Go RV Rentals released today its 2022 RV Rental Price Index Report.
The report shows the base price for an RV rental is currently $184 per night, up by 3.6% from a year ago. This key data represents the average base price of all RV types across 20 sampled metro locations, as per the press release.
Furthermore, $184 does not include the miscellaneous charges such as insurance, service charges, optional equipment, and sales tax, which may add 50% or more to a bottom line trip cost if bundled together.
RV rental prices range average a daily rate of $91 for pop-up campers to $300 for Class A motorhomes. Mid-priced travel trailers and Class C motorhomes average $116 and $215, respectively. Additionally, with the given samples, the lowest daily rate observed was $35 for pop-up campers, and the highest daily rate was $725 for Class A motorhomes.
“It’s fortunate for travelers that the cost to rent an RV has been kept comparatively in check during a period of historically high inflation. In fact, RV rental prices are up only 3.6% over the past 12 months compared to the 8.5% inflation rate reported by the Bureau of Labor Statistics in their Consumer Price Index (CPI). Within the RV industry, it’s common knowledge that new and used RV purchase prices have exceeded CPI lately. Yet, what many may find counter-intuitive is that RV rental rate growth has significantly lagged CPI,” said Go RV Rentals Founder and Online Marketing Director David Kosofsky.
He said that, on the supply side, the trend comes from the increasing unit and platform competition in the RV rental space, a sector that had “extraordinary growth” from 2020 to 2021 as travelers choose one of the safest ways to travel during the pandemic.
He also said that almost all forms of travel previously limited due to government restrictions have opened up as the pandemic wanes. The alternatives have “curbed” rental rates on the demand side.
“Renting an RV is cheap compared to the cost of owning one. Most RV owners only use their RV about 20 days per year, according to the RV Industry Association, so the rig sits idle for 345 days. All the while, the owner is making a monthly note payment and/or suffering depreciation. Also, there is the cost burden of storage, insurance, property taxes, maintenance, and repairs,” said Kosofsky.
Go RV Rentals’ 2020 study showed a usual $80,000 Class C motorhome costs $911 for a 20-day use when the total ownership factor is factored in. Compared to the current average base rate of $215 per day for Class C rentals, the rate shows that RV rentals are a bargain, as per the press release.
The 2022 RV Rental Price Index Report includes drivable RVs or motorhomes: Class A, Class B, and Class C; and towable RVs: travel trailers, pop-ups, and toy haulers in the survey.
Furthermore, the report includes 20 major U. S. metropolitan markets. Included metros are 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.
People interested in reading the current installment of Go RV Rentals’ Report are referred to Everything To Know About RV Rental Prices on the company’s website, where updated RV rental prices are published on a current basis.
Featured image from Go RV Rentals.