Thursday, May 27, 2021

Why Renters Want to Rent From You


Service. Reputation. Affordability. Trust. Comfort. Personal attention. Maintenance.

These are the reasons RV renters want to rent from you over a private party renter.1 You - the dealer - can deliver exceptional customer experiences that will generate revenue for your business, build long-term relationships with the customers, and turn these renters into buyers.

Renting actually becomes a marketing tool for your dealership (that makes you money - not the other way around)!

The current rental market is dominated by peer-to-peer options - and while renters may not initially mind renting from a peer, most of the time, the actual experience ends up not being exactly what they expected. Our research shows that there is often little owner screening on the part of these third-party rental sites, meaning that potential renters never really know what they’re getting into, and that certainly doesn’t make for the best vacation experience.1

Per our survey, and to your benefit →  

78% of our 2,000 renters surveyed stated that they would prefer to rent from a dealer because they have trust in the experience they will receive.1

Imagine renters coming to you to rent an RV and loving their experience! Imagine them even loving the RV so much, they want to buy it.

That is exactly how it happens. 

Renters come in, they have the experience of a lifetime, and they are sold - literally! Renters want to make memorable experiences (as discussed in Why Renting Matters To Your Business ) and the RV is a means to do just that. Renters don’t want to run into any snags as they head out on the road, and if they can be assured that the RV they are renting is properly maintained, that the dealer can help walk them through the process of getting it on the road, and they are insured properly through the dealership, the renter is more willing to rent from you. 

Trust is such a big factor when it comes to who renters will rent from, and while there are a number of rental options out there that accommodate the peer-to-peer market, a peer doesn’t always understand the intricacies that can come along with RVing the way a dealer would - giving you a distinct advantage when it comes to the experience you can provide renters.

This new business opportunity opens you up to a new audience as well. The renter audience is different from your current RV buyer customer (we go into more detail about that in Who’s Renting? And How Are They Different? ) Because of this, it can open up an entirely new market, as well as provide you with a new revenue stream.

Renters want to work with you, but maybe they rent from a peer instead because you aren’t listing any units available to rent. Have you tried it? Have you thought about it?

Helping connect dealers to potential buyers has been RV Trader’s business for the past 30 years. While we have been focused exclusively on delivering buyers in the past, the market is evolving, and renting is becoming a new way to turn customers into buyers. We have evolved, just as the market has.

Considering that 30% of our current visitors have already used RV Trader as a rental resource, even before a dedicated rental offering was available, we are ideally positioned to help connect not only buyers - but also renters - to dealers.1

So, how does starting a rental business work?

In our free “How-To Guide for Renting RVs” we cover everything from acquiring a fleet to generating a rental business, to preparation, maintenance, bookings, and legal considerations.

Download the free guide to get started on your path to rental success > click here!

1*RV Trader Survey 2018

Trader Online Web Developer

Who’s Renting? And How Are They Different?

As an RV dealer, you likely know what the average buyers look like: married boomers who make over $50K annually and come from single-family homes. They are nearing retirement, or are already retired (only 44% still work), and they have finished raising their families, creating more disposable income. They are ready to get out and see the world - and RVing provides a great way to do that.1 

While this may be what the average buyer looks like, this is NOT what the average renter looks like. In fact, the average buyer makes up the smallest percentage of renters, accounting for only 7%. The typical renter is almost the exact opposite of this.

Are you surprised?

Typical renters are:

  • Young (63% are between 21-35)
  • In the throes of raising their kids (59% come from 3+ person households) and 
  • They actively work (74% are employed)1

One other significant difference from buyers is that renters have a penchant for renting - and not just RVs. They are less likely to buy homes, and companies like Uber have sometimes eliminated the need to own a car altogether. 

Yet, just because buying an RV may not be in the cards for them right now, it does not mean they won’t sometime in the future. A recent RV Trader survey uncovered another group within the RV industry that often isn’t talked about - the renter who buys.

The group almost exactly mirrors the exclusive renter in terms of demographics, with one notable exception - 48% make over $100K per year, as compared to only 34% of renters.1 The renter-buyer is slightly more affluent and has rented at least once before purchasing an RV. Renting an RV is a way to determine if RVing is something that they enjoy and that fits into their current budget and lifestyle. 

And sometimes, this can take a while, and many rental bookings later! More than half of renter-buyers rented two to three times before purchasing and a ¼ rented more than four times.1

No matter whether they are lifelong renters, or renters who ultimately become buyers - this overarching group of RV renters are extremely
engaged with the lifestyle. They are looking for a way to make memories while traveling (see Why Renting Matters To Your Business ) and renting is the perfect solution; which is why 78% plan to rent multiple times and the average RV rental consumer has already rented over 5 times in the past two years.1

Renters also spend a lot of time researching and dreaming about their next RV rental and vacation, with 55% spending between seven months to two years researching!1 To put this in perspective, this timeline is similar to how long it takes a buyer to decide on what unit they plan to purchase; showing what a big decision the rental is for prospective RVers.1 They also consult multiple sources - from dealer consultations to word-of-mouth to RV-specific rental sites, renters are researching and taking their time to determine the best RV rental for them.1

If you’re a dealer looking to learn more about renting RVs, we can help. Click here to download our free “How-To Guide for Renting RVs” with everything you need to know to start your rentals business!

1*RV Trader Survey 2018

Trader Online Web Developer

Why Renting Matters To Your Business

A local campground BBQ. A sunset over the lake. A calm morning out on the paddleboard. A little farm where the kids can see the animals and play in the fields. 

Renting an RV is about making memories. It’s about opening up the windows, letting the sunshine in, and doing it in a safe and manageable way. It’s about getting out of the house, or out of town, without the effort and financial expense of renting, towing, parking, and storing an RV.

That’s why consumers are renting RVs. 

This past year has turned many American lives upside-down. With forced stay-at-home orders, air travel grounded, fear about safety, virtual learning for children and remote working for adults, the Covid-19 pandemic has certainly impacted how families “vacation.” 

But, it opened up new opportunities for the recreational vehicle space, and if you lived it with us, you know.

Families are camping. They are renting RVs. They are searching rental-related keywords and using RV Trader as a rental resource. Since 2014, 6 million+ households started camping, and the number of campers who camp three+ times annually has risen by 64%.1 By 2025, Americans between 55 and 74 will reach 79 million, 15% higher than in 2015, and 72 million millennials will be 30-45 years old.

Rentals provide dealers with an additional stream of revenue that they cannot obtain through sales alone. And that’s why it matters to your business.

An RV Trader survey asked consumers what motivates them the most to rent. Their answers?3

43% - spending time with family and friends

43% - looking for adventure

41% - experiencing nature and outdoor activities

39% - experiencing new things

36% - it’s an affordable way to travel

35% - freedom to travel anywhere

34% - renting is a home away from home

29% - enjoying spending time and traveling with pets

Renting provides you with an opportunity to diversify your product offerings and start building relationships with potential buyers early on in the buying cycle. Renters tend to rent multiple times, and a large portion of them go on to ultimately purchase an RV after their rental experience. 

Interested in learning more about the average RV renter? They may not be exactly who you think! Click here to learn more about RV renters.

And, if you’re interested in learning more about how to start a rental business, click here to download our free “How-To Guide for Renting RVs.”

1*KOA North American Camping Report, 2018

2*RVIA 2018

3*RV Trader survey 2018

Trader Online Web Developer