It has been estimated that the typical RV sits in storage for more than 90% of the year. That number may be a little steep, but it is still true that most motorhome and trailer owners don’t live in their rigs all the time. Most only use them for a few camping trips per year. That being the case, there is a growing market for rentals.
Peer-to-peer rental platforms bring together RV owners and customers looking to rent. But is renting out your RV really a good idea? There is no black and white answer. As with most things of this nature, the viability and appropriateness of renting is a very personal thing.
Make a Little Extra Money
The first thing to consider is why RV owners would actually want to rent their motorhomes, fifth wheels, or travel trailers. Simply put, it is an opportunity to make a little extra money. Renting out an RV could easily cover an owner’s annual storage fees. Rentals can generate extra money to upgrade camping gear, remodeled interior spaces, etc.
While making some extra money is attractive, there are tax issues to consider. Any money taken in on a rental would be considered income and must be reported on tax forms as such. Though not identical to renting a home, for tax purposes anyway, renting an RV is pretty similar.
Carrying Appropriate Insurance
Renting an RV to someone else involves at least some amount of liability. To that end, RV owners have to carry enough insurance to protect themselves in the event something goes wrong. How much insurance an owner might need depends on factors like state law, lender requirements, and details of the owner’s current insurance policy.
Note that some insurance companies RV owners would otherwise use to ensure their RVs for personal use may not be willing to extend a policy to cover rentals. And even with a separate policy in place, a primary insurance company could still drop a customer. At the end of the day, it can be difficult to insure an RV you want to rent out.
RV Rental Platforms
If you were to offer your RV for rent, you would have two options for doing so: handle everything yourself or make your RV available through a rental platform. The benefits of going through a platform are numerous. First of all, most platforms offer insurance as part of the package. That is one problem taken care of.
Rental platforms also handle the marketing. They act as a connection point between owner and renter. That means your only concern is getting your RV listed. The platform handles it from there. On the downside, you will pay the platform owner a percentage of your rental fees as payment for their services.
Equipment Maintenance
The biggest concern that comes with renting out an RV is keeping up with equipment maintenance. Things will wear out. Other things will break. And just like renting out a house or an apartment, RV renters are not necessarily as concerned as you are about being nice to your RV.
Your RV might come with an AirSkirts RV skirting package you expect renters to deploy when they camp. But what if they don’t do so? What if the pipes freeze and burst on an especially cold night? RV owners wanting to rent have to keep these sorts of things in mind.
Renting is a good way to put your RV to work when you’re not using it. But it is not all sunshine and roses. Renting is something you really need to think through before you do it.
