{"id":189115,"date":"2026-08-25T09:49:09","date_gmt":"2026-08-25T15:49:09","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=189115"},"modified":"2026-08-25T09:49:14","modified_gmt":"2026-08-25T15:49:14","slug":"top-10-college-real-estate-markets-2026","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/top-10-college-real-estate-markets-2026","title":{"rendered":"10 College Towns Where Football Saturdays Pay Your Mortgage in 2026"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">It&#8217;s still 94 degrees out, but everyone has collectively decided it feels like fall; somebody&#8217;s uncle is already furious about a backup quarterback he has never watched play a snap; and 100,000 people are about to drive four hours to sit on hot aluminum and scream at 19-year-olds.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Football season is also the most dependable revenue spike a<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/short-term-rental-investing\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"> short-term rental<\/span><\/a><span data-preserver-spaces=\"true\"> gets all year in a few select cities. It\u2019s six or seven Saturdays where your nightly rate does things it would never do in June.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">I pulled <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.airdna.co\/airbnb-calculator\/analyzer?utm_source=pitch_outreach&amp;utm_medium=press&amp;utm_campaign=50496340-26-rentilizer-agent\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">AirDNA<\/span><\/a><span data-preserver-spaces=\"true\"> data on more college markets than I <\/span><span data-preserver-spaces=\"true\">am proud of<\/span><span data-preserver-spaces=\"true\"> to figure out which towns actually turn that into money.<\/span><span data-preserver-spaces=\"true\"> Then I did the part nobody does and read the zoning ordinance in every single finalist. That second step took about nine hours, and it reordered the whole list.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Reality Check<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Are these the 10 best short-term rental markets in America? Not really, and I&#8217;m not going to pretend otherwise.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">If you want pure returns with no strings attached, there are markets out there with better math and simpler rules that have nothing to do with football. Half these towns have a fall rate premium under 1.3x, which means the football effect is close to a rounding error on their annual revenue. Several have zoning rules that limit what you&#8217;re allowed to buy. And one or two would not make anybody&#8217;s top 100 if you took the stadium away.<\/span><\/p>\n\n\n<p><iframe src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2026\/08\/02_football_rate_lift.html\" width=\"100%\" height=\"610\" style=\"border:0;\" loading=\"lazy\"><\/iframe><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">If one of these towns is already on your radar because you went there, your kid is going there, or you live two hours away and know which streets are which, then football season is a real tailwind. Six or seven weekends when your rate doubles are genuine money, and it shows up clearly in the data.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">What<\/span><span data-preserver-spaces=\"true\"> I would <\/span><em><span data-preserver-spaces=\"true\">not <\/span><\/em><span data-preserver-spaces=\"true\">do is<\/span><span data-preserver-spaces=\"true\"> buy a house 900 miles away in a town you have never visited because a team is ranked 11th.<\/span><span data-preserver-spaces=\"true\"> Every market on this list has a specific catch, which I put in each entry. Read those before you fall for a yield number.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">How I Ranked These<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">I started with the home markets of the top 50 programs. Programs playing inside major metros got cut first, because a 100,000-seat stadium in a metro of 2 million disappears into the noise, and the data proved it.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Markets too thin to read a rate curve went next. Twenty-two made the full workup.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Each one got scored on five things:<\/span><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Revenue yield after property tax (35%):<\/span><\/strong><span data-preserver-spaces=\"true\"> Annual STR revenue divided by the Zillow Home Value Index, less the estimated effective property tax rate for a non-owner-occupied property. This is a market-comparison metric, not a property-level return. It does not subtract management, cleaning, utilities, insurance, furnishing, maintenance, or platform fees.<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">In-season lift (30%):<\/span><\/strong><span data-preserver-spaces=\"true\"> The single highest month between September and November, divided by the average of June and July. I ran that for 2023, 2024, and 2025 and averaged the three. It&#8217;s designed to capture a market&#8217;s biggest football-month rate spike, not its full fall-season average.<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Revenue trend (20%):<\/span><\/strong><span data-preserver-spaces=\"true\"> Year-over-year revenue change.<\/span><\/li>\n\n\n\n<li><strong><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/what-is-appreciation-in-real-estate\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Appreciation<\/span><\/a><span data-preserver-spaces=\"true\"> (10%):<\/span><\/strong><span data-preserver-spaces=\"true\"> One-year change in home value.<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">2027 recruiting class (5%):<\/span><\/strong><span data-preserver-spaces=\"true\"> 247Sports Composite team rank. It&#8217;s a small, forward-looking proxy for program relevance, expected fan demand, and the odds that future home schedules will remain commercially interesting. It does not predict returns on its own. It matters enough to me as a tiebreaker to carry 5%.