{"id":174949,"date":"2024-07-03T07:54:36","date_gmt":"2024-07-03T13:54:36","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=174949"},"modified":"2024-07-28T06:09:50","modified_gmt":"2024-07-28T12:09:50","slug":"surprisingly-hot-short-term-rental-markets","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/surprisingly-hot-short-term-rental-markets","title":{"rendered":"9 Surprisingly Hot Markets Where Investors Can Still Find Affordable Short-Term Rental Properties"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC5956119477\" width=\"100%\"><\/iframe>\r\n  \n\n\n\n\n<p>Now is a great time to be in the <a href=\"https:\/\/www.biggerpockets.com\/guides\/the-ultimate-guide-to-short-term-rental-properties\" target=\"_blank\" rel=\"noreferrer noopener\">vacation rental<\/a> business. According to short-term rental data and analytics website <a href=\"https:\/\/www.airdna.co\/blog\/17-short-term-rental-trends-to-watch-in-2024\" target=\"_blank\" rel=\"noreferrer noopener\">AirDNA<\/a>, travelers are spending big on luxury vacation rentals\u2014the more unique, the better. Recent occupancy rates for well-furnished homes increased from 49.1% to 55.9% between 2019 and 2023, with the overall STR market generating a groundbreaking <a href=\"https:\/\/www.airdna.co\/blog\/2023-short-term-rental-statistics-key-numbers-to-know\" target=\"_blank\" rel=\"noreferrer noopener\">$64 billion in revenue in 2023<\/a>.&nbsp;<\/p>\n\n\n\n<p>While long-term rental landlords might balk at those occupancy rates, it&#8217;s worth remembering that vacation rentals often double as medium-term rentals in the off-season, which might not register on vacation rental sites.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The East Coast Is Filled With Investment Hot Spots&nbsp;<\/h2>\n\n\n\n<p>Travel industry news site <a href=\"https:\/\/skift.com\/2024\/06\/24\/july-4-vacation-rentals-surge-at-atlantic-beaches-but-softens-in-cities\/\" target=\"_blank\" rel=\"noreferrer noopener\">Skift<\/a> crunched the numbers with AirDNA data to discover that the beaches on the East Coast, off the Atlantic Ocean, are poised to make a roaring trade during this summer season, with 1.63 million nights booked, up 7.7% over last year.<\/p>\n\n\n\n<p>&#8220;New York, which used to be a top 10 market for July 4th, has dropped out and been replaced by the Delaware\/Maryland Beaches. This shift continues the trend of growing popularity for Atlantic beaches, led by Myrtle Beach, South Carolina,&#8221; said a spokesperson for the short-term rental data provider.<\/p>\n\n\n\n<p>With that in mind, for investors looking to maximize their profits throughout the summer months without spending over $500,000 on a vacation rental, these are the prime places all across the country to own an STR, based on <a href=\"https:\/\/www.airdna.co\/best-places-to-invest-in-vacation-rentals\" target=\"_blank\" rel=\"noreferrer noopener\">AirDNA<\/a>, short-term rental and hospitality site <a href=\"https:\/\/avantstay.com\/best-places-to-buy-a-vacation-home\" target=\"_blank\" rel=\"noreferrer noopener\">Avantstay<\/a>, and<a href=\"https:\/\/finance.yahoo.com\/news\/m-real-estate-agent-5-190031241.html\" target=\"_blank\" rel=\"noreferrer noopener\"> expert real estate agent opinion<\/a>, factoring in location desirability, potential rental income, property management costs, and long-term appreciation and short-term rental income.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Columbus, Georgia<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Typical Home Value: <\/strong>$161,000<\/li>\n\n\n\n<li><strong>Occupancy:<\/strong> 60%<\/li>\n\n\n\n<li><strong>Average Daily Rate:<\/strong> $178<\/li>\n\n\n\n<li><strong>Average Revenue:<\/strong> $29,000<\/li>\n<\/ul>\n\n\n\n<p>With a price point of $161,000 and a location alongside the Chattahoochee River, featuring whitewater rafting, <a href=\"https:\/\/www.biggerpockets.com\/markets?market=Columbus%2C%20GA-AL\" target=\"_blank\" rel=\"noreferrer noopener\">Columbus<\/a> is a great place to invest, visit, and consider scaling your portfolio. Columbus earned the top spot on AirDNA&#8217;s Best Places to Invest 2024.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Oneonta, New York<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Typical Home Value:<\/strong> $211,000<\/li>\n\n\n\n<li><strong>Occupancy: <\/strong>60%<\/li>\n\n\n\n<li><strong>Average Daily Rate: <\/strong>$356<\/li>\n\n\n\n<li><strong>Average Revenue: <\/strong>$27,000<\/li>\n<\/ul>\n\n\n\n<p>There&#8217;s not much to argue about with the typical home price of $211,000 and the bumper daily rate of $356. This charming, small city in upstate New York has already landed on AirDNA&#8217;s <a href=\"https:\/\/www.airdna.co\/blog\/ranked-by-airdna-best-hidden-gem-airbnb-locations\" target=\"_blank\" rel=\"noreferrer noopener\">list of hidden gems<\/a>. The Robert V. Riddell State Park offers more than 2,000 acres of fields and forested woodlands in the Susquehanna River Valley.