July 28, 2024 • 16 mins
In this episode of the RV Rental Secrets Podcast, Stacy Maxon and Garr Russell explore the ins and outs of RV rental industry trends.
- Growing Market: The global recreational vehicle (RV) rental market is on the rise. According to a recent report from Business Wire, the market is projected to grow by a staggering $353 million between 2023 and 2028. What’s fueling this growth? A combination of digital nomads and the increasing popularity of outdoor adventures.
- Exploding Industry: Despite its growth, many people are still unfamiliar with the concept of renting out an RV. Just like Airbnb revolutionized home rentals and Turo did the same for cars, RV rentals are catching fire. You can even rent out your pool or yard these days!
- RV Lifestyle: Campgrounds are popping up all over the country, and national and state parks are being built to accommodate RV enthusiasts. The pandemic only accelerated this trend, as people sought the freedom of the nomadic lifestyle by hitting the road in their RVs.
- Upside-Down RV Owners: Interestingly, some RV owners who bought during the pandemic are now trying to sell. But here’s the catch: They’re often upside down on their investment. Dealerships are flooded with RVs, and competition is fierce. That’s where rental services come in. Rather than taking a hit on selling, owners can rent out their RVs and recoup some costs.
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Episode Transcript
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Welcome to the RV Rental Secrets Podcast.
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.999I'm your host, Stacey Maxson, and I'm thrilled to guide you through the journey of launching, growing, and managing a profitable RV rental business. 3 00:00:09,330.9977324263 --> 00:00:15,120.997732426 Hey y'all, hey y'all, welcome to this episode of RV Rental Secrets Podcast. 4 00:00:16,130.997732426 --> 00:00:21,130.997732426 I am Gar, your co host, with Stacy, Your cohost. 5 00:00:21,130.997732426 --> 00:00:23,800.997732426 We've got some exciting stuff to talk about. 6 00:00:23,800.997732426 --> 00:00:24,880.997732426 so let's dive right in. 7 00:00:24,880.997732426 --> 00:00:30,80.997732426 So we want to talk about the RV rental industry. 8 00:00:30,830.997732426 --> 00:00:36,920.997732426 So we've got this article here from Business Wire, which is a Berkshire Hathaway company. 9 00:00:37,490.997732426 --> 00:00:43,730.997732426 And in this article that was released April 30th, 2024, I'm sure Stacey, I'll put a link to it somewhere. 10 00:00:44,220.997732426 --> 00:00:46,140.997232426 This is the title for the article here. 11 00:00:46,140.997232426 --> 00:00:51,970.997732426 It says global recreational vehicle, RV rental report for 2024. 12 00:00:51,970.997732426 --> 00:01:02,240.997732426 It says the market to grow by 353 million during 2023 to 2028. 13 00:01:02,240.997732426 --> 00:01:07,570.997732426 Driven by the growing number of digital nomads and rising popularity of outdoor adventures. 14 00:01:08,270.997732426 --> 00:01:25,70.996732426 Man, what'd you think about that Stacey? Yeah, I mean I believe it amazes me in The industry, when I talk to people, they still don't know about renting out there or be, or renting an RV, you have to explain the concept to them. 15 00:01:25,290.997732426 --> 00:01:27,560.996732426 So it's definitely a growing industry. 16 00:01:27,560.996732426 --> 00:01:30,150.997732426 There's a lot of people that don't know about it yet.. 17 00:01:30,650.997732426 --> 00:01:31,190.996732426 And it was funny. 18 00:01:31,190.996732426 --> 00:01:34,600.997732426 I was just talking to a gentleman yesterday in Kentucky. 19 00:01:35,100.997732426 --> 00:01:50,410.99723243 He's like, okay, so Like I set the rv up on the side of my house and they come live in it I don't get like what does that mean like rent the rv, you know, and yeah people don't understand that just like You've got airbnbs for houses. 20 00:01:50,410.99723243 --> 00:02:02,660.99773243 You've got turros for cars In fact, they even have swimly or swimply or swimly where you can rent out your pool They got you can rent out your garage and your yard Like people will rent your yard so their dog can run around it. 21 00:02:03,250.99773243 --> 00:02:08,990.99773243 You can rent everything nowadays basically And the RV rental industry is exploding. 22 00:02:09,320.99773243 --> 00:02:15,620.99773243 And just not even that, just the RV lifestyle campgrounds are going up around the country. 23 00:02:15,660.99773243 --> 00:02:22,160.99573243 Campgrounds are selling for an all time high national and state parks are being built around the country. 24 00:02:22,250.99573243 --> 00:02:24,830.99673243 We have a franchise coming on right now. 25 00:02:24,870.99673243 --> 00:02:25,700.99673243 Tom in Georgia. 26 00:02:25,710.99673243 --> 00:02:26,290.99673243 He's got. 27 00:02:26,391.09673243 --> 00:02:54,115.99673243 An rv dealership and rv storage and he's building a campground and then he stumbled upon us Now he's starting a fireside rv franchise And so people in the rv industry already they they get it They see it like this industry is exploding like even during covid, you know when the world shut down and you couldn't fly anywhere People got in their rvs and started traveling around Live in the nomad lifestyle so this is amazing here. 28 00:02:54,115.99673243 --> 00:03:05,600.99673243 It says the study identifies the increasing demand for recreational vehicles as one of the prime reasons for driving the Recreational vehicle rental market growth during the next few years. 29 00:03:05,930.99673243 --> 00:03:17,420.99673243 And I know something that we've seen when we reach out to RV owners to tell them about our management offering, something we've seen is a lot of RV owners are trying to sell their RVs. 30 00:03:17,925.99673243 --> 00:03:19,335.99673243 Because they bought them during covid. 31 00:03:19,335.99673243 --> 00:03:32,105.99573243 I mean the rv sales All the time high through covid now They're trying to sell them because they can travel or they realize they don't want to do it It's almost it was like a time sure they did they didn't really think it through when they bought it Now they're trying to exit it. 32 00:03:32,575.99673243 --> 00:03:38,655.79773243 What they're not realizing is they're upside down like they bought it zero down. 33 00:03:38,655.89773243 --> 00:03:51,990.89773243 I mean they were offering finance out to 25 30 years and some of these drive goals And now they're trying to sell it but they're competing with the dealerships because the dealerships sold so many rvs please During a time now their dealerships are working hard to try and sell RVs. 34 00:03:52,260.89773243 --> 00:03:55,100.89773243 They're competing with people that bought RVs for a premium price. 