Is renting your RV worth the stress?
NEW YORK, NEW YORK, UNITED STATES, July 28, 2021 /EINPresswire.com/ — Are you an RV owner who is thinking of renting their unused motorhome? Like you have an RV that is lying idle in your garage and costing you vehicle taxes, depreciation, storage fees – and you are wondering if you can make good money by renting it out? Of course, you can!
RV rentals can be a source of lucrative income for you when done right, and you can make up to $6,400 every year. But with its amazing monetary benefits also come some risks. And understanding how these risks affect the rewards is very important in deciding if the RV rental business is the best fit for you. So before you start that side-hustle of renting out your RV, check out these pros and cons!
Pros of Renting Your RV
We’ll start with the benefits of renting your RV:
—Extra Income: This is the best reward for renting out your RV. Depending on the type of RV you have, how well you've maintained it, the amenities it has, and the extra pickup or drop-off services you are willing to do, you can rent your RV up to $3,906 for a two-week timeframe. A class A motorhome can cost around $250 and a fifth-wheel up to $160 per night. Multiply that amount by the rental duration, and you discover that you have enough money to cover up your RV payment – if you are not done with it yet. As a bonus, you can also charge more during peak travel times like summer and spring breaks or even holidays.
—Get New People to Enjoy the RV Lifestyle: This is another rewarding aspect of renting out your RV because you get to meet more people and introduce them to the fun RVing lifestyle. You also help more families or people enjoy the open road and go on memorable holidays without breaking the bank. Renting out your RV to people is a perfect way to help them test the camping lifestyle before they make the ultimate decision of buying one for themselves.
—Maintenance and Upkeep: By renting out your RV a couple of times a year, you keep your motorhome in good shape and also decrease its depreciation tendencies. Your RV starts to rot when you leave it without use and will take more effort in maintaining it. So, renting it out saves you maintenance money and storage fees (if you pack them at the campground because of less house space).
Cons of Renting Your RV
While the benefits sound interesting, there can also be a few disadvantages to renting out your RV. These disadvantages include:
—Damage Risks: The biggest downside to this side-business is the damage risks, and this happens when you rent out your RV to newbie RVers. They might mistakenly flood your RV by leaving the tap running or back up the wrong way and end up smashing the rear side of your motorhome. Damages can come in various forms. It can be done by;
– Pets scratching the walls.
– By trees or low-clearance bridges scratching the roof.
– By road debris that damage the body and windows of the RV during storms.
– By theft or vandalism.
– Or not knowing how to use things properly.
The damage risks are very high because these renters don’t know much about your RV, and you might end up paying more money than you got for repairs.
—Wears and Tears: The more you rent out your RV, the more tolls you put on your RV, especially the mechanical parts. The frequent use of the hot water system, appliances, furniture, slides, and tanks will affect how soon you need to replace it. Let’s not forget that it also puts extra mileage on your RV’s engine and tires.
—Removing Your Personal Items From Your RV: If you are a full-time RVer then this is probably the hardest part of renting out your RV. You always have to take out your personal belongings and clothes every time you rent your RV out and arrange them again when the motorhome is back. On average, you can spend up to 2 hours take out everything and at least an hour to bring them back to the RV (this time frame depends on the size of your RV). But, if you only use your RV for seasonal road trips, this will not be a problem for you.
—Higher Insurance Coverage: While your RV insurance covers your vehicle during an electrical surge or damage your motorhome might cause to someone, it does not cover damages caused by a renter using your RV. So, you might have to consider buying extra commercial RV insurance to ensure your vehicle is well-protected in any situation. But, you can also consider this extra payment as a business expense that you can make a profit from in the long run.
Is Renting Your RV Worth The Stress?
Well, we spoke to other RVers, and they gave RV rental businesses a big thumb up. Through this rental service, some have been able to cover their RV payments, make extra side cash and help others try out the cool RVing life. The choice to rent or not is yours to make, and if you feel you can live with the cons – then, by all means, start that rental business!
Source: EIN Presswire