depends on the size of your RV. Class A vehicles rent for the most per night or week, but even a fifth wheel or pop-up camper can bring in an income. An average night’s rental for Class A RVs can range from $175 to $275; a pop-up camper ranges from $50 to $100 a night. But there are some precautions and guidelines to consider.
Insurance
Essential! If you are allowing others to use one of the biggest investments of your life, it needs to be completely protected. Even if you carefully choose your renter, accidents happen—even more so if the renter has little experience with such vehicles. For your own peace of mind, obtain a commercial rental policy that covers both accidents and errors of mishandling.
All states require insurance on all vehicles, though specifics such as coverage limits and additional coverages such as uninsured motorists vary by state. Banks covering RV payments also require insurance.
But when you rent, you will want to increase coverage and damage payouts, but this becomes the cost of doing business. It’s worth a check of your renters’ auto insurance as well. (Don’t just look at the insurance document; confirm coverage with the company.)
Maintenance
Maintenance is vital, both before and after a rental period. Tires, hook-ups, engine condition, interior and exterior surfaces, and any object you leave for the use of the renter are all part of that maintenance. Checklists and detailed photographs are helpful. The last time you rented a car, you and the agent examined and noted any damage or marks before you left the lot—a useful habit for RV renting, as well.
The upside of renting is that your RV will be in the best shape of its life, and rental income will cover repairs and maintenance as well as make a serious dent in RV payments and insurance costs. Some RVers go on to purchase a second RV for rental purposes. You could end up with your own small business here!
Additional Resources
How Do You Do it?
Most RVers rent out their vehicles through website services that do the paperwork, provide insurance, and vet renters for a fee, usually about 20% of the rental amount. That fee is similar to paying a property manager and is—again—part of the cost of doing business. That means, tax deductible.
These sites also have helpful information for RV owners who want to rent out. Although these sites do checks on the potential renters, you, the owner, have the final say on who drives off in your home. They will advise on the rental rates and deposits, even on details such as accommodating renters with children or pets—or both. Rental insurance is part of the deal.
Rental service websites:
And the Cons?
As with any other enterprise, there are some “costs” related to renting. It’s difficult to watch your RV leave in with someone new behind the wheel. The first time will be the worst, however, and when you check your bank account, you may relax a bit!
Here are the basic issues with renting:
● Removing your personal effects and deciding what to leave (cookware? linens?)
● Carrying out inspection, maintenance, and cleaning before and after a rental
● Increased maintenance for renewable parts, especially tires, belts, hook-ups, etc.
● Keeping good business records
● Time spent introducing the renter to the use of the RV
Final Word
Riverbound Custom Storage & RV Park provides some interesting options for those renting their RVs. Using a man-cave could make short-term rentals even easier. Or perhaps your renter would prefer to stay stationary and make use of Lake Havasu City’s extensive Arizona recreational options—on the water or hiking and biking. Riverbound’s extensive amenities make renting even more appealing. You could even purchase your storage unit and—wait for it—RENT it out!