35 00:03:55,690.89773243 --> 00:04:09,210.89773243 And so we've been on a mission to educate consumers, hey, unless you're willing to take a 5, 000, you know, like a 20 percent hit on selling this we can rent it out for you for a season or two, help you pay that down some, you know, then you can sell it. 36 00:04:09,210.89773243 --> 00:04:10,190.89773243 Yeah, definitely. 37 00:04:10,200.89773243 --> 00:04:18,90.89773243 And I've even seen like you mentioned, the RV sales were at an all time high during COVID and they're much lower now. 38 00:04:18,280.89773243 --> 00:04:25,770.89773243 So I've even seen some dealerships switching to the RV rental model to try to get rid of some of their inventory that way. 39 00:04:26,150.89773243 --> 00:04:44,555.90073243 So, you know, I think that's Another reason why it's predicted that the RV rental market is growing because a lot of people are choosing to rent rather than buy because the prices if you only plan to to camp one or two times a year, it's more beneficial for you to rent an RV. 40 00:04:44,745.90073243 --> 00:04:50,635.90073243 It's going to be less expensive than purchasing an RV and having all of those costs of ownership. 41 00:04:50,635.90073243 --> 00:04:51,945.89973243 Yeah, exactly. 42 00:04:51,995.89973243 --> 00:04:53,275.90073243 This article is just amazing. 43 00:04:53,755.90073243 --> 00:04:57,905.90073243 How much growth, 353 million in the next five years. 44 00:04:58,165.90073243 --> 00:05:02,320.90073243 And to give you guys a little bit of history on the RV, Rental industry. 45 00:05:02,720.90073243 --> 00:05:13,270.90073243 We started Fireside in 2016, RV Share, who is like the Airbnb of this industry, they're the leaders of RV rental, peer to peer platform. 46 00:05:13,660.89973243 --> 00:05:17,980.89873243 They started in 2013, Outdoorsy came in in between those. 47 00:05:17,980.89873243 --> 00:05:36,380.89873243 In just diving into the industry and going to industry conferences and getting involved with different industry associations, I learned a lot about the RV industry, especially from Bert, the founder of MBA insurance out of Arizona, little shout out to MBA insurance. 48 00:05:36,930.89873243 --> 00:05:41,230.89873243 If you haven't heard of them, they're the founders of RV rental insurance. 49 00:05:41,230.89873243 --> 00:05:43,380.89873243 They literally started in 1978. 50 00:05:43,510.89873243 --> 00:05:46,160.89773243 I, I always remember that date because that's the year I was born. 51 00:05:46,590.89873243 --> 00:05:47,450.89873243 So I met Mr. 52 00:05:47,450.89873243 --> 00:06:00,480.89873243 Burt in Las Vegas at a rental conference and he was, you know, telling me when he started in 1978, but anyway, the way things used to be is a lot of dealerships had, RV rentals, that was part of their, lead generation system. 53 00:06:00,480.89873243 --> 00:06:02,660.89873243 They put people in rentals and they make money that way. 54 00:06:02,700.89873243 --> 00:06:05,30.89873243 And then they'd sell them RVs and they did it for various reasons. 55 00:06:05,840.89873243 --> 00:06:12,380.89773243 They could depreciate the inventory and rent it out for loan and sell it as used and different things like that offset their floor plan financing. 56 00:06:12,380.89773243 --> 00:06:14,670.89723243 Then what happened is there was like a mass exodus. 57 00:06:14,670.99723243 --> 00:06:18,90.89823243 All of a sudden, everybody got out of RV rentals, a majority did. 58 00:06:18,905.89823243 --> 00:06:21,765.89823243 And now all of a sudden there's this gap in the market. 59 00:06:22,445.89823243 --> 00:06:27,235.89823243 Well, a guy bought an RV to take his family on a camping trip. 60 00:06:27,695.89823243 --> 00:06:30,465.89723243 Once he got back from that, he said, hey, I'm gonna rent my RV. 61 00:06:30,885.89823243 --> 00:06:35,735.89823243 He realized, man, there's really no platform for this, you know, outside of like Craig's list and Facebook. 62 00:06:36,825.89823243 --> 00:06:40,280.89823243 So he started A little platform called rvshares. 63 00:06:40,310.89823243 --> 00:06:47,560.89823243 com, which he ended up, I forget, he sold his equity of that for, I don't know if it was a hundred million, a lot. 64 00:06:48,10.89823243 --> 00:06:50,970.89823243 It was at least tens of millions of dollars that he sold his portion of. 65 00:06:51,420.89823243 --> 00:06:53,380.89723243 And now we have this peer to peer space. 66 00:06:54,105.89823243 --> 00:06:57,285.89823243 And so that's kind of the history of the RV rental industry. 67 00:06:57,285.89823243 --> 00:06:59,465.89823243 So RV rentals has always been a thing. 68 00:07:00,385.89823243 --> 00:07:02,465.89723243 It's just, that's been the evolution of it. 69 00:07:02,965.89723243 --> 00:07:07,205.89623243 And then you've always had, you know, like cruise America has been around forever. 70 00:07:07,665.89723243 --> 00:07:15,645.89823243 But the difference between cruise America and renting somebody's RV personally is, you know, cruise America, you're renting a billboard on wheels. 71 00:07:16,75.89823243 --> 00:07:17,365.89823243 You know, they don't have slide outs. 72 00:07:17,375.89823243 --> 00:07:18,525.89823243 They don't have stabilizers. 73 00:07:18,535.89823243 --> 00:07:26,915.89723243 They don't have, you know, a lot of the luxury that, when you rent somebody's personal RV, a lot of that luxury that you get, and you're not driving a billboard around a wheel. 74 00:07:26,915.89823243 --> 00:07:30,442.97198971 So, it's been interesting to see kind of the evolution of the RV industry. 75 00:07:30,442.97198971 --> 00:07:36,77.84577612 And now, like we were just talking about a minute ago, we have several RV dealerships that are partnered with Fireside that are getting back in because they see the various ways that they can monetize you know, RV rentals. 76 00:07:36,77.84577612 --> 00:07:38,50.05160136 So, it's been interesting to see kind of the evolution of the RV industry. 77 00:07:38,50.05160136 --> 00:07:43,802.30985379 And now, like we were just talking about a minute ago, we have several RV dealerships that are partnering with Fireside that are getting back in because they see the various ways that they can monetize RV rentals. 