{"id":176942,"date":"2024-08-27T14:41:57","date_gmt":"2024-08-27T20:41:57","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=176942"},"modified":"2024-08-28T10:46:24","modified_gmt":"2024-08-28T16:46:24","slug":"best-college-markets-for-short-term-rental-investors","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/best-college-markets-for-short-term-rental-investors","title":{"rendered":"The 10 Best College Markets for Short-Term Rentals"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">With August winding down, two <\/span><span data-preserver-spaces=\"true\">certain<\/span><span data-preserver-spaces=\"true\"> things are happening: Football pads are starting to crash together, and college town <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/guides\/the-ultimate-guide-to-short-term-rental-properties\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">short-term rental<\/span><\/a><span data-preserver-spaces=\"true\"> hosts are filling their rentals. Investors have thrived in college towns for years as long-term markets, but where can you find an STR that shows you the money signs? (Yes, a Johnny Manziel reference in 2024.)<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Short-term rental may only sometimes be the best strategy for your property in a college town. Regulations, <\/span><span data-preserver-spaces=\"true\">mid- and<\/span><span data-preserver-spaces=\"true\"> long-term rentals, construction costs, and more will strongly influence how you handle your investment.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">When asked about making these decisions, <\/span><a class=\"editor-rtfLink\" href=\"http:\/\/reination.com\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">REINation<\/span><\/a><span data-preserver-spaces=\"true\"> said:<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><span data-preserver-spaces=\"true\">\u201cIn <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Tuscaloosa%2C%20AL\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Tuscaloosa<\/span><\/a><span data-preserver-spaces=\"true\"> and <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Birmingham-Hoover%2C%20AL\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Birmingham<\/span><\/a><span data-preserver-spaces=\"true\">, short-term rental construction costs can run 25-35% more than <\/span><span data-preserver-spaces=\"true\">if<\/span><span data-preserver-spaces=\"true\"> we were holding for long-term rental. Short-term rentals will earn 20-30% more per night when occupied, but the downside is the loss of income on vacant nights. Now, when those seven to nine weekends a year roll around when football games are <\/span><span data-preserver-spaces=\"true\">being hosted<\/span><span data-preserver-spaces=\"true\">, or on the graduation weekends and other similar big event weekends, per-night rental rates can be up to 100% higher.\u201d<\/span><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">I love the idea of extreme <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/rental-property-cash-flow-analysis\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">cash flow<\/span><\/a><span data-preserver-spaces=\"true\">, especially when my team wins (if I buy a property there, I will be rooting for them after, guaranteed), so let\u2019s get our STR game plan together. I will use a series of data from <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">BiggerPockets Market Finder<\/span><\/a><span data-preserver-spaces=\"true\"> and <\/span><a class=\"editor-rtfLink\" href=\"http:\/\/airdna.co\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">AirDNA<\/span><\/a><span data-preserver-spaces=\"true\">. Let me know if someone has a direct line to Lee Corso so we can have him put the winning mascot head-on.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Criteria:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span data-preserver-spaces=\"true\">Amount of revenue potential.<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Growth of the city over time.<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Occupancy rates (during football season and off-season).<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Average home price and appreciation rate.<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Is the team relevant? (sorry, Durham, NC).<\/span><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">I divided these categories into two sections: revenue and area growth. I ranked each city by category and crowned a winner based on their positions.<\/span><\/p>\n\n\n<p><iframe title=\"Short-Term Rental College Markets\" aria-label=\"Map\" id=\"datawrapper-chart-wz14L\" src=\"https:\/\/datawrapper.dwcdn.net\/wz14L\/1\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"519\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Revenue&nbsp;<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Using occupancy numbers and average daily rates (ADR) for each city, we can determine the estimated revenue for an entire year in the market. These blanket averages will go up or down depending on what size or type of property you research. The Market Finder allows me to see the median home price for the area.