RV Owners Poised to Profit from Surging Rental Demand in the U.S. this Summer

Travel restrictions, social distancing and tight travel budgets are leading US travelers to try RVs this summer, and owners renting their vehicles can garner a substantial income

News provided by

RVshare

Jun 10, 2020, 08:00 ET

AUSTIN, Texas, June 10, 2020 /PRNewswire/ -- RVshare, the world's first and largest peer-to-peer RV rental marketplace, encourages RV owners to rent their vehicles amid unprecedented increases in RV rental demand for summer travel.

Recreational Vehicle bookings through RVshare have nearly tripled since last year and are up more than 1,600% from early April¹. Many Americans are eager to take a vacation this summer, but wary of traditional hotels or resorts. The U.S. Travel Association reports that only 18% of travelers would feel safe staying at a hotel or resort. The same percentage of travelers (18%) cite a concern for air travel as well².

The majority of the millions of RVs owned in the U.S. are only used for two weeks every year³. RVshare enables owners to profit from the time their RVs sit dormant, with the average owner garnering $16,000 per year in rental income⁴. Depending on the type of vehicle and frequency of rentals, owners can stand to make upwards of $60,000 per year on a single RV⁴.

"During this time of uncertainty in the world of travel, more and more families are renting RVs for their summer vacation," said RVshare's CEO Jon Gray. "RV owners and those interested in buying an RV can take advantage of this wave of demand to put a bit more cash in their pocket, or to help supplement income in this time of financial instability."

From a survey of RV owners renting on RVshare, the company found that more than half (51%) of owners are able to cover 76% or more of their RV's financing cost through renting to travelers, with more than a third (35%) covering all or more of their financing cost⁵.

The most in-demand rentals on RVshare are Class C vehicles, which strike a great balance between features and price, making them popular with first-time renters. Class C rentals have an earning potential of $38,000 a year⁴. Class B vehicles, or camper vans, are the fastest growing in popularity on RVshare. With demand skyrocketing for these units, Class B rentals can earn up to $30,000 a year when listed on RVshare⁴.

For RV owners eager to take advantage of the increase in traveler demand but wary of handing the keys over to a stranger, RVshare employs several tools and features to protect vehicles and their owners:

Insurance: Owners are provided $1,000,000 in liability coverage, as well as comprehensive coverage of up to $200,000 with no startup costs, fees, or premiums.

User Verification: RVshare requires renters to submit a valid government issued ID and does not allow bookings to take place or for a renter to see owner information or specific RV location without verification.

Secure payments: RVshare securely handles and deposits all payments directly to the owner's bank account.

One-on-One Rental Coaching: On-the-phone coaching support is available to owners to assist with setting up the vehicle listing, fielding questions, and offering guidance to aid in successful renting.

24/7 roadside assistance: Every rental booked through RVshare is provided 24/7 roadside assistance, including towing.

"We are looking forward to seeing more owners sharing the unique experience of the RV lifestyle, creating lifelong fans, and enabling American families to enjoy road trips, state parks and coastlines this summer," added Gray.

Additional information on owner resources and how to get started renting an RV can be found at https://rvshare.com/list-your-rv.

About RVshare

RVshare is the first and largest peer-to-peer RV rental marketplace. With more than 100,000 vehicles available, RVshare's diverse inventory ranges from affordable travel trailers to luxury motorhomes and can accommodate any outdoor adventure, whether it's a weekend of camping or a cross-country tour of national parks. Through RVshare, families and groups can experience a one-of-a-kind trip and create memories that will last a lifetime. In addition to offering a unique travel experience, RVshare provides RV owners in North America the opportunity to turn their RV into a second income. For more information, visit rvshare.com, and follow us on Facebook and Instagram @rvshare.

¹RVshare internal data of traveler bookings

²U.S. Travel Association

³Recreational Vehicle Industry Association

⁴RVshare internal data of active users

⁵Survey of active RVshare owners, June 2020

SOURCE RVshare