78 00:07:43,802.30985379 --> 00:07:55,852.30935378 Yeah, and I think because of the peer to peer platforms that are out there now, it makes it that much easier for people to kind of test the waters I know that's how I got started. 79 00:07:55,872.31035378 --> 00:08:09,672.31035379 I was renting out my own personal RV and it was really successful for us which made me think, oh, maybe I can turn this into a business and at that point I was just thinking of purchasing other RVs to rent out. 80 00:08:09,672.41035379 --> 00:08:09,714.81035379 Okay. 81 00:08:09,714.81035379 --> 00:08:09,757.21035379 Cool. 82 00:08:10,17.31035379 --> 00:08:14,517.31035379 And that's when I found the whole concept of RV rental management and fireside. 83 00:08:14,517.31035379 --> 00:08:17,527.31035379 And that's when we jumped in and started our own franchise. 84 00:08:17,917.31035379 --> 00:08:23,367.31085379 You can test your market, see if, an RV rental is going to do well in your area. 85 00:08:23,697.30985378 --> 00:08:28,907.31085379 And then if it does, that's when you might want to make the decision to start an RV rental business. 86 00:08:28,907.31085379 --> 00:08:29,677.31085379 Yeah, yeah. 87 00:08:29,677.31085379 --> 00:08:40,727.30985379 And one of the ways that we help leads that come into Fireside that are thinking about starting a franchise, one of the ways that we help them determine an area, we'll give you guys a little bit of our, I guess this is RV rental secrets. 88 00:08:40,737.31085379 --> 00:08:42,247.31085379 So I guess we'll give you one of our secrets. 89 00:08:42,247.31085379 --> 00:08:44,597.31085379 We do, it's called a market research report for them. 90 00:08:45,117.31185379 --> 00:08:46,607.31185379 And there are several things that we do. 91 00:08:46,867.31185379 --> 00:08:51,937.31185379 And a couple of them are really, really simple ways to see if there's going to be a demand in our area. 92 00:08:52,507.31185379 --> 00:08:56,277.31185379 First we'll, in their area, we'll just Google RV dealership. 93 00:08:57,357.31185379 --> 00:09:16,657.31085379 Or RV repair facility or RV storage or campground, we'll just look to see what's taking, you know, in the, in the various facets of the industry, what's going on, you know, so we just makes me think of we just launched in South Dakota Dana and Mickey launched a fireside in South Dakota, and we did their market research report. 94 00:09:16,667.31085379 --> 00:09:19,527.31185379 They had like 74 campgrounds. 95 00:09:19,932.31185378 --> 00:09:25,202.31185378 Within like a 25 mile radius so that there was like a flashing light like yes. 96 00:09:25,232.31185378 --> 00:09:25,582.31185378 Yes. 97 00:09:25,592.31185378 --> 00:09:30,412.31185379 There's a there's a demand here So that's something you could simply do look to see. 98 00:09:30,412.31185379 --> 00:09:37,662.31185379 Okay, what's for campgrounds in my area? What's dealerships isn't that you know, then another thing you can do Is just go to rvshare. 99 00:09:37,662.31185379 --> 00:10:08,592.31185379 com and just search for rentals in your area and you'll see we'll see How many rvs are showing in your area that might not be the main indicator A better indicator of that would be to click into the listings See what their calendars look like see how much they're renting for per night If you see there's only maybe a dozen rvs within a 10 20 mile radius of you, but their calendars are booked full They're getting a premium per night You Well, that's a very good indicator that man, there's a demand here. 100 00:10:08,592.31185379 --> 00:10:22,12.31085379 Yeah, talking about trends in the RV rental industry, do you see, certain models or certain types of RVs that rent better than others? Yeah, most definitely. 101 00:10:22,342.31085379 --> 00:10:35,562.30985379 Yeah, you know, when you, when you think of your main audience that you're going to serve, it's families that are either going to desk, going to see things and do things, or their families that are going to a destination. 102 00:10:36,112.30985379 --> 00:10:48,922.30885379 And so with that being said, families that are going to travel around and see a bunch of things, you know, I feel like I just got this epiphany as I was saying that those are typically smaller families, you know, they've only got a couple of kids. 103 00:10:49,307.30985379 --> 00:10:54,907.30985379 And correct me if I'm wrong here Stacey, but you don't typically see a family with five kids and they're going to circle the country. 104 00:10:55,557.30985379 --> 00:11:00,977.30985379 A family with five kids, they're typically wanting like a bunkhouse travel trailer and they're going to a state camp. 105 00:11:01,717.30885379 --> 00:11:08,737.30985379 Is, that accurate to you as well? In my area, I don't know, maybe New York State is kind of difficult with state campgrounds. 106 00:11:08,917.30985379 --> 00:11:10,27.30985379 They don't have hookups. 107 00:11:10,732.30985379 --> 00:11:15,62.30985379 And they're kind of outdated where RVs don't fit well in them. 108 00:11:15,382.30985379 --> 00:11:19,942.30985379 So in our area, it was more private, resort style campgrounds. 109 00:11:19,972.30885379 --> 00:11:29,302.30885379 And they were willing to pay more of a luxury price because they were looking for that like ultimate vacation and experience. 110 00:11:29,582.30885379 --> 00:11:33,982.30885379 But yeah, definitely the bunkhouse campers were our top rental. 111 00:11:33,982.30885379 --> 00:11:38,542.30885379 Yeah, that's a good point that people are looking to glam or Then camp. 112 00:11:38,542.40885379 --> 00:11:52,792.30785379 Yeah, and I think those campers that you get where it's like they rent every year Those are more of your state federal campgrounds or going with three four or five other families like that's their tradition That's what they grew up doing is going to that specific campground. 113 00:11:52,972.30785379 --> 00:12:13,512.30885379 So yeah, yeah bunkhouse travel trailers Most definitely and then yeah, you get into different areas, you know, and it gets a little different You know, like you go to mountains in Arizona or South Dakota or Colorado and somebody might want a 1921 foot, you know, pull behind that they can hook up to their van or their, you know, their off road vehicle or something like that. 114 00:12:14,382.30885379 --> 00:12:14,662.30885379 Yep. 115 00:12:15,567.30885379 --> 00:12:16,357.30885379 Yeah, yeah. 116 00:12:16,357.30885379 --> 00:12:20,667.30885379 I mean, we had good luck too with, yeah, like you mentioned, smaller campers. 