Over the last few years, a new economy has emerged in the U.S. – the sharing economy. Now people from all walks of life are sharing their homes, their cars, and even their RVs.
If you own a fifth wheel RV, then you too can participate in this new sharing economy. Travelers looking to camp in style are looking for fifth wheels to rent just like yours, and you can certainly benefit and earn some extra cash.
Here are some reasons why you should consider renting out your fifth wheel RV and how you can get started.
There’s nothing better than hitting the open road in your fifth wheel, but as much as you and your family would love to, you can’t use your fifth wheel all day every day.
Kids need to go back to school, and parents need to go back to work. As a result, the fifth wheel sits in the driveway or storage, collecting dust.
But what if you could turn your fifth wheel RV into an additional source of income? By renting it out to other travelers when you’re not using it you can earn a great second or third income for the family.
Here are some RV owner reviews from the RVshare.com website.
Dianna from Tucson, Arizona, retired and chose to rent out her RV for an additional source of income. She says she began getting inquiries immediately after posting her RV to RVshare.com.
“I figured I could make money and pay off my home, and give someone the enjoyment of being able to rent a RV”
Susanne of Waukesha, Wisconsin, began renting out her RV full time in 2015 and saw results right away.
“The biggest benefits are the money and the people I meet,” she said. “I made $12,200 in 2015 and $7,300 so far in 2016.”
This option is great for RV owners who want to make an added return on their investment. As many owners know, these fifth wheels are expensive investments. Most cost anywhere from $15,000 to $40,000, with some models topping $80,000 and even $100,000.
Renting it out when you’re not using it is a great way to help offset your holding costs like monthly payments, insurance, storage, and maintenance.
So how much can you make renting out a fifth wheel? The estimates at RVshare.com say owners can make anywhere between $11,000 and $23,400 per year.
To find out how much you can make renting your fifth wheel check out the rent your RV page on RVshare.
Fifth wheel RVs really are homes away from home – or even second homes in some cases. In the eyes of the law, RVs really are considered second homes, which means when you take out a loan to buy one, the interest portion may be deductible.
So where does renting fit into this equation?
When you rent out your RV, you’re basically creating a small business, which means some of the ways you conduct your business are tax deductible.
For example, your monthly payments, storage, repairs and interest may be tax deductible, which may save you thousands of dollars every year.
Of course, no two state tax laws are the same, and you will have to claim your rental earnings as income.
If you’re serious about renting out your fifth wheel RV, speak with an accountant or tax expert to learn more about what can be a tax deduction.
Better for the RV
You may have heard the phrase, “If you don’t use it, you’ll lose it,” and to an extent, that can be said about fifth wheel RVs.
For most fifth wheel RV owners, spring is a time of anxiety. All winter long, their RVs sat out in the driveway, backyard, or storage completely exposed to the elements. Heavy rains and snows fell, and temperatures dropped well below zero at night.
Over the harsh winter pipes may have frozen and exploded. Hail from a spring storm could damage the roof and windows. Mice and other rodents might have gotten to the electrical cords and chewed through them.
Many of these problems can be avoided if the RV is in use consistently all year, but that’s just not an option for many RV owners. That’s where renting comes in.
By renting out your fifth wheel, you’re ensuring that your RV will not sit still for very long. Renters will be taking it out for days or weeks at a time when you’re not using it, so your plumbing and other systems will be regularly used and checked for maintenance issues.
Long-term idling is never good for an RV. Rent it out and keep your RV in use.
If you’re serious about renting out your fifth wheel RV, try listing it on RVshare.com. This new sharing website lets RV owners list their fifth wheels online where prospective renters can browse listings.
Renting through a site like RVshare provides a lot of benefits that you wouldn't get if you just listed your fifth wheel for rent on craigslist. RVshare takes care of all the payments and security deposits and then direct deposit the money into your bank account.
They also offer RV rental insurance and roadside assistance which is nice. You’ll be able to set your own rental rates and you’ll always be in control. You get to screen all renters before accepting a reservation.
So far, RV owners have seen great success on the RVshare.com website. Cliff from Camarillo, California, received rental requests within one week of posting his RV to the site.
“I saw my RV sitting in storage as I made the payment,” Cliff said. “I thought someone else should have the enjoyment of my RV and help me make the payment.”
Rebecca Poulsbo, Washington, also received numerous responses after posting her RV.
“It was almost instant for the inquiries to start,” Rebecca said, “and it was booked so quickly we really had to scramble to get it ready! Initially I just put up one picture (all I had) thinking I would put up more later. But I booked it so quickly that I had to wait for it to get back from the first rental to add more pictures.”
Though she had some concerns about letting strangers use her RV, Rebecca found support and assistance on RVshare.com.
“RVshare makes it a relatively simple process and takes so many of the problems away for both you and your renters,” she said. “They are amazingly responsive and will instantly walk you through any difficulties you may encounter. I was not really ready for my first rental, didn't expect it to happen so fast, and they held my hand the whole time.”
If you would like to get some more information about renting your fifth wheel, check out RVshare.