Done Full-timing? P2P Your RV...
If you’re a full-time RVer, then you know better than anyone that RV life doesn’t always go as planned.
Whether it’s a surprise storm impeding your travel plans or a broken appliance biting into your budget, it seems like there’s a new challenge to face every other day. Being the good RVer that you are, you probably have quite a few backup plans for certain situations. But what about when your RV isn’t your home anymore? Do you have a backup plan in case you have to stop full-timing? We do, and we’re going to share it with you.
There are many reasons people may want to get rid of their RVs. An expanding family, a once-in-a-lifetime job opportunity, or a lack of funds are all reasons people stop RVing. Some RVers want to downsize to a smaller RV and need to figure out what to do with the old one. Whatever the reason, there are hundreds of thousands of RVs throughout the country that go unused for most of the year. Here’s the big secret: renting out your RV is a much more viable alternative than selling it or letting it sit in the driveway for eternity.
How to Rent Out Your RV
Traditionally, there was only one way you could rent out your RV: by consigning it to a dealership. The dealer would take your RV and store it on their lot, then take a commission whenever it rented. It was a perfect solution for families who didn’t want to sell their RVs but also wanted to offset the cost of storing them. Dealership consignment worked well for a while, until peer-to-peer RV rentals came along and changed the game. Now, P2P rentals are quickly taking over as the most popular way to rent your RV and make some extra income.
What Are Peer-to-Peer Rentals?
The P2P economy is flourishing. Across the globe, people are renting out their homes, their cars, and now, their RVs. P2P RV rentals put all the control in the owner’s hands. You get all the support services that you’d get from a dealership, but the flexibility of renting out your RV individually. Here’s how it works:
- You’ll list your RV on a P2P website like RVshare (Editor’s Note: link goes to an affiliate portion of the company’s website. Helpin’ to pay the bills and all y’all). You’ll upload a few pictures and a description about yourself and the RV. You’ll be able to set your own rental rates and rules, so if you don’t want to allow pets in your RV, it’s no problem.
- Renters can search for your RV by location. There are probably hundreds of RVs in your state, so make sure yours stands out! Use high-quality pictures, and describe your RV in as much detail as possible. Feel free to block off any time that you want to reserve the RV for yourself! After all, it’s your RV; you should be able to use it whenever you want!
- You’ll get an email whenever someone wants to make a reservation. RVshare offers screening tools so that you can run background checks before you approve the renter. You can also ask for security and damage deposits, just in case.
- Your RV is protected while it’s on the road! P2P companies offer up to $1 million in liability coverage and free roadside assistance. As far as auto coverage goes, you can either let the renter jump on your policy (for a fee, of course) or ask that they acquire insurance themselves.
Having control of your RV and who rents it is a big deal, but the real reason P2P rentals are so popular is money. When you consign your RV to a dealership, they’ll take about a 50% commission on rentals and mileage packages. With P2P companies, listing it is free, and you pay around 15% commission only when the RV rents.
Can I Make Decent Money Renting Out My RV?
It’s easy to see why P2P rentals take the cake – you have more control, make more money, and still get to keep your RV for when you need it! Sounds too good to be true, right? It’s not. The RV industry is seeing a massive resurgence of interest these days, and more families are renting RVs than ever before. Furthermore, Millennials are quickly surpassing retirees as the biggest age group of RVers. However, due to the economy, many interested RVers are unable to purchase RVs for themselves.
That’s where you come in. You’ll get to share your RV with people who otherwise wouldn’t have the chance to know the lifestyle, and you’ll make money while doing it. We’re not just talking pocket change, either – thousands of RV owners have reported making more than $30,000 or more per year! Sure beats paying storage fees, right?
Follow These Tips to Make More Money Renting Out Your RV
If you’ve decided that you want to rent out your RV, you’ll have a bit of competition. As we mentioned before, people are starting to shy away from dealership consignment and millions are flocking to P2P networks. Here are a few tips for staying ahead of the competition:
- Price your RV reasonably. Look at similar RVs and see what they’re going for, then price accordingly. Class A’s typically start around $150/day, Class C’s around $120, and Travel Trailers start at about $75.
- Catch renters’ eyes by offering promotional discounts, unlimited miles, or free extras like patio chairs and linen kits.
- Always be responsive and accommodating to renters. They can rate you and leave feedback, and better feedback means more customers!
- Make sure you’re clear in setting the rules for using the RV. It’s important that renters know whether they can have pets, if they can smoke, and how many miles they’re allotted each day. Being upfront now will avoid headaches in the future.
Dust Off Your RV and Share it With the World (For a Price)
Whether you’ve downsized your home on wheels or put down roots in a sticks and bricks home, you don’t have to get rid of your old RV! Renting out your RV is easy, safe, and potentially very lucrative. Whether you go with dealership consignment or P2P is up to you, but if you want full control over your listing, P2P is the better option.