The surge in popularity bodes well for those who own RVs. Ninety percent of RVs in the U.S. are driven by their owners for less than 30 days per year, allowing for their vehicles to be rented to travelers who hold concerns over safely flying on a plane or staying in a hotel during the pandemic.
RV rental marketplace RVshare, listing more than 100,000 individually owned RVs across the country, experienced an unprecedented 1,600 percent increase in bookings between April and June, alone.
The by-product of that popularity has led to an increase in profitability for RV owners, choosing to rent their rigs to adventurous travelers for some extra money in their pocket.
In a recent survey of RV owners renting their vehicles on RVshare, three-quarters of those reported more income in 2020 than in 2019. Due to that income, more than half of those RV owners pay for the entire cost of owning their RV.
And the word is spreading. Twenty percent of RV owners began renting their vehicles specifically because of the pandemic. What’s more, RVshare reports 14 percent of RV owners purchased a vehicle with the intention to rent because of the financial opportunity.
From May to August, RV owner Karson Nance, based in Austin, Texas, reported earning more than $30,000 after booking a Winnebago Minnie Winnie Class C for the entire summer of 2020.
“When the pandemic hit, I didn’t know what to expect, but I never thought we would have a record year,” says Nance. “RVshare made it easy to manage customers and keep the calendar full. Because of our success, we were able to pay down our units this year and, in turn, we invested in more units to capitalize on the growing demand for RV rentals.”
Those interested in kicking the tires on an RV purchase ask, which vehicles make the most money? Class A vehicles, given their large size and luxurious amenities, are the highest earners at an average of $60,000 per year. More commonly owned Class C vehicles, a mid-sized motor home, grosses $45,000 per year. Class B vehicles, or camper vans, are able to make $40,000 per year.
Based on location, RVs vary in demand. Those looking to purchase an RV to rent may be interested to know where the hot spots are. The most lucrative places to own an RV are:
- Houston, TX
- Salt Lake City, UT
- Phoenix, AZ
- Denver, CO
- San Bernardino, CA
Additional information on how to get started listing an RV for rent can be found at https://rvshare.com/list-your-rv.