117 00:12:20,757.30885379 --> 00:12:43,627.30985379 A lot of first time renters, like they wanted that experience of learning to tow, so having a smaller unit available, one of our best sellers and then we, did the walkthrough and taught them everything about towing and working the camper so that was kind of a benefit to them because, you know, They got the crash course of how to operate it. 118 00:12:43,837.30985379 --> 00:12:46,597.30985379 And a lot of times they were looking to see if they wanted to buy. 119 00:12:46,717.30985379 --> 00:12:48,297.30985379 Yeah, yeah, that makes sense. 120 00:12:48,307.30985379 --> 00:12:54,77.30985379 Well, what else should we talk about here Stacy in regards to that future the RV rental industry. 121 00:12:54,127.30985379 --> 00:12:55,47.30985379 What other trends. 122 00:12:55,827.30985379 --> 00:13:12,757.30985379 Are you foreseeing? Is there something that you think that's going to happen that's not necessarily happening now? Something I noticed during COVID and when there's shifts in the economy is, and I have a real estate background, I own, you know, Airbnbs and multi unit rentals and that, you have different classes of properties. 123 00:13:13,727.30985379 --> 00:13:24,537.30985379 So, you know, you have like class A's and class B's and class C's and, you know, so as the market shifts, You might have a renter for your property that they want a high end rental. 124 00:13:25,87.30985379 --> 00:13:29,657.30885379 And then the economy shifts and maybe that becomes, they want a class B rental now. 125 00:13:30,227.30985379 --> 00:13:35,97.30885379 And so, you know, you figure out a healthy mix of rentals so that you can always serve an audience. 126 00:13:35,637.30885379 --> 00:13:41,57.30985379 And I think that's the cool thing about RV rentals is there's always an audience to serve. 127 00:13:41,787.30985379 --> 00:14:01,837.30985379 So if there's a shift in the economy to where people tighten their belts a little bit A different audience is going to come and step into rv, you know So if it's hey There's a kind of like with covid where you just couldn't travel The people that typically they're going to fly to mexico or do whatever they do, you know overseas travel during covid They didn't stop traveling. 128 00:14:02,547.30985379 --> 00:14:07,287.30985379 They rented an rv and drove around the country, you know, They were still vacationing. 129 00:14:07,817.30985379 --> 00:14:09,857.30985379 They were just having to be more creative about it. 130 00:14:10,337.30985379 --> 00:14:19,247.30885379 And so that's one of the things I like about the RV rental industry is as the economy goes up and down, we're kind of can serve all the different audiences. 131 00:14:19,477.30985379 --> 00:14:35,267.30985379 Heck, we even see a trend that we've seen is for like festivals and large corporate events is people want like the luxurious class A's or the luxurious fifth wheels heck even at shooting events, equestrian events. 132 00:14:36,377.30985379 --> 00:14:40,57.30985379 You name it, all the different kinds of events where people are gathering together to do something. 133 00:14:40,67.30985379 --> 00:14:44,717.30885379 Heck, it could be, you know, one of the things we're working on doing is actually creating event ideas. 134 00:14:45,267.30985378 --> 00:14:54,397.30985379 Hey, do a corporate yoga retreat, partner with a campground, do a father daughter camping event with a campground to do that, you know? So basically you've got a home on wheels. 135 00:14:54,397.30985379 --> 00:14:57,97.30985379 You group those together and create an event around it. 136 00:14:57,97.40985379 --> 00:14:58,857.30985379 You know, it could be whatever. 137 00:14:59,697.30985378 --> 00:15:01,37.30985378 Mom's getting away for the weekend. 138 00:15:01,37.30985378 --> 00:15:04,217.30985378 I'd love to admit, you know, I mean, just go wild with it. 139 00:15:04,217.30985378 --> 00:15:04,487.30935379 Right. 140 00:15:04,487.30935379 --> 00:15:07,837.30985379 It's like, You've got the house on wheels grouping together and create the event. 141 00:15:07,837.30985379 --> 00:15:13,367.30985379 So that's the thing that I love about the RV rental industry is you can get super creative with that. 142 00:15:13,367.30985379 --> 00:15:14,447.30885379 So there's always a niche. 143 00:15:14,447.30985378 --> 00:15:15,267.30985378 There's always a need. 144 00:15:15,897.30985379 --> 00:15:16,327.30985378 Yeah. 145 00:15:16,327.30985378 --> 00:15:21,197.30985378 I think another thing I've found is, RV rentals in rural areas. 146 00:15:21,317.31085378 --> 00:15:27,897.31085379 We're in a very rural area and like you had mentioned equestrian events is really popular. 147 00:15:28,272.31085379 --> 00:15:31,602.31085379 There's no hotels, motels. 148 00:15:31,642.31085379 --> 00:15:37,202.30985379 There might be a couple Airbnbs, but there's no other place for these people to stay. 149 00:15:37,572.31085378 --> 00:15:50,662.30985379 So to bring RVs in and have them stay on private lands or maybe a fairgrounds, that's something I think that's emerging in the RV rental industry that's getting more popular in rural areas as well. 150 00:15:50,662.30985379 --> 00:15:51,22.30985379 Yep. 151 00:15:51,502.30985378 --> 00:15:51,932.30885379 I agree. 152 00:15:52,562.30985379 --> 00:15:57,42.30985379 So I think we proved our point, Stacey, the RV rental industry has been here. 153 00:15:57,832.30985379 --> 00:15:58,692.30985378 It's staying here. 154 00:15:58,692.30985378 --> 00:16:01,122.30985379 It's going to be here for years to come. 155 00:16:01,702.30985379 --> 00:16:02,12.30985379 Yeah. 156 00:16:02,12.30985379 --> 00:16:03,342.30885379 And it just continues to grow. 157 00:16:03,352.30985379 --> 00:16:03,372.30985379 Yeah. 158 00:16:04,262.30985379 --> 00:16:05,472.30985379 Yes, exactly. 159 00:16:05,482.30985379 --> 00:16:05,882.30985379 Exactly. 160 00:16:05,912.30985379 --> 00:16:14,202.31085379 Well, thank you guys for joining us this week and I hope you see the possibilities in the RV rental industry like we do. 161 00:16:14,222.31085379 --> 00:16:19,202.31185379 It's brought us a lot of great success and, we hope that it'll bring success to you as well. 162 00:16:19,272.31185379 --> 00:16:23,222.31185379 And we hope that you'll join us for next week's episode all right, y'all have a blessed one. 163 00:16:23,892.31185379 --> 00:16:24,522.31185379 Bye.
