Go RV Rentals has published its 2023 RV Rental Price Index, showing that RV rental prices remain consistent with last year’s rates, offering an affordable vacation travel option amidst rising prices in other travel sectors.
The Index tracks daily rental rates for various types of motorhomes and travel trailers across the USA, with the base cost to rent an RV currently at $184 per night, unchanged from the previous year.
The data reveal that RV rental prices range from an average daily rate of $89 for a pop-up camper to $307 for a Class A motorhome. Mid-priced travel trailers and Class C motorhomes average $117 and $217, respectively. Within the sample, the lowest observed daily rate was $30 for a pop-up camper, and the highest was $875 for a Class A motorhome for a single night.
David Kosofsky, the founder of Go RV Rentals, explains that “while overall inflation is currently 5% according to the Bureau of Labor Statistics (BLS), prices in the travel space have surged well beyond that rate.
NerdWallet’s recent Travel Inflation Report indicates that year-over-year prices through March 2023 increased as follows: air travel +17.7%, car rental +8.9%, lodging +8.1%, and food away from home +8.8%. However, with a 0% inflation rate for RV rentals and lower gas prices, RV rentals continue to offer an affordable alternative for vacationers in 2023.
Kosofsky further states that renting an RV is relatively inexpensive compared to the cost of owning one, as most RV owners only use their motorhome for about 20 days per year; during the remaining 345 days, owners must cover expenses such as storage, insurance, property taxes, maintenance, and repairs.
A 2020 study by Go RV Rentals revealed that the cost of actually using a typical $80,000 Class C motorhome for 20 days amounts to $911 per day based on the total cost of ownership. This contrasts with the average base rate of $217 per day for renting a Class C motorhome, emphasizing the cost-effectiveness of renting an RV for vacation travel.
The RV rental market has experienced steady growth in recent years, driven in part by the desire for flexibility and cost savings. This trend has led to an increase in RV owners renting out their motorhomes to defray ownership expenses and meet the growing demand for affordable vacation alternatives.
In recent years, the RV industry has witnessed significant changes, such as increased demand due to the COVID-19 pandemic. With people seeking safer ways to travel and spend vacations, RV rentals have become a popular choice, providing a self-contained, socially-distanced form of travel. This boom in popularity has the potential to further impact the affordability of RV rentals as the market continues to evolve.
The 2023 RV Rental Price Index includes drivable RVs, such as Class A, Class B, and Class C motorhomes, as well as towable RVs, like travel trailers, pop-up campers, and toy haulers.
The Index analyzes data from 20 major U.S. metropolitan markets including Atlanta, Austin, Charlotte, Chicago, Dallas, Denver, Detroit, Houston, Los Angeles, Miami, Minneapolis, Orlando, Philadelphia, Phoenix, Portland, Salt Lake City, San Diego, San Francisco, Seattle, and Tampa.
For more information on the Go RV Rentals 2023 RV Rental Price Index and updated RV rental prices, readers can visit the company’s website at gorvrentals.com.