&nbsp;<\/p>\n\n\n\n<p>A vacation home in Oneonta also doubles as a winter wonderland retreat, with plenty of fun cold-climate activities nearby.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Fairbanks, Alaska<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Typical Home Price:<\/strong> $239,000<\/li>\n\n\n\n<li><strong>Occupancy:<\/strong> 65%<\/li>\n\n\n\n<li><strong>Average Daily Rate: <\/strong>$225<\/li>\n\n\n\n<li><strong>Average Revenue:<\/strong> $32,000<\/li>\n<\/ul>\n\n\n\n<p>Alaska is a great place to visit in the summer, which accounts for short-term rentals\u2019 healthy $32,000\/year revenue, mostly crammed into the warmer months. The modest typical home price of $239,000 has increased since <a href=\"https:\/\/www.biggerpockets.com\/markets?market=Fairbanks-College%2C%20AK\" target=\"_blank\">Fairbanks<\/a> became a popular vacation rental town.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Fennville, Michigan<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Typical Home Value:<\/strong> $309,000<\/li>\n\n\n\n<li><strong>Occupancy: <\/strong>56%<\/li>\n\n\n\n<li><strong>Average Daily Rate:<\/strong> $595<\/li>\n\n\n\n<li><strong>Average Revenue:<\/strong> $63,000<\/li>\n<\/ul>\n\n\n\n<p>With a sprawling landscape of orchards, vineyards, and lakefront charm, Fennville&#8217;s healthy $63,000 annual revenue for an affordable investment of $309,000 is a great deal. If an investor purchased a home as a personal residence for year one while they fixed the place up and then moved out, they could qualify for an FHA loan and be in the property for under $10,000.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Ashford, Washington<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Typical Home Value:<\/strong> $323,000<\/li>\n\n\n\n<li><strong>Occupancy:<\/strong> $67%<\/li>\n\n\n\n<li><strong>Average Daily Rate<\/strong>: $242<\/li>\n\n\n\n<li><strong>Average Revenue: <\/strong>$44,000<\/li>\n<\/ul>\n\n\n\n<p>Affordability and pristine wilderness earmark this popular STR haven, which generates an average annual revenue of $44,000 for an investment of $323,000. Mount Rainier National Park is a big draw. In keeping with the scenic environment, STRs can only operate if there are five or fewer guest rooms and the total number of guests does not exceed 10.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Beaufort, South Carolina<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Typical Home Value: <\/strong>$347,000<\/li>\n\n\n\n<li><strong>Occupancy: <\/strong>61%<\/li>\n\n\n\n<li><strong>Average Daily Rate: <\/strong>$234<\/li>\n\n\n\n<li><strong>Average Revenue:<\/strong> $40,000&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>Laid-back Southern coastal charm, a quaint historic district, Lowcountry cuisine, and a stunning waterfront park make this a great place to invest at a price that won&#8217;t hurt.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Kitty Hawk, North Carolina<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Typical Home Price:<\/strong> $350,000<\/li>\n\n\n\n<li><strong>Occupancy:<\/strong> 64%<\/li>\n\n\n\n<li><strong>Average Daily Rate:<\/strong> $434<\/li>\n\n\n\n<li><strong>Annual Revenue:<\/strong> $38,800<\/li>\n<\/ul>\n\n\n\n<p>Although there aren&#8217;t many new listings for sale in Kitty Hawk in the Outer Banks, and those that vary dramatically in value, it is possible to nab a good deal shy of $500,000. The metrics make sense, as do the lighthouses, wild horses, and miles of beaches that draw tourists here each year.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Logan, Ohio<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Average Home Price:<\/strong> $233,000<\/li>\n\n\n\n<li><strong>Occupancy: <\/strong>57%<\/li>\n\n\n\n<li><strong>Average Daily Rate:<\/strong> $343<\/li>\n\n\n\n<li><strong>Annual Revenue:<\/strong> $57,000<\/li>\n<\/ul>\n\n\n\n<p>Get away from it all to a rural nirvana in the Hocking Hills region of Logan, Ohio. There are numerous summer activities, including hiking, horseback riding, and zip-lining, with many state parks, rivers, lakes, and caves that draw tourists to the area.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mount Pocono, Pennsylvania<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Typical Home Price<\/strong>: $439,000<\/li>\n\n\n\n<li><strong>Occupancy:<\/strong> 47%<\/li>\n\n\n\n<li><strong>Average Daily Rate:<\/strong> $312<\/li>\n\n\n\n<li><strong>Annual Revenue:<\/strong> $45,300<\/li>\n<\/ul>\n\n\n\n<p>With proximity to Philadelphia, New York, and New Jersey, the Poconos&#8217; lakes, rivers, and woodlands have been a perennial favorite for years, seeing increased demand recently.