Welcome to the RV Rental Secrets Podcast.
(00:02):
.999I'm your host, Stacey Maxson, and I'm thrilled to guide you through the journey of launching, growing, and managing a profitable RV rental business. 3 00:00:09,330.9977324263 --> 00:00:15,120.997732426 Hey y'all, hey y'all, welcome to this episode of RV Rental Secrets Podcast. 4 00:00:16,130.997732426 --> 00:00:21,130.997732426 I am Gar, your co host, with Stacy, Your cohost. 5 00:00:21,130.997732426 --> 00:00:23,800.997732426 We've got some exciting stuff to talk about. 6 00:00:23,800.997732426 --> 00:00:24,880.997732426 so let's dive right in. 7 00:00:24,880.997732426 --> 00:00:30,80.997732426 So we want to talk about the RV rental industry. 8 00:00:30,830.997732426 --> 00:00:36,920.997732426 So we've got this article here from Business Wire, which is a Berkshire Hathaway company. 9 00:00:37,490.997732426 --> 00:00:43,730.997732426 And in this article that was released April 30th, 2024, I'm sure Stacey, I'll put a link to it somewhere. 10 00:00:44,220.997732426 --> 00:00:46,140.997232426 This is the title for the article here. 11 00:00:46,140.997232426 --> 00:00:51,970.997732426 It says global recreational vehicle, RV rental report for 2024. 12 00:00:51,970.997732426 --> 00:01:02,240.997732426 It says the market to grow by 353 million during 2023 to 2028. 13 00:01:02,240.997732426 --> 00:01:07,570.997732426 Driven by the growing number of digital nomads and rising popularity of outdoor adventures. 14 00:01:08,270.997732426 --> 00:01:25,70.996732426 Man, what'd you think about that Stacey? Yeah, I mean I believe it amazes me in The industry, when I talk to people, they still don't know about renting out there or be, or renting an RV, you have to explain the concept to them. 15 00:01:25,290.997732426 --> 00:01:27,560.996732426 So it's definitely a growing industry. 16 00:01:27,560.996732426 --> 00:01:30,150.997732426 There's a lot of people that don't know about it yet.. 17 00:01:30,650.997732426 --> 00:01:31,190.996732426 And it was funny. 18 00:01:31,190.996732426 --> 00:01:34,600.997732426 I was just talking to a gentleman yesterday in Kentucky. 19 00:01:35,100.997732426 --> 00:01:50,410.99723243 He's like, okay, so Like I set the rv up on the side of my house and they come live in it I don't get like what does that mean like rent the rv, you know, and yeah people don't understand that just like You've got airbnbs for houses. 20 00:01:50,410.99723243 --> 00:02:02,660.99773243 You've got turros for cars In fact, they even have swimly or swimply or swimly where you can rent out your pool They got you can rent out your garage and your yard Like people will rent your yard so their dog can run around it. 21 00:02:03,250.99773243 --> 00:02:08,990.99773243 You can rent everything nowadays basically And the RV rental industry is exploding. 22 00:02:09,320.99773243 --> 00:02:15,620.99773243 And just not even that, just the RV lifestyle campgrounds are going up around the country. 23 00:02:15,660.99773243 --> 00:02:22,160.99573243 Campgrounds are selling for an all time high national and state parks are being built around the country. 24 00:02:22,250.99573243 --> 00:02:24,830.99673243 We have a franchise coming on right now. 25 00:02:24,870.99673243 --> 00:02:25,700.99673243 Tom in Georgia. 26 00:02:25,710.99673243 --> 00:02:26,290.99673243 He's got. 27 00:02:26,391.09673243 --> 00:02:54,115.99673243 An rv dealership and rv storage and he's building a campground and then he stumbled upon us Now he's starting a fireside rv franchise And so people in the rv industry already they they get it They see it like this industry is exploding like even during covid, you know when the world shut down and you couldn't fly anywhere People got in their rvs and started traveling around Live in the nomad lifestyle so this is amazing here. 28 00:02:54,115.99673243 --> 00:03:05,600.99673243 It says the study identifies the increasing demand for recreational vehicles as one of the prime reasons for driving the Recreational vehicle rental market growth during the next few years. 29 00:03:05,930.99673243 --> 00:03:17,420.99673243 And I know something that we've seen when we reach out to RV owners to tell them about our management offering, something we've seen is a lot of RV owners are trying to sell their RVs. 30 00:03:17,925.99673243 --> 00:03:19,335.99673243 Because they bought them during covid. 31 00:03:19,335.99673243 --> 00:03:32,105.99573243 I mean the rv sales All the time high through covid now They're trying to sell them because they can travel or they realize they don't want to do it It's almost it was like a time sure they did they didn't really think it through when they bought it Now they're trying to exit it. 32 00:03:32,575.99673243 --> 00:03:38,655.79773243 What they're not realizing is they're upside down like they bought it zero down. 33 00:03:38,655.89773243 --> 00:03:51,990.89773243 I mean they were offering finance out to 25 30 years and some of these drive goals And now they're trying to sell it but they're competing with the dealerships because the dealerships sold so many rvs please During a time now their dealerships are working hard to try and sell RVs. 34 00:03:52,260.89773243 --> 00:03:55,100.89773243 They're competing with people that bought RVs for a premium price. 35 00:03:55,690.89773243 --> 00:04:09,210.89773243 And so we've been on a mission to educate consumers, hey, unless you're willing to take a 5, 000, you know, like a 20 percent hit on selling this we can rent it out for you for a season or two, help you pay that down some, you know, then you can sell it. 36 00:04:09,210.89773243 --> 00:04:10,190.89773243 Yeah, definitely. 37 00:04:10,200.89773243 --> 00:04:18,90.89773243 And I've even seen like you mentioned, the RV sales were at an all time high during COVID and they're much lower now. 38 00:04:18,280.89773243 --> 00:04:25,770.89773243 So I've even seen some dealerships switching to the RV rental model to try to get rid of some of their inventory that way. 39 00:04:26,150.89773243 --> 00:04:44,555.90073243 So, you know, I think that's Another reason why it's predicted that the RV rental market is growing because a lot of people are choosing to rent rather than buy because the prices if you only plan to to camp one or two times a year, it's more beneficial for you to rent an RV. 40 00:04:44,745.90073243 --> 00:04:50,635.90073243 It's going to be less expensive than purchasing an RV and having all of those costs of ownership. 