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">I calculated the median annual mortgage payment (principal and interest only) based on a 7.5% interest rate with 20% down to see which place has the highest potential revenue. <\/span><span data-preserver-spaces=\"true\">This<\/span><span data-preserver-spaces=\"true\"> does not include taxes and insurance. Working with a trusted, <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/business\/finder\/agents\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">investor-friendly real estate agent<\/span><\/a><span data-preserver-spaces=\"true\"> and <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/business\/finder\/lenders\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">lender<\/span><\/a><span data-preserver-spaces=\"true\"> will give you even more insight into the numbers when you have narrowed your choices.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The last metrics we take into consideration are the monthly demand change and ADR percentage change during the football season versus the off-season. We consider the off-season January through July, with the season taking place August through November. Typically, the U.S. has seen, on average, 11.5% lower monthly demand and 6.4% lower ADR during the football season.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Area Growth<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The Market Finder lets you see yearly appreciation rates, median long-term rental income, and population growth rates in one place. These numbers will help you clarify what could be a viable investment for years to come, no matter your end strategy. There is beauty in the art of blending appreciation and cash flow into short-term rentals.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Tiebreaker<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">My tiebreaker for any market is simple: Who had the better team during the 2000s? <\/span><span data-preserver-spaces=\"true\">This<\/span><span data-preserver-spaces=\"true\"> may not be a typical <\/span><span data-preserver-spaces=\"true\">metric for investments<\/span><span data-preserver-spaces=\"true\">, but I\u2019m sure the better the team, the more people will travel to the games.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Top 10&nbsp;<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">My list of honorable mentions came extremely close to making the list but fumbled at the goal line compared to other markets. However, these may be your alma mater, which would add a new desire to consider investing there.<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Boise%20City%2C%20ID\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Boise, Idaho<\/span><\/a><\/li>\n\n\n\n<li><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Corvallis%2C%20OR\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Corvallis, Oregon<\/span><\/a><\/li>\n\n\n\n<li><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Tucson%2C%20AZ\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Tucson, Arizona<\/span><\/a><\/li>\n\n\n\n<li><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Provo-Orem%2C%20UT\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Provo, Utah<\/span><\/a><\/li>\n\n\n\n<li><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Eugene-Springfield%2C%20OR\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Eugene, Oregon<\/span><\/a><\/li>\n\n\n\n<li><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Knoxville%2C%20TN\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Knoxville, Tennessee<\/span><\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Now, the committee is ready to reveal the participants.&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">10. <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Spokane-Spokane%20Valley%2C%20WA&amp;city=Spokane&amp;state=WA\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Pullman, Washington<\/span><\/a><span data-preserver-spaces=\"true\"> (Washington State University)<\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Occupancy Rate: <\/span><\/strong><span data-preserver-spaces=\"true\">52%&nbsp;<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">ADR: <\/span><\/strong><span data-preserver-spaces=\"true\">$279&nbsp;<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Home Price:<\/span><\/strong><span data-preserver-spaces=\"true\"> $406,000<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Potential Revenue After P&amp;I: <\/span><\/strong><span data-preserver-spaces=\"true\">$25,740<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Monthly Demand Change During Season:<\/span><\/strong><span data-preserver-spaces=\"true\"> 53.9%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Average Daily Rate Change During Season: <\/span><\/strong><span data-preserver-spaces=\"true\">11%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Appreciation Rate: <\/span><\/strong><span data-preserver-spaces=\"true\">1.08%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Population Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 1.38%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Long-Term Rental: <\/span><\/strong><span data-preserver-spaces=\"true\">$1,511<\/span><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">This<\/span><span data-preserver-spaces=\"true\"> may be one of my favorite markets based on potential cash flow. Their actual football record, appreciation rate, and revenue growth puts them barely cracking our top 10, though. That would at least be one top-10 finish for the Cougars, finally.