When Royal Hunter bought his boat to catch big game off Orange County’s coastline, he also had to figure out how to pay back the loan on his $25,000 fishing vessel.
Hunter, who lives in Moreno Valley but launches out of Newport Beach, signed up for Boatbound, a fairly new boat rental business that does what home rental sites like Airbnb and VRBO do for homeowners, just on the water.
In two years, he’s generated about $6,500 renting out his 23-foot fishing boat over, which otherwise would sit in dry dock. The boat fits five passengers and rents for $450 on a summer Saturday, $400 on a Sunday.
That was the idea behind the rental business: to give boat owners a way to make money on their investments, while allowing water enthusiasts access to boats without the responsibilities that come with ownership, said founder Aaron Hall.
In Orange County’s three harbors — Newport, Dana Point and Huntington Harbour — boat sizes typically range from 18 foot to 50 foot; the most popular types are cruisers and sport-fishing boats. Packages run around $400 a day for fishing boats, and about $1,000 for a captained ride on a larger cruiser.
Hall launched the site Boatbound in 2013 in San Francisco after he was inspired on a family trip to Texas.
He was having trouble finding a boat to rent, and while at the marina, looked at all the boats, empty and bobbing in the water.
“People buy boats, they have dreams of being out on the water all the time. Boats are the most underused asset,” he said.
He looked at what other rental-based companies were doing. And the idea caught on.
Boatbound rents boats for everything from fishing to wakeboarding, water skiing or just cruising. Some are for overnight charters and others offer a captain to man the ship.
And with the popularity of reality shows like “Below Deck,” there’s a thriving industry for high-end luxury boat charters, too — especially in Los Angeles and Florida. Orange County boasts the most celebrity charters, Hall said, though he can’t name names.
Florida has the biggest boat on the rental market at 100 foot.
Boatbound leaves it up to the boat owner and renter to decide how to transfer the keys and get to the dock. Some areas have a dock-side concierges service to help out, which acts as a property manager.
Hall said Orange County is a growing market, especially in and around Newport Beach. Last year there were anywhere from 150 to 175 boats listed in Newport; this year there are about 350. The average boat owner can make anywhere from $5,000 to $10,000 in a year.
“Those boats are beach-front property,” Hall said. “They are becoming valuable. There’s a lot of money being made, it’s creating a new lifestyle for boat owners.”
Reuben Pasandi, who goes by “Captain Newport,” has created a whole new business venture out of Boatbound’s service. He had his own personal boat listed on the site. Demand was so great, he decided to buy more boats and launch a business, also called Captain Newport Boat Rentals.
Now, he has a five-boat fleet in the Newport Beach harbor. “It’s growing; we’re adding a couple more,” he said.
He said owning a boat can be expensive: finding and renting a slip, plus maintaining the boat and repairing it.
Why not occasionally get eight people to split the rental cost of about $900 for a day out on the ocean? he asks.
Customers do everything from take an eight-hour trek to Catalina or spend the weekend there. They cruise down the coast for a swim, or celebrate a birthday or anniversary closer to shore, such as the coves off Emerald Cove in Laguna Beach.
“I’m really working hard on Captain Newport to make it a name brand,” he said.
Contact the writer: lconnelly@ocregister.com
