Unlock the Benefits: Why You Should Rent Your Boat
Don’t sell your boat : Rent it! Why not generate some passive or as I say “Passion” income from renting your boat. Passive income often comes from assets you already own, like real estate, investments, or in this case a boat. Renting out these assets allows you to make the most of what you have. Like renting a room or property on AirBnB you now have the opportunity to rent your boat.
There are a couple of ways you can receive income from renting your boat. Bareboat rentals or Hire & Drive rentals is where a renter takes your vessel out on their own. A chartered boat service is where you take paying passengers on your boat. In both cases you will need to get a Domestic Commercial Vessel registration issued by the Australian Maritime Safety Authority.
By renting your boat you can earn money to cover maintenance, storage, maybe even your fishing rods and other expenses associated with boat ownership. You can also claim a proportion of the boat costs on your tax as you would with an AirBnB rental. The Australian Tax Office even has a page dedicated to it.
Sharing the joys of your boat with renters allows others to experience the pleasures of boating while you’re not using your vessel.
Boat Owners Prepare For The Boat Rental Revolution
The boat rental revolution is changing the way boat owners view their assets. There is a changing mind set for boat owners and non boat owners. Every year in Australia the number of boat licenses issued outweighs boat ownership. In 2023, the BIA reports that there are 2.5million Australians that hold a marine licence to drive a powerboat but there are only 1 million registered boats.
People are living in smaller properties without storage areas like garages and sheds meaning owning and storing a boat is difficult or expensive. The fact that Australia is an island and surrounded by water with a plethora of inland waters and lakes makes it the perfect country for boating.
Renting offers convenience for both boat owners and renters. The key is to have an easy way for these two parties to come together and become boat mates.
Many boat owners believe that renters are all the same and are out to damage their pride and joy. This is not true and the same fears were felt by house owners renting their properties on AirBnB and the like.
It might shock you but the vast majority of renters are typically responsible and respectful of your boat. A good platform will have a rating system for both sides of the market to assist with deciding on the rental. Bonds are an important part of every boat rental and this reduces the likelihood of damage and if there is an issue there is money held to repair your asset.
Boat rentals are becoming increasingly popular and more and more accessible. The new generations of boaters are wanting to get out on the water but don’t want the hassle of owning a boat.
It’s Your Boat, Do It Your Way & Embrace the Rental Lifestyle
You are in complete control of your boat rental having all the flexibility at your fingertips. You decide when and how your boat is available for rent. You decide who you will allow to take your boat at all times.
You get to choose your rental terms and set your pricing. Having an online calendar showing your availability makes it even easier. It’s a win-win scenario allowing you to enjoy the best of both worlds by owning a boat and benefiting from the rental return.
Maximising Your Boat’s Potential
Unleash your boats earning potential and make it work for you when you’re not using it. There are potential high returns possible with owners having earned $50,000 in one year. Now not all boats or owners will earn these returns but it is certainly possible.
The boat rental industry is growing, creating more opportunities for boat owners. First there were marketplaces for property, like AirBnB, and cars, like Uber, and now boats, like MatesBoat™.
Getting your boat registered as a Domestic Commercial Vessel can help safeguard your investment. Commercially registered vessels tend to attract a higher re-sale value. By renting your boat responsibly you can show potential buyers the return on investment possible.
Discover the Freedom of Renting Your Boat
Enjoy the flexibility to choose when and where to rent your boat. Allow renters to take their families and friends boating and show them where the hidden gems are.
Get Feedback and Reviews and gain valuable insights from renters to improve your boat’s rental experience.
You can use boat navigational apps to provide renters with predetermined boat trails, boating destinations or fishing spots. Apps like Wavve Boating App allow you to track your boat to ensure renters are complying with any restrictions you have in place, like speed and locations they can travel to.
Boat Rental & Passive Income
The current cost of living crisis is affecting the whole of Australia at the moment and people are looking for new ways to alleviate some of the pressure. Passive income can give you the ability to make lifestyle choices that might not be feasible with your day to day job. It can support your goals and dreams, such as early retirement, travel, or pursuing a passion project or even getting a new boat.
Enjoy the benefits of boat ownership while offsetting the costs and potentially turning it into a revenue-generating opportunity.
Retired? Looking For “Passion” Income?
Are you retired or semi-retired? Do you love boats and being on the water? Renting or chartering a boat is a perfect way to earn some income from one of your passions! Why not learn some new skills and get your Coxswain Certificate, you can then take paying customers on your boat as a charter service.
Getting your boat commercially registered as a Domestic Commercial Vessel is an easy online application with AMSA under Ex02 – Non Survey Vessel and if you want to charter your boat there are plenty of Coxswain courses available in Australia.
Join the fast growing boat rental community by becoming a member of MatesBoat™. Learn how you can rent your boat and earn a return on your investment.