41 00:04:50,635.90073243 --> 00:04:51,945.89973243 Yeah, exactly. 42 00:04:51,995.89973243 --> 00:04:53,275.90073243 This article is just amazing. 43 00:04:53,755.90073243 --> 00:04:57,905.90073243 How much growth, 353 million in the next five years. 44 00:04:58,165.90073243 --> 00:05:02,320.90073243 And to give you guys a little bit of history on the RV, Rental industry. 45 00:05:02,720.90073243 --> 00:05:13,270.90073243 We started Fireside in 2016, RV Share, who is like the Airbnb of this industry, they're the leaders of RV rental, peer to peer platform. 46 00:05:13,660.89973243 --> 00:05:17,980.89873243 They started in 2013, Outdoorsy came in in between those. 47 00:05:17,980.89873243 --> 00:05:36,380.89873243 In just diving into the industry and going to industry conferences and getting involved with different industry associations, I learned a lot about the RV industry, especially from Bert, the founder of MBA insurance out of Arizona, little shout out to MBA insurance. 48 00:05:36,930.89873243 --> 00:05:41,230.89873243 If you haven't heard of them, they're the founders of RV rental insurance. 49 00:05:41,230.89873243 --> 00:05:43,380.89873243 They literally started in 1978. 50 00:05:43,510.89873243 --> 00:05:46,160.89773243 I, I always remember that date because that's the year I was born. 51 00:05:46,590.89873243 --> 00:05:47,450.89873243 So I met Mr. 52 00:05:47,450.89873243 --> 00:06:00,480.89873243 Burt in Las Vegas at a rental conference and he was, you know, telling me when he started in 1978, but anyway, the way things used to be is a lot of dealerships had, RV rentals, that was part of their, lead generation system. 53 00:06:00,480.89873243 --> 00:06:02,660.89873243 They put people in rentals and they make money that way. 54 00:06:02,700.89873243 --> 00:06:05,30.89873243 And then they'd sell them RVs and they did it for various reasons. 55 00:06:05,840.89873243 --> 00:06:12,380.89773243 They could depreciate the inventory and rent it out for loan and sell it as used and different things like that offset their floor plan financing. 56 00:06:12,380.89773243 --> 00:06:14,670.89723243 Then what happened is there was like a mass exodus. 57 00:06:14,670.99723243 --> 00:06:18,90.89823243 All of a sudden, everybody got out of RV rentals, a majority did. 58 00:06:18,905.89823243 --> 00:06:21,765.89823243 And now all of a sudden there's this gap in the market. 59 00:06:22,445.89823243 --> 00:06:27,235.89823243 Well, a guy bought an RV to take his family on a camping trip. 60 00:06:27,695.89823243 --> 00:06:30,465.89723243 Once he got back from that, he said, hey, I'm gonna rent my RV. 61 00:06:30,885.89823243 --> 00:06:35,735.89823243 He realized, man, there's really no platform for this, you know, outside of like Craig's list and Facebook. 62 00:06:36,825.89823243 --> 00:06:40,280.89823243 So he started A little platform called rvshares. 63 00:06:40,310.89823243 --> 00:06:47,560.89823243 com, which he ended up, I forget, he sold his equity of that for, I don't know if it was a hundred million, a lot. 64 00:06:48,10.89823243 --> 00:06:50,970.89823243 It was at least tens of millions of dollars that he sold his portion of. 65 00:06:51,420.89823243 --> 00:06:53,380.89723243 And now we have this peer to peer space. 66 00:06:54,105.89823243 --> 00:06:57,285.89823243 And so that's kind of the history of the RV rental industry. 67 00:06:57,285.89823243 --> 00:06:59,465.89823243 So RV rentals has always been a thing. 68 00:07:00,385.89823243 --> 00:07:02,465.89723243 It's just, that's been the evolution of it. 69 00:07:02,965.89723243 --> 00:07:07,205.89623243 And then you've always had, you know, like cruise America has been around forever. 70 00:07:07,665.89723243 --> 00:07:15,645.89823243 But the difference between cruise America and renting somebody's RV personally is, you know, cruise America, you're renting a billboard on wheels. 71 00:07:16,75.89823243 --> 00:07:17,365.89823243 You know, they don't have slide outs. 72 00:07:17,375.89823243 --> 00:07:18,525.89823243 They don't have stabilizers. 73 00:07:18,535.89823243 --> 00:07:26,915.89723243 They don't have, you know, a lot of the luxury that, when you rent somebody's personal RV, a lot of that luxury that you get, and you're not driving a billboard around a wheel. 74 00:07:26,915.89823243 --> 00:07:30,442.97198971 So, it's been interesting to see kind of the evolution of the RV industry. 75 00:07:30,442.97198971 --> 00:07:36,77.84577612 And now, like we were just talking about a minute ago, we have several RV dealerships that are partnered with Fireside that are getting back in because they see the various ways that they can monetize you know, RV rentals. 76 00:07:36,77.84577612 --> 00:07:38,50.05160136 So, it's been interesting to see kind of the evolution of the RV industry. 77 00:07:38,50.05160136 --> 00:07:43,802.30985379 And now, like we were just talking about a minute ago, we have several RV dealerships that are partnering with Fireside that are getting back in because they see the various ways that they can monetize RV rentals. 78 00:07:43,802.30985379 --> 00:07:55,852.30935378 Yeah, and I think because of the peer to peer platforms that are out there now, it makes it that much easier for people to kind of test the waters I know that's how I got started. 79 00:07:55,872.31035378 --> 00:08:09,672.31035379 I was renting out my own personal RV and it was really successful for us which made me think, oh, maybe I can turn this into a business and at that point I was just thinking of purchasing other RVs to rent out. 80 00:08:09,672.41035379 --> 00:08:09,714.81035379 Okay. 81 00:08:09,714.81035379 --> 00:08:09,757.21035379 Cool. 82 00:08:10,17.31035379 --> 00:08:14,517.31035379 And that's when I found the whole concept of RV rental management and fireside. 