&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">9. <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Iowa%20City%2C%20IA\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Iowa City, Iowa<\/span><\/a><span data-preserver-spaces=\"true\"> (University of Iowa)<\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Occupancy Rate:<\/span><\/strong><span data-preserver-spaces=\"true\"> 48%&nbsp;<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">ADR: <\/span><\/strong><span data-preserver-spaces=\"true\">$227<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Home Price: <\/span><\/strong><span data-preserver-spaces=\"true\">$279,000<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Potential Revenue After P&amp;I:<\/span><\/strong><span data-preserver-spaces=\"true\"> $21,050.4<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Monthly Demand Change During Season:<\/span><\/strong><span data-preserver-spaces=\"true\"> 26.3%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Average Daily Rate Change During Season:<\/span><\/strong><span data-preserver-spaces=\"true\"> 37.5%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Appreciation Rate:<\/span><\/strong><span data-preserver-spaces=\"true\"> 4.02%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Population Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 0.88%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Long-Term Rental: <\/span><\/strong><span data-preserver-spaces=\"true\">$1,187<\/span><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">One of the quicker-growing markets on our list, the Hawkeyes have above-average metrics in almost every field. That is also their downside, as they sit in the middle of the pack in <\/span><span data-preserver-spaces=\"true\">almost every<\/span><span data-preserver-spaces=\"true\"> field. <\/span><span data-preserver-spaces=\"true\">I hope their<\/span><span data-preserver-spaces=\"true\"> occupancy <\/span><span data-preserver-spaces=\"true\">rate<\/span><span data-preserver-spaces=\"true\"> and passing rates (no more <\/span><span data-preserver-spaces=\"true\">second down<\/span><span data-preserver-spaces=\"true\"> halfback plunges, please) both see higher numbers in the future.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">8. <a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Ann%20Arbor%2C%20MI\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Ann Arbor, Michigan<\/span><\/a><span data-preserver-spaces=\"true\"> (University of Michigan)<\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Occupancy Rate: <\/span><\/strong><span data-preserver-spaces=\"true\">53%&nbsp;<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">ADR: <\/span><\/strong><span data-preserver-spaces=\"true\">$303.6<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Home Price: <\/span><\/strong><span data-preserver-spaces=\"true\">$394,000<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Potential Revenue After P&amp;I: <\/span><\/strong><span data-preserver-spaces=\"true\">$32,295.42<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Monthly Demand Change During Season:<\/span><\/strong><span data-preserver-spaces=\"true\"> 42.6%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Average Daily Rate Change During Season:<\/span><\/strong><span data-preserver-spaces=\"true\"> 34.4%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Appreciation Rate: <\/span><\/strong><span data-preserver-spaces=\"true\">4.56%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Population Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 0.59%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Long-Term Rental: <\/span><\/strong><span data-preserver-spaces=\"true\">$1,839<\/span><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Michigan finally returned to glory as the 2023 National Champions while jumping <\/span><span data-preserver-spaces=\"true\">up<\/span><span data-preserver-spaces=\"true\"> on our list. A healthy appreciation rate <\/span><span data-preserver-spaces=\"true\">mixed with<\/span><span data-preserver-spaces=\"true\"> great STR metrics put the Wolverines in our top 10. <\/span><span data-preserver-spaces=\"true\">However, Harbaugh <\/span><span data-preserver-spaces=\"true\">has left, and so have guests<\/span><span data-preserver-spaces=\"true\">, as revenue may be trending down.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">7. <a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Auburn-Opelika%2C%20AL\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Auburn, Alabama<\/span><\/a><span data-preserver-spaces=\"true\"> (Auburn University)<\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Occupancy Rate: <\/span><\/strong><span data-preserver-spaces=\"true\">40.1%&nbsp;<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">ADR:<\/span><\/strong><span data-preserver-spaces=\"true\"> $314<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Home Price: <\/span><\/strong><span data-preserver-spaces=\"true\">$308,000<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Potential Revenue After P&amp;I: <\/span><\/strong><span data-preserver-spaces=\"true\">$25,294<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Monthly Demand Change During Season:<\/span><\/strong><span data-preserver-spaces=\"true\"> 46.6%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Average Daily Rate Change During Season:<\/span><\/strong><span