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Introduction to Renting Out Your RV: Important Considerations For RV Rental
Table of Contents
Renting out your RV is a great way to make some extra money and help people enjoy themselves. However, renting an RV can be complicated without the correct information. In this blog post, we will discuss fourteen critical things to consider before renting out your RV.
How Much Money Can You Make Renting Out Your RV?
You can make quite a bit of money renting out your recreational vehicle when you are not using it yourself. How much money you can make depends on what type of vehicle it is, the age of the RV, its size, and the amenities it provides. According to Camperreport.com, a Class A can make up to $275 per one-night rental.
Is The Money Worth The Risk To Your Property?
Renting out your RV is a great way to make money, but renting it also poses some risks. The renting process could damage your RV, and you will need to consider if the money is worth it. Repairs can be costly, and renting out your RV may not be worth it to you. You will need to weigh the risks against the possible income potential.
What Kind Of Insurance Coverage Do I Need? RV Owners
Before renting out your RV, you should consider what type of insurance policy you will need to have on it. If the vehicle is insured while being rented, you will want to make sure that everyone who rents it has their own personal liability coverage.
If you rent out your RV using a company like Outdoorsy, they will provide insurance for the renter and also cover any damage to your vehicle and deal with any insurance claim. This is a great option for you as the RV owner. It does, however, cut into your overall profit. You will still need to have your own personal insurance as well.
How Do I Make Sure That I Am Getting Top Dollar For My Rental? Tips For Renting Out Your RV
If you plan on getting top dollar for your rental, it is essential to make your listing as appealing as possible to potential renters. Some things to consider that could increase your rental price include:
Great Photos:
Many potential renters are going to rely on photos when renting out an RV. Make sure that you have outstanding, clear images of your vehicle.
Good Reviews:
If possible, ask for reviews from previous renters before renting out your recreational vehicle. This will help convince others to rent it because they will feel more comfortable renting if the people who have already rented have enjoyed it.
Great Amenities:
If your RV has a lot of terrific amenities, renting it out will be that much more attractive for renters. Things like flat-screen TVs and WiFi can increase your rental price.
Complete Walkthrough Video:
Consider renting out your RV with a complete walkthrough video. This will help potential renters know exactly what they are renting and what to expect after renting it.
Options (GPS, Unlimited Mileage, Delivery, Linens, Dishes):
Offering extra amenities like GPS, unlimited mileage, vehicle delivery, dishes, and more will help you rent out your RV for more money.
List Tons of Details:
Make sure that you list tons of details in your renting ad. This will help potential renters know exactly what they are getting into when renting out an RV from you.
Keep Up on Maintenance:
Before renting out your Recreational Vehicle, make sure that it is in good working order. Potential renters will want to know that they are renting a safe and reliable RV from you.
No Smoking: RV Renters
Keeping your RV living space free of smoke smell will entice more renters to rent from you.
Be Clear on Pet Policies:
If you allow pets, make sure that potential renters know the renting rules when it comes to them. If your pet is not allowed inside due to allergies or other concerns, be clear on this to avoid problems after renting out your RV.
Remove All Personal Belongings:
Make sure that you don’t leave any personal belongings or pictures in your home on wheels prior to renting it out. Not only do you not want these items damaged, but you want the renters to feel like they are traveling in their own personal space.
Professional Cleaning: RV Owner
Professional cleaning is a great way to help ensure that your RV ad looks as attractive as possible. Potential renters will appreciate this, and it can really pay off when renting out the vehicle after doing so.
These are just some of the things that you should consider before renting out an RV from yourself. Renting an RV has its risks, but renting out your RV could also be a great way to make extra money.
Check Out The Competition: RV Owners
When figuring out how to price your RV rental, be sure to check out what others are renting similar vehicles for. This will help you get a better idea of what prospective renters are willing to pay as well as what the market demand is like.
Install Keyless Entry/ Consider Security
If you are renting out an RV, it is essential to consider installing keyless entry or security cameras. This will help protect your investment as well as ensure that renters feel safe after renting from you.
Keyless entry locks are a fantastic idea for owners that plan on renting out their vehicles. This gives them the option of changing the access code at any time, which means that renters can’t access the vehicle without you.
GPS systems placed on an RV will ensure that the owner will be able to locate the RV at any time. This is a great way to ensure that the vehicle stays safe and where it should be when being rented out.
Prices pulled from the Amazon Product Advertising API on:
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.
Prices pulled from the Amazon Product Advertising API on:
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.
Prices pulled from the Amazon Product Advertising API on:
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.
