Are you thinking of renting out your boat? Well, look no further. We'll show you the exact options available for renting out your vessel and the best part is you can be up and running in minutes!
These options apply to all boat owners with varies different makes and models of boats like:
So as you can see, the majority of vessels are covered.
Having your boat barely being used and just soaking up all your cash is annoying. That's why renting it out is a great option to make some money from it.
Since you're reading how to rent out your boat, you obviously are looking for ways to make some extra money from your boat. You can check out our ways to make money from your boat for some extra ideas.
Before we dig into the options, in order to rent out your boat, you'll need to ensure that you are legally compliant and abide by the laws of your country.
We aren't boat insurance experts but a simple call to your preferred boating insurance provider will tell you everything you need to know.
And it shouldn't cost a lot either.
So how does renting your boat out actually work? Let's look at the options available to you.
This is the fastest and easiest way to rent out your boat. Simply put, these websites are like airbnb for boat rentals. The boat owner simply lists their boat on the platform and waits for people to book through them.
These platforms will then take a cut of the rental price paid by the customers. You don't need to have a license as some of these sites will provide you with a captain (for a fee of course)
Listing on these sites is completely free too! And if you don't know how much you can make, check out our cost to rent a boat guide to get an idea of what some of these boat owners are charging.
Now, let's take a look at these P2P websites.
The first and one of most popular sites is getmyboat.com
You can list your boat on there fast and easy. Here's how:
On the homepage, you'll see an ADD A LISTING section on top of the page.
Simply follow along with the instructions. You'll have to provide:
These are the main things you'll need to fill in. How much money you make renting out your boat will depend on location, the type of boat and how popular the platform is.
Also, time of year is really important as summer is the busiest time for charters. You can charge as much or as little as you want for renting your boat.
Getmyboat will charge between 7 - 15% of whatever you make. The exact figure will depend on your specific situation.
Another great option is clickandboat. They are similar to the other websites and you can get your boat listed for rent fast and easy.
On the homepage in the top right hand corner, you'll see REGISTER
Follow the instructions and fill in all the details like:
These are some of the common things you'll need to provide to get listed. Again, as with all the websites, how much money you'll make renting out your boat will depend on factors like type of boat, time of year, location etc.
You can also use this platform to partner with their insurance providers to ensure legal compliance.
As for the fees they charge, here's what they say on their site:
"Click & Boat's service fee for each rental is a percentage of the price displayed on the website.This percentage depends on the specific agreement between Click & Boat and the boat owner.The price displayed on the website (which is the price paid by the renter) is therefore the rental price and includes Click&Boat's service fee.Click & Boat does not charge any extra fees."
So the fee percentage varies between boat owners.
Another website to use is Sailo.com Are you beginning to see there are plenty of options for renting yet?
On the homepage in the top right hand corner, you'll see ADD BOAT
You'll have to fill in the usual stuff like:
With regards to fees, the boat owner will have to pay 14% of the rental fee to the platform.
The final P2P website on the list is Boatsetter.com
This is very similar to the others mentioned on the list in that you can list it fast and easy. On the homepage, you'll see a LIST YOUR BOAT on top right hand corner:
You'll then have to fill out details like:
The benefit with this site is you'll have access to lots of trained captains who can use the boat on your behalf.
As for their fees, here is the list taken directly from their site:
All domestic boats will be charged a 10% listing fee based on the boat price. All international boats will be charged a 15% listing fee based on the boat price.
All boats will be charged a 20% listing fee based on the boat price. If the owner has at least one boat available via Instant Book or has at least an 85% response rate, the listing fee is 12.5% based on the boat price.
Owner insurance fee
If your boat is under the Geico P2P insurance policy, an insurance fee will be deducted from the owner payout. This fee helps cover the cost of this insurance."
So while there are many options on this site, like access to boat captains and rental insurance, it does come at a cost.
Now before we actually talk about this option, we should first start it off with a warning.
Craigslist is NOT the best option on this list. If you want to save the 15 - 30% + platforms charge, then great you'll save it with Craigslist. The problem is you have no protection if listing on Craigslist, especially as a private owner.
It is strongly recommended that you choose the renter wisely and that you go on the boat as captain too, in case someone tries to rob your boat.
There are also the boat insurance requirements. Okay, warnings over.
You can list on Craigslist to rent out your boat at a fixed price of usually $5. The great thing here is you'll keep 100% of the fees.
This option would work best for service providers that have captains onboard their boats at all times instead of just offering the boat to rent without you the owner onboard too.
Listing an ad on Craigslist is simple and straightforward and can be done in minutes.
In case you are skimming through the article, we've created a summary of the cost of renting out your boat.
Peer To Peer Boat Rental Sites = 7 - 35% of charter value
Craigslist = $5 for advertisement
Boat Rental Insurance = Varies Massively (average small boat $300 a year)
Boat Cleaning Cost = $50 - $200 if hiring someone
Please keep in mind the insurance price will vary massively as stated. Things like size of boat, cost of boat, condition, captain license etc will cause this price to change massively
So there you have it. Plenty of different options available to get yourself started renting out your boat.
As a reminder, make sure you're fully aware of the insurance requirements before ever offering your boat to rent. The easiest option is to list your boat on the websites mentioned above as you'll have some extra protection against fraud.
As most people know, Craigslist is like the wild west sometimes so if you choose this method, do your due diligence on who you allow onboard.
And it's strongly recommended when using Craigslist to not rent your boat without having you onboard too as the captain as you might not have your boat anymore!
If you want to make more money from renting out your boat, you can read our increasing the value of your boat guide. While it's aimed at selling the boat, there are some tips you can apply to your boat to get a higher rental amount too.
Oh and please don't forget to clean your boat before every having passengers onboard. Your reviews will be all 5 star if you keep things neat and tidy.