As the economy continues to take a downturn in the pandemic, we regular folks have to branch out to find more sources of income. If you own an RV, you’re in luck — plenty of folks out there are looking for an adventure of a lifetime on wheels, and all you need to do is to start renting out your travel trailer. There’s a lot of money involved in this rental business — about $40,000 a year to be exact — but there’s a lot of labor and time involved in it too. If you don’t yet own a camper van and are looking to hop onto this business bandwagon, we’ve got you covered. Questions you might have, such as whether you can truly make that much money or which platform is the best to rent out your RV, or even the basics such as which motorhome vehicle you should buy, will be answered in this article.
Bring your RV out for a spin
According to a survey done in 2020, many campers and non-campers both rated camping as the safest form of lodging when traveling, and rated it as much safer than other travel accommodation options.
Throw in an RV to the mix, safety is promised along with affordability. Given the prices of rental cars rising as the pandemic drags on, having a home-on-wheels — where you can sleep, eat and travel — is a great deal for just $200 per night.
Camper van owners in America hit about 5,000 miles yearly. If you don’t have the luxury of time to go on many vacations, more likely than not, you’re not going to hit that base 5,000 miles — so your expensive RV just sits idle in your garage, all summer long. Why not rent it out as a side hustle? Choose the days when you’re working to rent it to families, and let them bring it on adventures while you sit home, waiting for the cash to roll in.
How to choose the right renter
Choose renters that are the right fit for your van — you don’t want someone who’s completely reckless to drive your expensive baby. Sieve out those with multiple traffic violations, and make sure that they’re mature enough to drive — usually, those who are 25 years or older ought to be able to apply to rent an RV.
Protect yourself with insurance
You’re not the only one antsy about placing the fate of your vehicle to a complete stranger — your rental company is too. That is why all rental companies offer an accompanying comprehensive insurance package when you choose to rent out your RV with their company.
First, you are entitled to up to $1 million in liability costs if your renter chooses to file a lawsuit against you. Next, you get protection for your RV, which means that the renter must take responsibility for the state of your vehicle throughout their trip. Renters can select how much coverage they want for the vehicle when they are at the checkout stage of the rental process.
While you may already have insurance for your RV, which protects your vehicle when it is in your possession, renters’ insurance works differently as it only takes effect when you hand over your keys to your renter. Some rental companies make damage tracking more transparent by mandating a vehicle check, with picture proof, before renters make the trip, in order to check the total damage done by the renter in the trip. Therefore, your relationship with your renter becomes more fuss-free as you can simply digitally stamp your agreement with the other party to keep your vehicle in the same condition you send it off.
Equip your RV Renters with Roadside Assistance
As much as your renter wishes to keep your vehicle in proper condition, it’s always best to expect the unexpected. For the inexperienced RV drivers, you might want to suggest to them to purchase an on-the-go roadside assistance package, and place both your and their minds at ease when they set off on the road. Otherwise, keep in mind that as the owner, you are entirely culpable for the state of your vehicle — so make sure that there’s always a plan B if your renter gets into an accident.
How to Maximize your Cash Rewards
We get it — it’s not easy to make money when there’s so much effort involved. Since you’re already doing so much to earn that quick buck, why not go a step further and see what else you can offer to your renters on their trip of a lifetime? Think surfboards, bike racks, or even paddleboards, as these items could prove useful for leisure activities on the road. Aside from that, you can also provide other add-on items that improve home living — like a Netflix subscription exclusive to the TV in your RV that will keep the kids entertained. Providing these services at an extra cost can always add another dollar or two to your wallet — and at no cost to you at all, especially if you had that surfboard just lying around for a few years.
Make the RV Rental Process Seamless
In the digital age, there is an ever-increasing emphasis on efficiency. People don’t like it when things are overcomplicated and lengthy, so be sure to help your renters out by making the renting process as convenient as you can. Luckily for you, there are plenty of online forms you can use to build up your listing page and a ‘road ready’ instructional manual, which saves time for both you and your renter. It might take a while to get the onboarding process ready and as comprehensive as possible, but trust us when we say that it’s worth it in the long run. Your renters won’t be turned off by a long series of forms and will thank you for it — and when all their information is stored in one place, you’ll thank yourself for it too.
The pandemic has made money tight for many of us, and the extra cash won’t hurt. While renting out an RV might seem like a difficult business, it’s one that we think is extremely meaningful as you are sharing your joy with like-minded individuals who just want to bring their families on a trip to remember. We hope our list has been helpful for you to decide whether or not you want to take a chance and rent an RV to a stranger, and wish you all the best in earning that extra income for your next big trip.