RVshare has released findings from its inaugural RVshare Owner Report. The company said the report reflects how RV rentals emerged as one of the few industries to exceed financial expectations in 2020 and it has forecasted a continued surge in popularity next year.
“Americans’ desire to travel safely has fueled RV owners’ profits,” said RVshare. “Seventy-five percent of RV owners garnered more rental income than in 2019, a quarter of which have cited significantly higher income this year despite widespread shutdowns and travel restrictions.”
The company pointed to a swell of rental activity in the spring and early summer, of which many RV owners capitalized on with travelers who chose a road trip over a resort or hotel. The survey found that 20 percent of RV owners began renting their vehicles specifically because of the pandemic. Supported by the RV Industry Association’s projection of records RV sales in 2021, RVshare reported 14 percent of RV owners purchased a vehicle with the intention to rent because of the financial opportunity.
“RVs are tailor-made for a socially distanced vacation, and many travelers discovered the appeal of RVs this year,” said RVshare’s CEO Jon Gray. “The owners of those RVs have capitalized on the ability to earn money from an asset that typically is only being used a few weeks out of the year, many of which are paying off their vehicles entirely.”
Among numerous findings in the report, RVshare said some of the key takeaways included:
- The average RV owner made $16,000 renting their vehicle, with many garnering $40,000-$60,000 depending on their vehicle type.
- Half of RV owners are able to cover the entire cost of their RV by renting (this summer only 35 percent of owners could pay off their RV by renting).
- The popularity of RVs during the pandemic prompted 14 percent of owners the purchase an RV for the purpose of renting, 20 percent of RV owners to start renting their vehicle.
- 90 percent of owners posted a more successful booking rental year than 2019.
The company said that rentals have shown “no sign of slowing down” for the foreseeable future as 60 percent of owners said they have more bookings this fall and winter season than in 2019. Also, a reported 26 percent of owners are already booked six months in advance, which is atypical during what is a traditionally slower season.
Read the full report here.
