Turn Your Recreational Vehicle into an Earning Machine: The Simple Guide to Gaining Passive Income from Your RV Rental

EXTRA CASH ON THE SIDE
How You Can Make Extra Money by Renting Out Your RV
Last Updated on September 23, 2023

If you want an extra income without too much extra work, you might want to think about cashing in on what you already have. If you’re lucky enough to have an RV sitting around, you can turn it into a steady source of income by renting it out.

Lots of people dream about taking a break and exploring the world in the comfort of a mobile home. The interest in RVs is off the charts since the pandemic, so if you have one, you could use it to make extra money. Below, we’ll chat about how you can make it work, and things to think about to run it smoothly.

Why Rent Out Your RV?
An RV is no small purchase. By renting it out, you get back some of the money spent on buying, fixing up, or just keeping the RV in good shape. If your RV is normally idle in your driveway or garage, renting it can mean extra cash in your pocket, and great memories for someone else.

Sure, some people are hesitant to rent out their RV. We understand it. Are renters going to damage it, or even steal it? What about all the work that goes with renting it and the costs that might pop up? These are valid concerns, but there are ways to cut down on risks. And your rental income could be worth it.

How Much Money Can You Make?
Money is probably the main reason you’re thinking about renting your RV. According to RVshare, some RV owners are raking in as much as $60,000 per year by renting their RV regularly. These folks are the top earners with top-tier RVs, but it gives you an idea of the money that can be made.

Typically, Class A RVs are rented out at about $200 to $300 a night. Even if you rent out your RV once a month or a few times a year, it can make a big difference. The extra income can be used for RV repairs, savings or everyday costs.

What’re the Costs to Rent Out an RV?
RV owners need to consider some costs while renting out their vehicles. These overhead costs can dent your profits. You’ll have to pay commission fees around 25% to RV listing sites. Apart from that, you’ll also need liability insurance coverage to comply with the law and to cover accidents, theft, or damage. You need to account for maintaining your RV and cleaning it between rentals. If you choose to store your RV in a storage unit for safety or convenience, that’s an extra cost.

What Should You Consider Before You Rent Out an RV?
We’re not just talking profits and costs when renting out your RV. You should have clear terms about how many passengers can be onboard, how far your renter can travel, and check your state laws for driver’s minimum age. It’s important to provide excellent service to keep your renters happy. If they’re happy, they’ll leave great reviews which will get more renters your way.

How To Advertise Your RV?
There are platforms like RVshare, Outdoorsy, and RVezy where RV owners can list their RVs for potential renters. They offer support, handle payment, and offer rental insurance, which provides peace of mind for both you and the renter. However, they will take some of your earnings as a fee for using their platform – usually between 20-25%.

Pros and Cons of Renting Out Your RV
If you’re still unsure about renting out your RV, we’ve got a quick list of pros and cons.

Pros:

1. Your underused RV becomes a money-making asset.
2. It’s not too time-consuming.
3. Possibility of earning good income.
4. Location is not an issue. Renting out your can happen anywhere.

Cons:

1. It could be stressful renting out your valuable asset.
2. You need some business skills to price and manage your RV rental.

In the End
Renting out your RV can be a fantastic way to bring in extra income, as long as you do it right. This guide should have you covered with all the basics. Remember, renting out an RV can be a neat source of passive income if you’re ready to put in a bit of effort.