data-preserver-spaces=\"true\"> 59.5%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Appreciation Rate:<\/span><\/strong><span data-preserver-spaces=\"true\"> 5.3%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Population Growth: <\/span><\/strong><span data-preserver-spaces=\"true\">1.69%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Long-Term Rental:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,450<\/span><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Cam Newton may be a thing of the past, but Auburn is still a powerhouse. The appreciation rate and potential revenue are surprisingly high. <\/span><span data-preserver-spaces=\"true\">The occupancy rate, regulations, and seasonality have a chance <\/span><span data-preserver-spaces=\"true\">to <\/span><span data-preserver-spaces=\"true\">never let<\/span><span data-preserver-spaces=\"true\"> them <\/span><span data-preserver-spaces=\"true\">return<\/span><span data-preserver-spaces=\"true\"> to the STR peak.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">6. <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Columbia%2C%20SC\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Columbia, South Carolina<\/span><\/a><span data-preserver-spaces=\"true\"> (University of South Carolina)<\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Occupancy Rate: <\/span><\/strong><span data-preserver-spaces=\"true\">51.6%&nbsp;<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">ADR: <\/span><\/strong><span data-preserver-spaces=\"true\">$179<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Home Price: <\/span><\/strong><span data-preserver-spaces=\"true\">$246,000<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Potential Revenue After P&amp;I: <\/span><\/strong><span data-preserver-spaces=\"true\">$17,313.5<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Monthly Demand Change During Season:<\/span><\/strong><span data-preserver-spaces=\"true\"> 30.5%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Average Daily Rate Change During Season:<\/span><\/strong><span data-preserver-spaces=\"true\"> 15.8%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Appreciation Rate:<\/span><\/strong><span data-preserver-spaces=\"true\"> 4.42%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Population Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 0.74%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Long-Term Rental:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,494<\/span><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">I have a friend who went to the University of South Carolina, and almost 10 years later, he still travels back for every home game from Houston. He hasn\u2019t seen them win anything yet (sorry, Roy), but with great occupancy and appreciation rates, their glory days may be coming. I hope the ADR can grow as much as my friend has racked up airline miles.\u00a0<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">5. <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Waco%2C%20TX\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Waco, Texas<\/span><\/a><span data-preserver-spaces=\"true\"> (Baylor University)<\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Occupancy Rate:<\/span><\/strong><span data-preserver-spaces=\"true\"> 50.8%&nbsp;<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">ADR:<\/span><\/strong><span data-preserver-spaces=\"true\"> - $242<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Home Price:<\/span><\/strong><span data-preserver-spaces=\"true\"> $253,000<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Potential Revenue After P&amp;I:<\/span><\/strong><span data-preserver-spaces=\"true\"> $27,891<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Monthly Demand Change During Season:<\/span><\/strong><span data-preserver-spaces=\"true\"> 6.7%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Average Daily Rate Change During Season: <\/span><\/strong><span data-preserver-spaces=\"true\">8.2%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Appreciation Rate: <\/span><\/strong><span data-preserver-spaces=\"true\">1.11%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Population Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 1.09%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Long-Term Rental: <\/span><\/strong><span data-preserver-spaces=\"true\">$1,449<\/span><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The Bears may not have any national titles, but they do have one thing going for them: impressive potential revenue. Although their appreciation rate has been concerning over time, being <\/span><span data-preserver-spaces=\"true\">in<\/span><span data-preserver-spaces=\"true\"> between some of the <\/span><span data-preserver-spaces=\"true\">biggest<\/span><span data-preserver-spaces=\"true\"> feeder cities in the U.S. (<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Houston-The%20Woodlands-Sugar%20Land%2C%20TX\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Houston<\/span><\/a><span data-preserver-spaces=\"true\">, <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Austin-Round%20Rock-Georgetown%2C%20TX\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Austin<\/span><\/a><span data-preserver-spaces=\"true\">, and <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Dallas-Fort%20Worth-Arlington%2C%20TX\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Dallas<\/span><\/a><span data-preserver-spaces=\"true\">) will help bring in guests for years to come.