How many days a year do you use your RV? And how many days does it sit idle? The average RV owner uses their RV about three weeks a year, according to the University of Michigan’s Survey Research Center. That leaves 49 weeks when you could be making money off it!
Did you know you can make extra money by renting out your RV when you're not using it? Your first reaction might be that sounds like more of a headache than it’s worth. But the sharing economy is making it easier than ever for owners to make money from assets of all kinds, including RVs.
The same way people are paying down mortgages by renting out rooms with the assistance of Airbnb, RV owners are offsetting the costs of their RVs using RVShare.com. Peer-to-peer rental websites like RVshare help make sure the business details are taken care of so owners are protected. They provide documents and contracts you can use, and they securely process payments. You also don't have to do any marketing on your own since the sharing sites do it for you.
The Sharing Economy
Do you remember when shopping on the internet first became a thing about 15 years ago? Initially, people were hesitant to make purchases online. But once they bought their first items, their comfort levels increased and now shopping online is commonplace. The same thing is happening today with the sharing economy.
RVs are perfect for peer-to-peer rentals because just like a vacation home or boat:
1. RVs are expensive to buy.
2. Owners don't use them consistently.
Jose, from Sierra Vista, Arizona, has been successful renting his RV for extra money:
Once I bought the RV, I realized how much time it spent in storage. I did a search online and found RVshare. Initially, I thought let's post and see what happens–after all, it is free to create your listing. Then the requests started coming in, and they have not stopped.
At first, Jose wasn’t expecting to earn much. He hoped to at least offset the cost of ownership and prevent his RV from breaking down due to lack of use. So far, he’s achieved those goals and made $10,000 through RVshare.
His story highlights another reason to rent your RV beside the extra money. When RVs sit for an extended period of time, they can start to deteriorate.
Suzanne lives in Waukesha, Wisconsin, and decided to start renting out her RV simply so she could afford to keep it. Thanks to the reach of RVshare, which is the largest RV rental marketplace, she’s making so much money that renting out her RV is now what she does for a living.
Vacationers like to use peer-to-peer renting so they don't have to take on the expense of buying an RV for themselves, and it's less expensive than going to traditional rental providers, such as RV dealers. Some clients use RVshare to try out RVs before they buy one of their own.
If you're ready to start making money from your RV when you’re not using it, here's what you need to know.
Getting started on RVshare is simple. Go to RVshare.com and enter information about your RV, upload a few photos, and before you know it, you’ll be contacted by potential renters.
Review their requests using RVshare’s screening tools and decide whether you want to rent to them or not. It’s completely up to you. Once you’ve set up the rental, meet your clients in person to give them keys and a quick demonstration of how your RV operates.
Cliff, a business owner from Camarillo, California, recommends showing the RV to potential clients before you rent it to them. That way, you’ll have “an opportunity to get to know who you’re renting to.”
The renter then returns the RV when their travels are complete. RVshare provides clear instructions on how to do a walkaround before and after renting your RV and will assist you with any questions you may have. RVshare earns a small commission on the cost of each rental, but it's free for an owner to place their listing.
Most RV owners are concerned about what happens if there's damage to their RV. RVshare works with you to make sure you have the RV rental insurance you need. You also have the option to purchase insurance through them. Roadside assistance is included with each booking. To avoid any out-of-pocket costs if your RV gets damaged, always require your clients to provide a deposit that matches your insurance deductible.
According to RVshare, most renters are mindful that they’re not renting from a big company but from a private individual. In their experience, renters treat the RVs with special care as if they were their own. Dianna, a retiree from Tucson, Arizona, has rented out her RV 12 times, and all of her renters have been “very good about leaving it clean, filling up gas tanks—just real upstanding citizens.”
How Much Can You Make?
You can make between $10,000 to $30,000 renting out your RV. The average yearly earnings are $10,000. Exactly how much extra cash you earn depends on where you’re located and what kind of RV you’ve got. RVshare has a handy earnings estimate tool that shows what you can expect to earn.
Business consultant Denton posted a listing on RVshare in the hopes of being able to “rent a couple of weeks a year.” He was contacted by interested renters within days, and thanks to the RVshare platform, rather than just renting his RV for a few weeks, “it turned out to renting all summer and even the winter.” Over the course of about 12 rentals, Denton, of Delaware, Ohio, earned nearly $68,000. Not bad considering his RV could have been sitting around collecting nothing but dust.
RVshare provides a great way to make money on your RV and turn a liability into an asset. Not only will you earn extra income, but you'll also meet some amazing people. Court reporter Rebecca says, “I have so enjoyed meeting the people who have rented my RV and feel as if they are now friends. They send me pictures and are so appreciative of the trips they were able to take in my RV. It is very fun helping people to have a successful trip and make lifetime memories.”
For more information, check out RVshare.com.