There are a ton of blog posts out there about the different aspects of full-time RVing. Tips for living on the road, how-to guides for renovating your RV or downsizing, travel guides for the best places to stay – you name it, and there’s probably an article about it. But what a lot of people don’t talk about is what happens when, for whatever reason, you have to say goodbye to full-timing? It’s a pretty sad day, to be sure, but there’s still hope! I’m talking about a way to make money with your RV!
Don’t Sell! Make Money With Your RV by Renting It!
The average RV sits unused for about 90% of the year. Now, if you’re a seasoned RVer, you know how much that can cost. Storage fees and maintenance alone can cost hundreds of dollars a month! Not only that; but it also pulls on one’s heartstrings to see their RV sitting idle and gathering dust. So, many families decide to do something about it. You have two options if you still want to hang onto your RV, but don’t want to watch it wither away in storage: rent it out via dealership consignment or a peer-to-peer network.
Is Dealership Consignment Right for You?
RV consignment through a local dealership or company is a popular choice for people who don’t want to deal with the hassle of renting their RV. The dealership will take on your RV and handle the advertising, cleaning, storage, and all those other chores that renting out an RV entails. It’s great if you just want to wipe your hands and be done with it. However, there are a few significant disadvantages to this:
- You can pretty much kiss your RV goodbye for a while. Since the dealership has it on their lot (and has the keys), it can be tough to arrange a vacation in your RV. You’ll likely have to give advanced notice if you want to use it for a weekend trip, especially if it’s during travel season.
- Storage can be another problem. If you don’t have a place to store the RV, most dealerships will store your RV for free if you consign it to them. This is good news for families who would otherwise be stuck paying hundreds of dollars a month to keep it in a storage center. However, keep in mind that some dealerships will charge you their storage fee if your RV doesn’t rent out that month, and dealership storage can be pricey.
- Insurance can be iffy, too. Dealerships structure their policies differently; some offer insurance while your RV is on the lot; others make you purchase supplementary insurance. It’s important to know exactly how, when, and where you’re covered, so you can decide whether you need the extra coverage.
- One of the biggest issues with RV consignment is money. Sure, they advertise that you can make big bucks off your RV, but is that really the case? Oftentimes, the answer is no. Here’s why: on top of insurance costs and (possible) storage fees, dealerships charge anywhere from 50% to 60% commission on your RV! And, they usually take half of the mileage and generator fees, too! That’s a hefty price they charge for being a middleman.
What About Peer-to-Peer Rentals?
I first heard about this type of rental when I attended the RV Entrepreneur Summit back in February 2017. If you’re not aware of the gathering, it’s a conference held by Heath and Alyssa Padgett. It’s where I gained a lot of confidence to build my business and chase my RV dreams. It’s also where I learned you can rent your RV.
Campanda is the airbnb of RVs. Simply put, it’s a peer-to-peer RV rental system where you can make money with your RV very simply. Thanks to the magic of the internet, RV owners and renters from all over the country can connect with one another. P2P rentals remove the aforementioned middleman, which is beneficial to both parties. Renting out your RV on a P2P network is slightly different than consigning with a dealership. Here’s why it’s the better choice to make money with your RV:
- You’ll still have total control over your RV. You can store it wherever you want – in a storage facility, in your driveway, in your cousin’s yard – wherever. Alongside that, you get to choose when you want to rent it out, and you can black out certain dates whenever you want to take a vacation.
- You get to work one-on-one with the renter. You’ll be able to run background checks and talk with the renter before you make your decision, so you can have full confidence that your RV will be treated with respect. A lot of RV owners end up with regular return customers, which is never a bad thing!
- You don’t have to jump through insurance hoops and read through pages of fine print. You can keep whatever insurance you currently have on the RV and you don’t have to worry about insuring it while it’s on some dealership’s lot. P2P networks offer up to $1 million in liability coverage while your RV is rented. It’s the renter’s responsibility to get additional auto coverage unless you want to offer it to them for a fee.
- You can manage the advertising for your RV, which may or may not be your cup of tea. You’ll create the listing, add photos, and set the rental rates and rules yourself. Campanda already has a strong web presence, but you’re free to link the listing to your Facebook, Instagram, or advertise it in any other way you want.
- Money is the crown jewel of P2P rentals and why so many people choose P2P over the alternative. You get to keep more income from your RV than you would with any dealership. RVshare, in particular, charges around 15% commission whenever your RV rents. Those costs go toward the services they provide, like liability insurance, free roadside assistance, and screening tools.
Start Making Some Cold, Hard Cash
So, there you have it, everything you could possibly need to know about how to make money with your RV. Renting out your RV is a much better alternative to selling it; you still have it for vacations, you can offset storage and maintenance costs, and you’ll make some extra income in the meantime! Have you rented out your RV using Campanda or another P2P network before? Tell us how it went in the comments!
