How Much Can I Earn from Renting my Boat?
Have you bought a boat and want to make it profitable? Or are you thinking of buying a new boat and wondering how much you can earn from it? In this simple guide, we present to you an overview of things to consider before buying a boat and renting it.
What determines the price of a boat rental?
- The location of your boat: If your boat is based in a popular tourist area, this can have a direct impact on the price.
- The type of boat: The boat itself plays a major role in the price of the charter. A catamaran or a yacht will not be rented at the same price as a RIB. The size of the boat will also be a determining factor.
- The age of your boat: To rent your boat, it must be new. Generally, new boats with nice options can be rented more expensive than older boats.
- The number of rental days: Depending on the availability of your boat, you will not be able to make the same amount of money from it. On average, a boat can be rented for between 10 and 50 days per year, depending on your use in the high seasons, and the destination.
- Options on board: Some options or accessories such as wakeboard hire, paddleboard hire, or any other additional sales may increase the price of your hire. You can also include a skippered charter if you have the necessary qualifications.
Calculate your cost-to-income ratio
As you know, owning a boat has a cost. The fixed and variable costs associated with your boat greatly affect its profitability. This is why we recommend that you calculate all the costs associated with your boat and compare them to the income generated by your rental.
To get an idea of the income that can be generated, you can simply simulate your income with our simulator.
Main charges related to your boat
- Depreciation of the boat itself
- Technical maintenance
- Harbour space: The price varies greatly depending on the home port and the size of your boat. To save money, it is possible to store your boat in a dry port or to put your boat on a trailer.
- Purchase of safety equipment
- Boat insurance
- The tax rate on the income generated. Depending on the legal status of the individual or professional, the tax conditions may vary.
On average, we have found that the cost of maintaining a boat is about 4500 euros per year, not including depreciation.
Case Example: Owning and Renting a Semi-rigid boat
To make things clearer, let us take the example of a RIB rented for 300€/day, that is, 246€ net/day. We also take into account that the average market cost of a new 6-meter RIB is between 30,000€ and 50,000€.
In other words:
→ Renting the boat for 15 days per year: Income of 3,690€ net
→ Renting the boat for 30 days per year: Income of €7,380 net
→ Renting the boat 50 days per year: Income of 12,300€ net
Additionally, here are the main costs incurred by owning a 6-metre RIB:
- Insurance: €500
- Harbour berth/deadweight: 1500€
- Guarding/water outlet: 800€
- Overhaul: 600€
- Miscellaneous expenses: 500€
- Total annual ownership cost: 3900 euros per year
Your ownership costs will therefore be balanced after the 16th day of rental.
If you are not on site to manage your boat hire, it is also important to anticipate the cost of managing the boat hire process. You will need to pay a minimum of 60€ per rental for someone to manage the arrivals and departures of your boat.
How to optimise the rental of your boat?
In order to ensure that your advertisement is seen by as many site visitors as possible, and that your boat is rented as often as possible, we propose a few golden rules:
- Set a price adapted to the market
- Post a compelling ad with as much information as possible
- Use good quality photos to showcase the boat
- Keep your boat’s availability calendar up to date
- Respond to all requests
- Be cordial with guests to enhance your chances of getting a positive review