Thursday, May 27, 2021

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

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