Are you looking for a way to make extra money? Would you like to be your own boss? Consider starting an RV rental business. You can make twenty, thirty, or forty thousand dollars annually for each RV in your rental fleet. All you need is one RV to start. My wife and I started an RV rental business, and you can too.
RV rental business definition
The average RV owner uses their RV only 20 days per year. An RV rental business definition is an RV owner renting their RV when not in use for money. Renting out your RV motorhome is an enormously lucrative business. By renting your RV, you can use the rental income to pay the bank loan and generate a substantial profit.
Learn how to start and run an RV rental business.
Introducing the How to Start and Run an RV Rental Business book. This book is the definitive guide for beginners looking to enter the
world of RV rentals. Written by a couple who transformed their RV into a profitable business, this book is your roadmap to success. This comprehensive guide breaks down the process into 12 easily digestible steps, making it simple for anyone with an RV to start earning money. You don’t need extensive business experience – just this book and your RV!
Turn a liability into a money-making asset.
Do you own an RV? If you do, it is probably sitting in storage. The median annual usage for an RV is only 20 days per year. That means the average RV sits unused for 345 days a year. Why not put your RV to work for you? Rent your RV. There is a growing demand for RV road trip vacations. RV road trip vacations are becoming popular. Now is a great time to make money renting your RV. A recent 2023 survey stated that 62% of Americans are likely to consider renting an RV for a trip in the future. That is a 9% jump from 2022.
Semi-passive income.
One of the primary motivations for RV owners to rent out their vehicles is the potential for semi-passive income. I use the term semi-passive since, about 20 percent of the time, you are actively handling the bookings, departures, returns, and maintenance of your RV. The other 80 percent of the time, while guests enjoy your RV, you make money without trading your time and energy.
Tax advantages of an RV rental business.
There are many tax benefits to renting out your RV. Owners renting their RV can deduct expenses, such as maintenance, repairs, insurance, and depreciation. Costs, such as advertising or platform fees, are also deductible. Interest on a loan taken out to purchase the RV is partially deductible. These deductions can offset rental income, potentially reducing the overall tax liability. In this book, we will discuss the possible tax advantages. While I provide significant information about tax advantages, I am not a CPA. You should hire a CPA for the best tax advice.
Utilization of idle assets.
Many RV owners use their vehicles only a few times a year. That means the RV is in storage for 45 to 50 weeks a year. Renting out the RV during idle periods ensures it’s being utilized more efficiently. It offers a way to make money. Considering an RV’s momentous investment, renting it out can cover the costs of maintenance, insurance, and loan payments. It also could reduce your storage costs.
Community building.
Renting out an RV often leads to interactions with diverse individuals passionate about travel and exploration. This can help build a community and create lasting connections. Many guests will become repeat customers. They will rent an RV multiple times over the vehicle’s operating life. This leads to good reviews and potentially solid friendships, a community.
An RV rental business has flexibility.
You can choose when to rent out your RV and when to use it for personal trips. RV rental platforms allow for blackout dates, ensuring owners retain control over their vehicle’s availability. You can also block off certain days. I like to block off the return date of my RV. This blocked-off day allows me time to perform maintenance or to drop it off at an RV service center. Some RV rental business owners opt not to rent their RVs during the off-peak season. It’s your RV, and you control when and to whom you rent your RV.
Platform support.
P2P rental platforms often provide support. They may offer insurance, roadside assistance, and user vetting. The platforms may also collect, hold, and disperse money. Having these services performed by the RV rental platform gives owners peace of mind. Platform support paired with this step-by-step guide makes starting easy for a beginner.
