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If you own a recreational vehicle (RV) as a secondary home, you may be wondering what to do with this large, useful vehicle during those times when you are not road tripping. To earn extra money during down times, you should consider renting it out to a responsible party. Since an RV is very much like a house, you need to set up a rental agreement similar to that of an apartment, but with additional information regarding the wear and tear that the renter will create by driving the vehicle, presumably for long stretches. There are a few additional things that you should include in your RV rental agreement as well.
Step 1
Write full information about the renter on the rental agreement. Include full name, address, cell phone, home phone and the drivers license number of the renter. You may also want to do a credit check to ensure that the renter is a good risk. Since this is a vehicle rental, you must be able to track down the renter and recover your RV in the case of a problem.
Step 2
Write in the monthly rent amount that you will charge for the RV rental. Be sure to take into account any depreciation (wear and tear) on the vehicle that will take place during the rental. Include the deposit amount that is required to commence the rental agreement, whether or not the deposit will be returned and when.
Step 3
Determine the term of the agreement. Many RV rental agreements are short term, spanning only a couple of weeks or a couple of months when the renter is planning a road trip vacation.
Step 4
Define how the RV will be insured during the rental. Will the renter need to purchase a temporary insurance policy, or will he use his own personal policy? Be sure to designate in the agreement who is authorized to drive the RV. Write in any other responsibilities of the renter, such as cleaning, maintenance, and reporting damages and losses.
Step 5
Write in how many people maximum are allowed to live and travel in the RV. If the RV is made for a single family of four, you do not want the renter to try to cram three families into the van. This will cause undue stress to the vehicle and living quarters. Include any prohibitions regarding the use of the vehicle, such as driving it to certain states.
Step 6
Include any penalties that will be charged if any part of the agreement is breached by the renter. Be sure to include any fees that will be charged if the RV is returned in poor condition. Discuss your right to repossess the vehicle if something goes wrong.
Sign the rental agreement (both owner and renter) in the presence of a notary, and ensure that both parties get a copy. Get a copy of the renters identification.
