An RV or recreational vehicles have been around for years, and even though the design and outfits of one may have changed to become more innovative and modernized, the concept remains the same – a living quarters for on the road travellers.
No matter how the original idea began, one thing we can all agree on is that it was a brilliant one. To date, people have been investing in RVs globally and enjoying the convenience of having one. And for those who cannot afford one, they can rent it out, just as you would a hotel room or a cottage in the countryside. Here’s some more on that.
That’s what this article will elaborate on, the concept of renting out your RV either to make some extra cash or to help those in need. This idea has become one of the most popular items on the agenda of many, and especially recently with the COVID-19 pandemic hitting the world, and the regulations of social distancing and many entertainments, tourism, and lodging industries shutting down, there are not many places one can go to get away from the city life, without bumping into other people.
Enter – recreational vehicles.
Benefits of Renting your RV
Let’s look at the benefits of renting out your RV first. Much in the same way may people join the concept of an Airbnb and rent out their homes or holiday cottages to those who are looking for something more personalized and a concept of ‘home away from home’, the RV also fills that gap in offering a personal touch to those who want something unique to themselves.
Depending on the country you are in, the price and rules may differ. This guide will give you an idea : https://howtostartanllc.com/business-ideas/rv-rental and sometimes you can earn as much as USD 36,000 per year just renting it out to campers and outdoor enthusiasts.
There are numerous benefits of renting your out, some of which include:
- Firstly, you get to make an extra income, or your main income if you don’t have any other. This is advantageous especially when you are not using it, and it's sitting unused in your garage.
- You get to rent it out to verified and quality drivers, and not just anybody, so you know it's in safe hands.
- Some companies offer you liability insurance of up to $1million when renting out there or your RV.
- You can save on tax through this route.
- It pays for itself, when you are not using it and makes sure it runs constantly so it does not die and need a new battery.
How Does It Work
The basic idea behind opting for this route is to enlist it on a local directory or a popular platform such as on social media, and wait for the phone calls. However, if you go through a rental company, which is the recommended route to take as it is more structured and there is legal paperwork involved so you won’t lose out on funds and instead gain from it.
When you enlist people under the ‘rent my RV’ listing on a website or even a newspaper advertisement, all you need to do is provide the relevant information such as the details of the RV, the make, model, price of renting, provide nice images to appeal to the population, make sure it is clean and well kept, dates of availability, etc.
Once you start receiving the rental requests, you can interview the potential parties and get to choose whom you would like to rent it out to and who doesn’t make the cut. Make sure all vehicle checks are done before and after you hand it over. Make a list of items for proper records and get the driver to sign it. They may do the checks themselves too.
Once they are off on their journey you can check in with them once every few days to make sure everything is fine. Make sure you have all of their contact details and they have all of yours.
Renting out an RV is ideally a type of business, so you can get tax incentives from it, for items such as filling it up with gas, changing the tires, doing any maintenance work on it. But make sure you keep all receipts and make proper records of everything for the taxman.
This could be one of the best and easiest ways to earn a side income when you are not using it yourself.
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© by Rose Ann Rosales 2021