&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">4. <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Madison%2C%20WI\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Madison, Wisconsin<\/span><\/a><span data-preserver-spaces=\"true\"> (University of Wisconsin)<\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Occupancy Rate: <\/span><\/strong><span data-preserver-spaces=\"true\">66.4%&nbsp;<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">ADR: <\/span><\/strong><span data-preserver-spaces=\"true\">$257.42<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Home Price: <\/span><\/strong><span data-preserver-spaces=\"true\">$399,000&nbsp;<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Potential Revenue After P&amp;I:<\/span><\/strong><span data-preserver-spaces=\"true\"> $35,522<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Monthly Demand Change During Season: <\/span><\/strong><span data-preserver-spaces=\"true\">29%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Average Daily Rate Change During Season:<\/span><\/strong><span data-preserver-spaces=\"true\"> 15.5%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Appreciation Rate: <\/span><\/strong><span data-preserver-spaces=\"true\">6.32%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Population Growth: 0<\/span><\/strong><span data-preserver-spaces=\"true\">.67%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Long-Term Rental:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,589<\/span><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The Badgers may not have the college football prestige as some others, but they make up for it with the highest potential revenue on this list. However, seasonality and one of the higher median home price averages may keep investors on the sidelines in Madison.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">3. <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Athens-Clarke%20County%2C%20GA\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Athens, Georgia<\/span><\/a><span data-preserver-spaces=\"true\"> (University of Georgia)<\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Occupancy Rate: <\/span><\/strong><span data-preserver-spaces=\"true\">44%&nbsp;<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">ADR:<\/span><\/strong><span data-preserver-spaces=\"true\"> $285<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Home Price: <\/span><\/strong><span data-preserver-spaces=\"true\">$342,000<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Potential Revenue After P&amp;I: <\/span><\/strong><span data-preserver-spaces=\"true\">$22,815<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Monthly Demand Change During Season: <\/span><\/strong><span data-preserver-spaces=\"true\">40%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Average Daily Rate Change During Season:<\/span><\/strong><span data-preserver-spaces=\"true\"> 41.9%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Appreciation Rate:<\/span><\/strong><span data-preserver-spaces=\"true\"> 7.24%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Population Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 1.08%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Long-Term Rental: <\/span><\/strong><span data-preserver-spaces=\"true\">$1,796<\/span><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Home of the 2X National Champion Bulldogs, Athens is no stranger to winning. Boasting an impressive appreciation rate with strong revenue potential, Athens has earned its spot as a <\/span><span data-preserver-spaces=\"true\">champion of the list<\/span><span data-preserver-spaces=\"true\">. Rental demand and a high supply of STR listings put Georgia a few spots from the top.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">2. <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Columbus%2C%20OH\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Columbus, Ohio<\/span><\/a><span data-preserver-spaces=\"true\"> (Ohio State University)<\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Occupancy Rate: <\/span><\/strong><span data-preserver-spaces=\"true\">52.5%&nbsp;<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">ADR:<\/span><\/strong><span data-preserver-spaces=\"true\"> $192<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Home Price: <\/span><\/strong><span data-preserver-spaces=\"true\">$310,000<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Potential Revenue After P&amp;I:<\/span><\/strong><span data-preserver-spaces=\"true\"> $15,962<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Monthly Demand Change During Season:<\/span><\/strong><span data-preserver-spaces=\"true\"> 20.1%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Average Daily Rate Change During Season: <\/span><\/strong><span data-preserver-spaces=\"true\">12.6%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Appreciation Rate:<\/span><\/strong><span data-preserver-spaces=\"true\"> 6.48%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Population Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 0.69%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Long-Term Rental:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,491<\/span><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The Buckeyes are no stranger to successful campaigns and prove it again. They have one of the highest revenue growth numbers on AirDNA.com and an impressive appreciation rate. ADR is average for now, but this could positively change as quickly as Urban Meyer was out in Jacksonville.