Be Prepared For Problems
As RV owners renting out your RV, you should always be prepared for potential problems. Tire blowouts, electrical issues, and accidents happen. The renter should know how to reach you and what to do when these situations occur. Be sure that when you do the walkthrough with your renter, they have your contact information, the insurance phone numbers, roadside assistance (if applicable), and know what to do if situations arise.
These are just some of the things that you should consider before renting out an RV.
Vet Your Potential Renters
Who will be using your vehicle, and for what purpose? Is it a family visiting a national park, or is it a couple on a honeymoon? How many people? Are there fourteen pets coming along for the trip. It is important to know who, why, and where!! How much driving experience do the people have? Who will be driving?
This is why it may be better to go through a company like RVShare or Outdoorsy. They do a complete background check and require renters to send driver’s licenses of all drivers. They provide insurance. All of those scary details are taken care of for the renter.
If you plan on renting out your RV yourself (peer-to-peer market), make sure to get all of these details yourself. The RV is your property, and you want to make sure that you aren’t renting out your second home to be used as a party bus. You never know what kind of damage can be done in a short time. It can be a considerable risk that you don’t want to take.
Keep Paperwork and Have Renters Sign a Complete Contract
Another thing to consider if you choose to go it alone and rent your RV out yourself is to have a professional contract drawn up. Don’t skip anything. Make sure that it is extensive and complete.
Things To Include In The Contract:
Who Can Drive:
Make sure to list every single driver and get a copy of the driver’s license.
How Many Occupants:
List every person who plans to travel and or stay inside the recreational vehicle.
Pet supplement:
Make sure to put any rules about pets, including any deposit, cleaning fees, types and number of allowed animals, etc.
Price:
Include price per day, total, additional costs, deposit, cleaning fees, etc.
Mileage:
Add starting destination, addresses of each stop, and any planned mileage.
Days of rental:
Be very clear about pick up and return day. Include fees for late return.
Date of Return:
Include place, time, and date of return (rental period),.
Insurance Information:
Include your insurance information (contact) and renters’ insurance information.
Addresses:
Include contact information for both owner and renter.
Phone numbers:
Include phone numbers for the renter and owner.
Emergency Contacts:
Add emergency contacts for both parties.
What To Do/ Who To Call If There Is A Problem:
Include information on what to do and who to call if problems arise.
Complete Information on The RV systems and maintenance (tank maintenance etc.)
Include maintenance information and RV manual.
Deposit Information:
Include information on Deposit and deposit returns.
Make Sure To Do A Thorough Walkthrough and Training
Train your renters well. Make sure that they know how all of the systems in the rig work. Teach them how to empty the tanks and use all of the electronics. If they know how to use everything correctly (including the RV holding tanks), they will be less likely to break something when they are on their own. A thorough walkthrough and training will save you time on the phone when they have a problem!
These are just some of the things that you should consider before renting out your RV. Be sure to do a complete walkthrough and training with all renters, get the contact information for everyone involved in case of emergency, vet each renter carefully, include important details in an air-tight contract, and provide renters with a full copy of your RV manual.
Give Renters a Complete RV Arrival and Departure Checklist
This is a vital part of renting your RV. A complete checklist will ensure that everything is set up properly when the renters arrive at their destination. It will also ensure that all equipment is stored correctly when they depart for their trip home. Your property will be better managed, and it will be helpful to your customers. It is a win-win situation.
Compare The Pros and Cons of Renting Out Your RV
There are many pros and cons to renting out your RV. It would help if you thought it through to determine what would be best for your situation. Do not let others influence your decision. Make the choices that work the very best for YOU!
Pros:
– extra income (extra cash)
-you can pay off your vehicle faster
-you can introduce more people to the RV lifestyle****
Cons:
– renting out your vehicle may take up too much of your time/ energy, which could be spent on other more important things to YOU!
– renting out your vehicle may take you away from the family time you have planned for yourself.
-It can cause costly damage to your RV.
-higher insurance costs
Be Prepared For Tax Season If You Are Renting Out Your RV
If renting out your RV becomes a regular thing and you end up making enough money to be considered self-employed, then it is time to start thinking about the tax implications. Make sure that you are prepared for this so that things go smoothly.
Save all of your receipts and contracts. Keep track of all of your maintenance bills.
Companies That Assist With RV Rentals: RV Rental Platforms
Conclusion To Renting Out Your RV
Now that you’ve done your research and are confident about renting out an RV, then congratulations! You may be able to make some extra money on the side. Here is a list of 12 things that we think everyone needs to consider before jumping into this opportunity. We hope this blog post will help guide you through any questions or concerns that might come up as you explore the possibility of making additional income by renting out your RV.
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