Docked boats

Why is it Good to Rent Out Your Boat And The Basics of Boat Rentals

Do you own a boat? Does it sit idle most of the time? Boats cost quite a lot. It is estimated that maintenance is roughly 10% of the purchase cost. But owners use boats only ten days a year on average, according to the statistics. Why don’t you rent out your boat on the days you are not using it? You can earn money to cover all the maintenance costs and more!

Why is it good to rent your boat?

The main reason is to earn money. Insurance, slip fees, and maintenance all cost a significant amount of money, whether you use the boat or not. Renting out the boat could cover all these costs and provide additional income for you. Renting out your boat also keeps it in good working order. If the boat sits unused for a long time, issues can arise once you want to use it. When you rent it out, this risk decreases a lot as it will be regularly used. Also, you will have many chances to check the boat and fix issues without them growing into big ones. 

Secondly, there is a demand for boat rentals. Many people love the idea of spending time on a boat. But purchasing and maintaining it costs a lot: as you probably already know if you are a boat owner. So they want to rent a boat, which allow them to experience all boating pleasures with no commitment.

How much can I earn?

Like very often, it depends. The better your boat, the higher the rental price. Check out different boat types. So, size matters, as well as age, maintenance, amenities, etc. Usually, boat owners earn enough to cover the maintenance costs, at least. An average boat renter might make more than $7,000 a year. Top renters make more than $100,000. And some may even make $200,000 a month! It might sound crazy, but it’s possible. But you will probably need more than one boat unless it’s a megayacht, a type of a yacht.

Take into account that the earnings may drop once you count everything that goes into your boat cost. You might have to pay fees to post ads on sites, pay the boat insurance, pay for storage, clean your boat, fix issues, etc.

The most important things to consider when renting out a boat

The very first thing you should consider is how you are planning to post an ad. The most common way is choosing an app or a site because it’s comfortable and safe. You could post an ad on Craigslist or the nearest bulletin board, but there is no insurance that the person will be reliable. Of course, you wouldn’t have to pay a commission fee which sites usually require in exchange for providing a platform to post an ad, help with payments, etc. A site might ask for about 40% of your listed rental price. Others might not take a cut from your payment but ask you and the customer to pay extra fees for the platform. Boat renting sites include GetMyBoat, Boatsetter, and Click&Boat.

Consider posting an ad on XRental: our motto is allow partners to make money. We want you to earn as much as possible. We are renting boats in multiple locations already and plan to expand to cover the whole world. 

Another important thing is insurance. The usual boat insurance will likely not cover damages made by renters. So make sure to update it. It’s usually not expensive to upgrade, and rental insurance can cover both repair and medical costs. Some sites like Boatsetter insure their rental boats up to $1 million, but sometimes the damages can exceed this amount. The site might also ask for extra fees.

There are also other ways to make money with your boat than just boat rentals. For example, you could offer charter fishing services, which means that you would take the guests on a fishing trip. Of course, you need to have a license, know the waters well, know how to fish, take into consideration the weather, etc. You can also make sight-seeing tours for the tourists in popular locations or even vend something like ice cream from your boat! 

Fishing on a boat

Did you learn anything useful? Perhaps you have already started a boat rental business or want to know more? Click here to learn tips for making more money with your boat rentals.

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