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">1. <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Tuscaloosa%2C%20AL\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Tuscaloosa, Alabama<\/span><\/a><span data-preserver-spaces=\"true\"> (University of Alabama)<\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Occupancy Rate: <\/span><\/strong><span data-preserver-spaces=\"true\">33%&nbsp;<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">ADR: <\/span><\/strong><span data-preserver-spaces=\"true\">$441<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Home Price: <\/span><\/strong><span data-preserver-spaces=\"true\">$214,000<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Potential Revenue After P&amp;I: <\/span><\/strong><span data-preserver-spaces=\"true\">$25,294<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Monthly Demand Change During Season:<\/span><\/strong><span data-preserver-spaces=\"true\"> 99.4%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Average Daily Rate Change During Season:<\/span><\/strong><span data-preserver-spaces=\"true\"> 44.6%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Appreciation Rate: <\/span><\/strong><span data-preserver-spaces=\"true\">1.04%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Population Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 2.66%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Long-Term Rental:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,549<\/span><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">If this list were pure football dominance, the 6x National Champion Rolling Tide would run away with this competition. <\/span><span data-preserver-spaces=\"true\">A high ADR mixed with the lowest median home price on the list put Tuscaloosa in the top spot <\/span><span data-preserver-spaces=\"true\">once again<\/span><span data-preserver-spaces=\"true\">.<\/span><span data-preserver-spaces=\"true\"> Occupancy and regulation are as much of a concern as when Saban retired, though.&nbsp;&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Final Thoughts<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">I was hoping we could <\/span><span data-preserver-spaces=\"true\">get away from<\/span><span data-preserver-spaces=\"true\"> the reign of powerhouses, but <\/span><span data-preserver-spaces=\"true\">it seems<\/span><span data-preserver-spaces=\"true\"> the SEC and Big 10 are winning all around, even in STR metrics.<\/span><span data-preserver-spaces=\"true\"> Your end goals matter greatly when deciding if a college football-based STR is right for you: Investing in a market where you actively want to go to the games may not be your best move, as you will occupy your unit on the highest-revenue weekends.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">If you want future financial freedom, I would sit back with ESPN+ to watch your favorite team and bank account in action. Don\u2019t forget to invite me to the tailgate; I\u2019ll bring the coffee.<\/span><\/p>\n\n\n\n<div id=\"hero-block_db33a6a7b8d008e76b94b58f0c4f7ebf\" class=\"first:mt-0 hero-block py-4  alignfull   has-background has-slate-50-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 wp-block-paragraph\" style=\"font-style:normal;font-weight:800\">Find the Hottest Markets of 2025!<\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color wp-block-paragraph\" style=\"font-size:18px\">Effortlessly discover your next investment hotspot with the brand new BiggerPockets Market Finder, featuring detailed metrics and insights for all U.S. markets.<\/p>\n\n\n\n<div id=button-custom-event-block_f5d58ba6dbfbf66363a57254104bccd7 class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/markets\" x-on:click=\"window.analytics.track(&#039;Blog Block | Market Finder&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/best-college-markets-for-short-term-rental-investors&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-gold-background-color has-text-color has-white-color\" target=\"_blank\">Explore Markets<\/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\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/07\/Market-Finder_Site-Module-1.png\" alt=\"\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>College football is back, so we found the 10 best markets to invest in for short-term rentals out of 100+ college towns.<\/p>\n","protected":false},"author":613755,"featured_media":176951,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7364,7271],"tags":[],"class_list":["post-176942","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-markets","category-short-term-rentals"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/176942","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\/613755"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=176942"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/176942\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/176951"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=176942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=176942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=176942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}