83 00:08:14,517.31035379 --> 00:08:17,527.31035379 And that's when we jumped in and started our own franchise. 84 00:08:17,917.31035379 --> 00:08:23,367.31085379 You can test your market, see if, an RV rental is going to do well in your area. 85 00:08:23,697.30985378 --> 00:08:28,907.31085379 And then if it does, that's when you might want to make the decision to start an RV rental business. 86 00:08:28,907.31085379 --> 00:08:29,677.31085379 Yeah, yeah. 87 00:08:29,677.31085379 --> 00:08:40,727.30985379 And one of the ways that we help leads that come into Fireside that are thinking about starting a franchise, one of the ways that we help them determine an area, we'll give you guys a little bit of our, I guess this is RV rental secrets. 88 00:08:40,737.31085379 --> 00:08:42,247.31085379 So I guess we'll give you one of our secrets. 89 00:08:42,247.31085379 --> 00:08:44,597.31085379 We do, it's called a market research report for them. 90 00:08:45,117.31185379 --> 00:08:46,607.31185379 And there are several things that we do. 91 00:08:46,867.31185379 --> 00:08:51,937.31185379 And a couple of them are really, really simple ways to see if there's going to be a demand in our area. 92 00:08:52,507.31185379 --> 00:08:56,277.31185379 First we'll, in their area, we'll just Google RV dealership. 93 00:08:57,357.31185379 --> 00:09:16,657.31085379 Or RV repair facility or RV storage or campground, we'll just look to see what's taking, you know, in the, in the various facets of the industry, what's going on, you know, so we just makes me think of we just launched in South Dakota Dana and Mickey launched a fireside in South Dakota, and we did their market research report. 94 00:09:16,667.31085379 --> 00:09:19,527.31185379 They had like 74 campgrounds. 95 00:09:19,932.31185378 --> 00:09:25,202.31185378 Within like a 25 mile radius so that there was like a flashing light like yes. 96 00:09:25,232.31185378 --> 00:09:25,582.31185378 Yes. 97 00:09:25,592.31185378 --> 00:09:30,412.31185379 There's a there's a demand here So that's something you could simply do look to see. 98 00:09:30,412.31185379 --> 00:09:37,662.31185379 Okay, what's for campgrounds in my area? What's dealerships isn't that you know, then another thing you can do Is just go to rvshare. 99 00:09:37,662.31185379 --> 00:10:08,592.31185379 com and just search for rentals in your area and you'll see we'll see How many rvs are showing in your area that might not be the main indicator A better indicator of that would be to click into the listings See what their calendars look like see how much they're renting for per night If you see there's only maybe a dozen rvs within a 10 20 mile radius of you, but their calendars are booked full They're getting a premium per night You Well, that's a very good indicator that man, there's a demand here. 100 00:10:08,592.31185379 --> 00:10:22,12.31085379 Yeah, talking about trends in the RV rental industry, do you see, certain models or certain types of RVs that rent better than others? Yeah, most definitely. 101 00:10:22,342.31085379 --> 00:10:35,562.30985379 Yeah, you know, when you, when you think of your main audience that you're going to serve, it's families that are either going to desk, going to see things and do things, or their families that are going to a destination. 102 00:10:36,112.30985379 --> 00:10:48,922.30885379 And so with that being said, families that are going to travel around and see a bunch of things, you know, I feel like I just got this epiphany as I was saying that those are typically smaller families, you know, they've only got a couple of kids. 103 00:10:49,307.30985379 --> 00:10:54,907.30985379 And correct me if I'm wrong here Stacey, but you don't typically see a family with five kids and they're going to circle the country. 104 00:10:55,557.30985379 --> 00:11:00,977.30985379 A family with five kids, they're typically wanting like a bunkhouse travel trailer and they're going to a state camp. 105 00:11:01,717.30885379 --> 00:11:08,737.30985379 Is, that accurate to you as well? In my area, I don't know, maybe New York State is kind of difficult with state campgrounds. 106 00:11:08,917.30985379 --> 00:11:10,27.30985379 They don't have hookups. 107 00:11:10,732.30985379 --> 00:11:15,62.30985379 And they're kind of outdated where RVs don't fit well in them. 108 00:11:15,382.30985379 --> 00:11:19,942.30985379 So in our area, it was more private, resort style campgrounds. 109 00:11:19,972.30885379 --> 00:11:29,302.30885379 And they were willing to pay more of a luxury price because they were looking for that like ultimate vacation and experience. 110 00:11:29,582.30885379 --> 00:11:33,982.30885379 But yeah, definitely the bunkhouse campers were our top rental. 111 00:11:33,982.30885379 --> 00:11:38,542.30885379 Yeah, that's a good point that people are looking to glam or Then camp. 112 00:11:38,542.40885379 --> 00:11:52,792.30785379 Yeah, and I think those campers that you get where it's like they rent every year Those are more of your state federal campgrounds or going with three four or five other families like that's their tradition That's what they grew up doing is going to that specific campground. 113 00:11:52,972.30785379 --> 00:12:13,512.30885379 So yeah, yeah bunkhouse travel trailers Most definitely and then yeah, you get into different areas, you know, and it gets a little different You know, like you go to mountains in Arizona or South Dakota or Colorado and somebody might want a 1921 foot, you know, pull behind that they can hook up to their van or their, you know, their off road vehicle or something like that. 114 00:12:14,382.30885379 --> 00:12:14,662.30885379 Yep. 115 00:12:15,567.30885379 --> 00:12:16,357.30885379 Yeah, yeah. 116 00:12:16,357.30885379 --> 00:12:20,667.30885379 I mean, we had good luck too with, yeah, like you mentioned, smaller campers. 117 00:12:20,757.30885379 --> 00:12:43,627.30985379 A lot of first time renters, like they wanted that experience of learning to tow, so having a smaller unit available, one of our best sellers and then we, did the walkthrough and taught them everything about towing and working the camper so that was kind of a benefit to them because, you know, They got the crash course of how to operate it. 118 00:12:43,837.30985379 --> 00:12:46,597.30985379 And a lot of times they were looking to see if they wanted to buy. 119 00:12:46,717.30985379 --> 00:12:48,297.30985379 Yeah, yeah, that makes sense. 