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Final Thoughts<\/h2>\n\n\n\n<p>The advantage of owning a seasonal short-term rental that attracts a robust summer clientele is that, if you buy right, one season can support the entire year\u2014especially on peak holidays like Memorial Day, Independence Day, and Labor Day\u2014allowing you to accommodate <a href=\"https:\/\/www.biggerpockets.com\/blog\/how-to-invest-in-medium-term-rentals\" target=\"_blank\" rel=\"noreferrer noopener\">mid-term rentals<\/a> during the winter months.<\/p>\n\n\n\n<p>Summer vacation rentals can be labor-intensive, so be sure to <a href=\"https:\/\/www.biggerpockets.com\/business\/finder\/property-managers\" target=\"_blank\" rel=\"noreferrer noopener\">find a good management company<\/a> and take advantage of tax benefits associated with owning a rental property\u2014deducting all expenses and upkeep, which can be written off as legitimate costs.<\/p>\n\n\n\n    \n  <div id=\"visibility-group-block_176b223d2193aa0764cc25a3e5e99408\" class=\"visibility-group alignwide  hidden\">\n        \n\n<div id=\"hero-block_2e2a5118745a6e9d3def506288254b32\" class=\"first:mt-0 hero-block py-4  alignwide   has-background has-slate-200-background-color has-text-color has-theme-gold-color\">\n    <div\n        class=\"gap-10 lg:gap-20 flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 lg:w-1\/2 \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-slate-800-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Find the Right Agent, Close the Best Deal<\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:18px\">Step #1: Use Agent Finder to match with top <em><strong>investor-friendly<\/strong><\/em> real estate agents to help you find, analyze, and close your next deal.<\/p>\n\n\n\n<div id=button-custom-event-block_5474c7954760242666a0a9e1c569a79b class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/agent\/match\" x-on:click=\"window.analytics.track(&#039;Blog Block | B2C Marketplace Agent Finder&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/surprisingly-hot-short-term-rental-markets&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Find an Agent<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\"lg:w-1\/2 first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2021\/08\/Marketplace-Blog-Blocks-Agent-v3.png\" alt=\"investor friendly real estate agent\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>\n\n  <\/div>\n  \n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n    \n  <div id=\"visibility-group-block_64dd31c79f00f\" class=\"visibility-group  \">\n        \n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div id=\"hero-block_64dd2875dba9d\" class=\"first:mt-0 hero-block py-4    has-background has-slate-100-background-color has-text-color has-theme-slate-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<h3 class=\"wp-block-heading my-0 tracking-tight font-extrabold has-theme-slate-dark-color has-text-color has-large-font-size\">Join the community<\/h3>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color\" style=\"font-size:16px;font-style:normal;font-weight:400\">Ready to succeed in real estate investing? Create a free BiggerPockets account to learn about investment strategies; ask questions and get answers from our community of +2 million members; connect with investor-friendly agents; and so much more. <\/p>\n\n\n\n<div id=button-custom-event-block_64dd2888dba9e class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/signup\" x-on:click=\"window.analytics.track(&#039;Blog Block | Acquisition | Free Membership Signup&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/surprisingly-hot-short-term-rental-markets&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Sign Up<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n            <\/div>\n<\/div>\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n  <\/div>\n  <\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>These under-the-radar markets still have plenty of affordable inventory and could be potential goldmines for short-term rental investors.<\/p>\n","protected":false},"author":613725,"featured_media":174951,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7364,7119,7271],"tags":[],"class_list":["post-174949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-markets","category-biggerpockets-daily","category-short-term-rentals"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/174949","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/613725"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=174949"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/174949\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/174951"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=174949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=174949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=174949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}