Is it a good/bad idea to rent your rv when you’re not traveling? Throughout the year we only travel to the beach in July. Other than that, nothing! It sits.
Where it sits is like private, except it’s on our land. There’s a nice little driveway to it(not through our yard or anything like that), there’s power and water, septic tank, etc, at it and it’s parked there the whole time except for 2 weeks in July. And it’s fenced in between our house, our Double wide(fenced in as well) and the Rv. Pretty private. We park it there to keep it private, away from our home on the other side of the fence.
I have 3 acres just outside of city, 2 miles from the freeway. All the neighbors are acres apart. Mostly like 3, 5, acres. Maybe a 1 acre lot here and there. But lots of woods, acres and acres of woods all around here. Most residences are trailers, like half double wides/single wides, and the other half are actual homes, some older and some newer, nice homes.
It’s a nice area. Low crime stats, good schools, friendly, safe. It’s near Lexington SC in Lexington county, 8 miles from downtown Lexington.
I’m just a little scared to do something like that, and I’m positive I’d need to find out a lotttt of things before deciding. Just wondering if it’s a good/bad idea and why.
Thanks for your time here! Lots of help, interesting and hope you all keep at it!
Hey Mike!
I think it’s a great idea to rent your RV when you’re not using it. Some people make a full-time income from it, actually. Let me link you to another article I’ve written on the subject!
https://www.campanda.com/magazine/5-signs-that-youre-ready-to-rent-out-your-rv/
This article highlights reasons it’s a good idea to rent your rig, and also talks a little on how it is safe because of the sharing economy. I’ve worked with 3 different RV rental companies in the last 12 months and I would say Campanda is by far the best. While all companies are similar, I like Campanda because they feel the most genuine and reachable. (Of course, you can list your RV on any and all platforms.)
Feel free to email me personally with any more questions. I’m always happy to help.
Liz
Just becoming aware of this “business model” and hoped to ask someone: if you were starting, what type/ class/ size/ age/ etc would be your best bet for reliability, ease of renting, best rates-to-income projection, and so on?
This type of information may well steer me in the right direction BEFORE I buy.
Hey Dave!
Great questions to consider when buying an RV. Do you mind if I forward them along to someone I know that runs an RV rental company?
Offhand, I would say Class As get the most per night. On average, it’s $200! That said, they’re also the most expensive usually. I think if you’ve got good credit and can get a decent rate and monthly payment, it could be worth it.
As far as reliability goes, if you buy new, you’ll have to work out the kinks of the rig. You would think buying new it would just drive, but it’s not a car. Some stuff malfunctions from the get go! (Reassuring, huh?) Warranties can help with all that, but you can’t rent your rig if it’s in the shop.
Buying used also has it’s issues. I’d suggest buying something 2-3 years old, with at least 10,000 miles on it. That way you know it’s been driven at least a few times, and most problems have been fixed.
Where are you located? That can affect how often your RV gets rented.
Anyway, let me know and I will forward these questions on to get some behind-the-scenes answers!
PS. Sorry it took me a couple days to get back to you! I’m prepping to host an event called Full Time Freedom Week and it’s taking everything in me, just about! haha
Here’s a different twist on how we make a little money w/our RV: about 4 years before I retired from my job, I established myself in the art show/festival/gallery world during the time I had my regular twice-a-month paycheck job.
Once we retired, we bought a class B and now we tool around to various art galleries hawking my wares. We’ve met awesome folks along the way and fill ourselves with the beautiful sites and great hiking, drinking and dining. Before we retired, we had lived in Europe as ISP’s, traveling extensively. When we returned to the States we realized there was such a huge portion of the US we hadn’t seen. This small business venture gives us an opportunity to explore. I’ve enjoyed your blog and for the short time we’ve had our RV I’m very grateful to you for sharing your inspiration and musings.
I love that little story. You sound liKe an amazing woman. I hope in retirement to be in a Class B as well.
Thanks for the lovely compliment. I’m so happy when people read my stuff. It’s very satisfying!
We are buying a travel trailer next month. I am the one “soaking” up as much info as I can from different sites. Some great, some not so great. Yes, we are both going to be retired, just want to take a trip or two or three without paying for enormous hotel bills and bugs. That sounds petty but it is realistic. It would be cheaper meals, and we can take family if we want without additional cost. Unfortunately we didn’t have the luxury of traveling when were young so we want the opportunity to do it now. We won’t have to pay storage as we can park at brothers farm. We think this may be a good move for us.
Hey Martina. Renting one to “try before you buy” isn’t petty; it’s just plain smart! I hope you keep me updated on your travel trailer purchase. Feel free to email me any and all questions. I love helping people transition. I’m a little RV-obsessed, if you haven’t noticed. admin@lizwilcox.com