120 00:12:48,307.30985379 --> 00:12:54,77.30985379 Well, what else should we talk about here Stacy in regards to that future the RV rental industry. 121 00:12:54,127.30985379 --> 00:12:55,47.30985379 What other trends. 122 00:12:55,827.30985379 --> 00:13:12,757.30985379 Are you foreseeing? Is there something that you think that's going to happen that's not necessarily happening now? Something I noticed during COVID and when there's shifts in the economy is, and I have a real estate background, I own, you know, Airbnbs and multi unit rentals and that, you have different classes of properties. 123 00:13:13,727.30985379 --> 00:13:24,537.30985379 So, you know, you have like class A's and class B's and class C's and, you know, so as the market shifts, You might have a renter for your property that they want a high end rental. 124 00:13:25,87.30985379 --> 00:13:29,657.30885379 And then the economy shifts and maybe that becomes, they want a class B rental now. 125 00:13:30,227.30985379 --> 00:13:35,97.30885379 And so, you know, you figure out a healthy mix of rentals so that you can always serve an audience. 126 00:13:35,637.30885379 --> 00:13:41,57.30985379 And I think that's the cool thing about RV rentals is there's always an audience to serve. 127 00:13:41,787.30985379 --> 00:14:01,837.30985379 So if there's a shift in the economy to where people tighten their belts a little bit A different audience is going to come and step into rv, you know So if it's hey There's a kind of like with covid where you just couldn't travel The people that typically they're going to fly to mexico or do whatever they do, you know overseas travel during covid They didn't stop traveling. 128 00:14:02,547.30985379 --> 00:14:07,287.30985379 They rented an rv and drove around the country, you know, They were still vacationing. 129 00:14:07,817.30985379 --> 00:14:09,857.30985379 They were just having to be more creative about it. 130 00:14:10,337.30985379 --> 00:14:19,247.30885379 And so that's one of the things I like about the RV rental industry is as the economy goes up and down, we're kind of can serve all the different audiences. 131 00:14:19,477.30985379 --> 00:14:35,267.30985379 Heck, we even see a trend that we've seen is for like festivals and large corporate events is people want like the luxurious class A's or the luxurious fifth wheels heck even at shooting events, equestrian events. 132 00:14:36,377.30985379 --> 00:14:40,57.30985379 You name it, all the different kinds of events where people are gathering together to do something. 133 00:14:40,67.30985379 --> 00:14:44,717.30885379 Heck, it could be, you know, one of the things we're working on doing is actually creating event ideas. 134 00:14:45,267.30985378 --> 00:14:54,397.30985379 Hey, do a corporate yoga retreat, partner with a campground, do a father daughter camping event with a campground to do that, you know? So basically you've got a home on wheels. 135 00:14:54,397.30985379 --> 00:14:57,97.30985379 You group those together and create an event around it. 136 00:14:57,97.40985379 --> 00:14:58,857.30985379 You know, it could be whatever. 137 00:14:59,697.30985378 --> 00:15:01,37.30985378 Mom's getting away for the weekend. 138 00:15:01,37.30985378 --> 00:15:04,217.30985378 I'd love to admit, you know, I mean, just go wild with it. 139 00:15:04,217.30985378 --> 00:15:04,487.30935379 Right. 140 00:15:04,487.30935379 --> 00:15:07,837.30985379 It's like, You've got the house on wheels grouping together and create the event. 141 00:15:07,837.30985379 --> 00:15:13,367.30985379 So that's the thing that I love about the RV rental industry is you can get super creative with that. 142 00:15:13,367.30985379 --> 00:15:14,447.30885379 So there's always a niche. 143 00:15:14,447.30985378 --> 00:15:15,267.30985378 There's always a need. 144 00:15:15,897.30985379 --> 00:15:16,327.30985378 Yeah. 145 00:15:16,327.30985378 --> 00:15:21,197.30985378 I think another thing I've found is, RV rentals in rural areas. 146 00:15:21,317.31085378 --> 00:15:27,897.31085379 We're in a very rural area and like you had mentioned equestrian events is really popular. 147 00:15:28,272.31085379 --> 00:15:31,602.31085379 There's no hotels, motels. 148 00:15:31,642.31085379 --> 00:15:37,202.30985379 There might be a couple Airbnbs, but there's no other place for these people to stay. 149 00:15:37,572.31085378 --> 00:15:50,662.30985379 So to bring RVs in and have them stay on private lands or maybe a fairgrounds, that's something I think that's emerging in the RV rental industry that's getting more popular in rural areas as well. 150 00:15:50,662.30985379 --> 00:15:51,22.30985379 Yep. 151 00:15:51,502.30985378 --> 00:15:51,932.30885379 I agree. 152 00:15:52,562.30985379 --> 00:15:57,42.30985379 So I think we proved our point, Stacey, the RV rental industry has been here. 153 00:15:57,832.30985379 --> 00:15:58,692.30985378 It's staying here. 154 00:15:58,692.30985378 --> 00:16:01,122.30985379 It's going to be here for years to come. 155 00:16:01,702.30985379 --> 00:16:02,12.30985379 Yeah. 156 00:16:02,12.30985379 --> 00:16:03,342.30885379 And it just continues to grow. 157 00:16:03,352.30985379 --> 00:16:03,372.30985379 Yeah. 158 00:16:04,262.30985379 --> 00:16:05,472.30985379 Yes, exactly. 159 00:16:05,482.30985379 --> 00:16:05,882.30985379 Exactly. 160 00:16:05,912.30985379 --> 00:16:14,202.31085379 Well, thank you guys for joining us this week and I hope you see the possibilities in the RV rental industry like we do. 161 00:16:14,222.31085379 --> 00:16:19,202.31185379 It's brought us a lot of great success and, we hope that it'll bring success to you as well. 162 00:16:19,272.31185379 --> 00:16:23,222.31185379 And we hope that you'll join us for next week's episode all right, y'all have a blessed one. 163 00:16:23,892.31185379 --> 00:16:24,522.31185379 Bye.
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