You only plan on going on one trip per year in your RV. You don’t have the money to take a big trip right now. You enjoy camping during just one season per year. You still have to pay the RV bill. Does this sound familiar?
If so, you’re one of many people who have purchased a RV with dreams of exploring the country and camping along the way. There’s truly nothing as charming as spending vacation time in your home on wheels, but the truth is that there’s likely some downtime. When you aren’t using your RV, are you still paying the note? Even if your RV is already paid off, wouldn’t it be nice to make some extra money?
People all over the country are using their RVs to make tens of thousands of extra dollars per year, and you can do the same! Imagine how well this extra cash would work to help pay down the amount on your RV loan. Imagine paying it off in one year or less, depending on what you owe and how often it rents. Could you use a few extra thousand dollars per year?
If so, then RV rental could be the thing for you. When you aren’t using your RV, you could rent it to others who want to enjoy the feel of a RV without purchasing one. Plus, you would be making money. It’s a win-win for everyone involved!
THE PERKS OF RENTING YOUR RV
Let’s consider this from a renter’s perspective. If you didn’t own a RV, had never owned a RV, but were thinking about buying one, what better way than to try it out? Perhaps the renter knows that they don’t want to buy a RV, but they want the experience of going camping. Renting gives them this opportunity. Plus, renting a RV is usually cheaper for renters than hotels.
From your perspective, you can still make money on your RV even if you use it most of the year. If you go to visit with family for the holidays, that gives you the perfect opportunity to rent out your RV. You’ll be making money off of it when you’d usually be paying to park it somewhere!
WHAT ABOUT THE LIABILITY OF RENTING OUT MY RV?
You might be wondering about liability. The idea of having someone else driving your RV might seem a bit strange at first. Let’s face it – accidents happen. What if they wreck? What if there’s an accident? The good news is that you can get insurance just for renting your RV. This policy will help you to protect your interests in the event that something happens.
The second concern that RV renters usually mention is finding good tenants. You have the power of who you rent to. It’s in your best interest to at least lightly screen potential renters. If there’s a group interested in your RV, but they seem like a party crowd, then you can say no. Another way to ensure that you’re getting great renters is to use property management. Some property management companies specifically offer RV rental management. For instance, Minnestay provides RV rental management services. If you want to ensure that you get a first-class renter who will take care of your property, enlisting the help of RV rental management is the way to go.
Now that you know that liability and quality renters can be handled, you might be wondering if it’s really worth it to rent your RV. It really depends on how often you use your RV. If you live, travel, and work from your RV, then you can still earn money by renting it out occasionally. If you’re like most people who only travel for two to four weeks out of the year, then you can definitely make a lot of money renting your RV out during the times you aren’t traveling. No matter how much time you spend in your RV, you’ve got to account for the miscellaneous expenses of owning a RV. Some of these include inspections, maintenance, insurance, and storage fees. Renting your RV out just on a part time basis can help recoup those expenses.
HOW MUCH CAN YOU MAKE RENTING YOUR RV?
So, how much money can you make from renting your RV? It really depends on the type of RV you have and how often you rent it out. You could make a few hundred dollars over the course of a three or four day weekend. Over the course of the year, you could make anywhere from $10,000 to $30,000. That’s a lot of dough!
Renting your RV can also bring certain tax breaks. For instance, you can use certain expenses as deductions to offset the amount of taxes you’ll pay.
Renting your RV gives you the ability to share your passion for camping with others who can’t afford the expenses of owning a RV. Plus, it gives you a way to avoid storage fees and make money. The money you earn from RV rental can be enough to help you pay off your RV or set more cash aside for retirement, paying off other debts, or a rainy day.
The first rule of renting your RV is to make sure that you’ve cleared your RV of personal belongings. Make your guests comfortable with hotel-like amenities, and they’ll be happy. Happy guests often bring new customers via word of mouth, and happy guests often come back!
The team at Minnestay help people with RV rental management all year long. If you are curious about RV rental management, you can contact the Minnestay team to ask questions and discuss your options for RV rental management.