The Ultimate Guide to Start a Boat Rental Side Hustle: Costs

4 min readJan 29, 2023

Starting a boat rental business can be an exciting venture, but it’s important to know all the 💰costs involved before diving in.

Our followers have been asking for more information on the financial side of starting a boat rental business, and in this post, we’ll be breaking down the costs of a boat rental side hustle so you know what to expect.

1. Boat Acquisition Costs

This is the biggest upfront cost of starting a boat rental business. It can vary depending on the size, make and model, and whether they are new or used. On average, a new small boat (10 to 20 feet in length) can cost anywhere from $10,000 to $30,000, while larger boats (30 feet or more) can cost several hundred thousand dollars.

You can consider buying used boats, which can save you a lot of money. A used boat typically costing 20–40% less than a new boat. However, it’s important to keep in mind that it also come with their own set of maintenance and repair costs.

Here are several channels to buy boats (In the U.S market, some of the most popular boat brands include Sea Ray, Bayliner, and Mastercraft):

Boat dealerships — Many boat manufacturers have a directory of authorized dealerships on their website, making it easy to find a dealer who sells the specific type of boat you’re interested in.
Private sellers — individuals who are selling their used boats directly to buyers. You can find them on sites like Craigslist and Facebook Marketplace.
Boat Brokers — middlemen who can help you buy or sell a boat, they charge a fee for their services. The Yacht Brokers Association of America can give you access to professional boat brokers and resources to help you buy or sell a boat.
Online marketplaces — websites like BoatTrader, YachtWorld, and Boats.com that list boats for sale from private sellers and dealerships.
Auctions — sometimes boats are sold at auction, either at physical events or online.

2. Maintenance and Repair Costs

Regardless of whether you buy new or used boats, they will need regular maintenance and repairs. On average, boat owners should expect to spend 5–10% of the cost of their boat each year on maintenance and repairs.

For example, if you own a $50,000 boat, you can expect to spend $2,500 to $5,000 per year on maintenance and repairs.

Some of the common costs associated with boat maintenance include engine service, hull cleaning, and replacement parts. It’s important to budget for these costs and also have a contingency fund for unexpected repairs.

3. Insurance

In order to protect your boat rental business and your customers, it’s essential to have insurance coverage.

On average, boat rental businesses can expect to pay anywhere between $1,000 to $5,000 per year for insurance coverage (include liability insurance, hull insurance, and personal injury insurance)

Some of the well-known marine insurance providers in the US include GEICO, Nationwide, Progressive, BoatUS, and Markel American Insurance Company.

4. Marketing and Advertising Costs

In order to attract customers, you will need to invest in marketing and advertising. There are several boat rental platforms available, such as Boatsetter, Click&Boat, and Sailo, that allow you to list your boats and reach a large audience of potential customers.

Here are a few examples (Please note that the costs associated with each platform may fluctuate as the market evolves.):

Boatbound: Boatbound is a peer-to-peer boat rental platform that charges a 25% fee on each rental transaction.
Click&Boat: Click&Boat is another popular boat rental platform that charges a 20% fee on each rental transaction.
Samboat: Samboat is a European-based boat rental platform that charges a 15% fee on each rental transaction.
GetMyBoat: GetMyBoat is a boat rental platform that charges a fee per booking, ranging from $0 to $200 depending on the boat rental listing’s pricing and location.

5. Operating Costs

In addition to the costs of acquiring and maintaining boats, you will also need to budget for day-to-day operating costs.

Fuel — On average, the cost of fuel for a single boat can range from $50 to $150 per day, depending on the size of the boat and the length of the rental.
Dock fees — These fees can vary depending on the location and size of the marina, but they typically range from $10 to $50 per day per boat.
Employee salaries — If you plan to hire employees, you will need to budget for their salaries. This can include salaries for boat captains, deckhands, and office staff. On average, boat captains can earn between $40,000 and $80,000 per year, while deckhands and office staff typically earn less.
Miscellaneous expenses — There are many other expenses that come with operating a boat rental business, including office supplies, marketing costs, and utilities.