<\/span><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">And unofficially, <\/span><strong><span data-preserver-spaces=\"true\">whether the town is a ghost town from February through August<\/span><\/strong><span data-preserver-spaces=\"true\">, because a few of these very much are.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Revenue, ADR, occupancy, and supply figures are AirDNA market estimates for the trailing 12 months through July 2026. Home values are Zillow Home Value Index figures pulled in August 2026. <\/span><span data-preserver-spaces=\"true\">Regulations were<\/span><span data-preserver-spaces=\"true\"> reviewed in August 2026 and are constantly changing.<\/span><span data-preserver-spaces=\"true\"> All of it is a market-level estimate, not a projection for any specific property.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Two gates sit on top of the score. A market with revenue down more than 5% over the trailing year didn&#8217;t make this list. That&#8217;s a screening rule, not proof that no individual deal can work there. And a market where a remote investor can&#8217;t operate at all is out.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The preseason poll rank is here for context and carries zero weight. I tested it against returns. I&#8217;ll show you where it breaks at the end.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">One more thing before the list:<\/span><span data-preserver-spaces=\"true\"> This is a market-level screen, not a property-level pro forma. <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.airdna.co\/airbnb-calculator\/analyzer?utm_source=pitch_outreach&amp;utm_medium=press&amp;utm_campaign=50496340-26-rentilizer-agent\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">AirDNA<\/span><\/a><span data-preserver-spaces=\"true\"> numbers are market estimates, not a promise about a specific house.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Before you buy anywhere on this list, confirm that a non-owner-occupied whole-home rental is legal at that exact address, verify any night limit and whether a permit is actually available, and read the HOA or condo documents.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Honorable Mentions<\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">State College, PA (Penn State)<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The only market I removed on regulation, and it stung, because it produced the highest gross revenue of anything I studied at $46,825. State College permits short-term rentals only when the property is the primary residence of an owner or tenant living there for eight-plus months a year. Adjacent College Township caps them at 30 nights.&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Auburn, AL<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">It was the second-best football premium in the entire study at 2.14x, but the numbers still say no. Supply grew 29% last year while occupancy fell 10.7% and revenue dropped 10%. Auburn houses run <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.zillow.com\/home-values\/16838\/auburn-al\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">$423,354<\/span><\/a><span data-preserver-spaces=\"true\">, which puts revenue yield at 6.7%.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">College Station, TX<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The No. 1 recruiting class in America, and it missed the top 10. Revenue was down 4.2%, with flat appreciation and 1.50% tax. The football signal is real at 1.63x. Permits are workable: $100 plus a $100 inspection fee, $75 to renew, and a monthly hotel occupancy tax owed to both the city and Brazos County.&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Knoxville, TN<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Tennessee&#8217;s 0.37% effective property tax is the cheapest carry anywhere in this study. What kept it out of the top 10 is 2,685 active listings, more supply than any market here, and a 1.06x fall premium.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">If you shop it anyway: Type 1 permits require that the property be your principal residence, so an investor needs a Type 2, which is only available in nonresidential districts. Buy downtown or mixed-use.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Lincoln, NE<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Nebraska has sold out every home game since 1962. Everybody who wants to watch Nebraska play already lives in Nebraska. The rules are clear, though: a $250 annual license, most residential zones qualify, and no night cap.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">And without any further ado, here\u2019s the top 10.<\/span><\/p>\n\n\n<p><iframe src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2026\/08\/01_revenue_yield.html\" width=\"100%\" height=\"610\" style=\"border:0;\" loading=\"lazy\"><\/iframe><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">10. Columbus, OH (Ohio State Buckeyes)<\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Revenue:<\/span><\/strong><span data-preserver-spaces=\"true\"> $35,143<\/span><\/li>\n\n\n\n<li><strong><a class=\"editor-rtfLink\" href=\"https:\/\/www.zillow.com\/home-values\/10920\/columbus-oh\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Median home price<\/span><\/a><span data-preserver-spaces=\"true\">:<\/span><\/strong><span data-preserver-spaces=\"true\"> $248,686<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Revenue yield:<\/span><\/strong><span data-preserver-spaces=\"true\"> 12.7%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">ADR:<\/span><\/strong><span data-preserver-spaces=\"true\"> $170.23<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Occupancy:<\/span><\/strong><span data-preserver-spaces=\"true\"> 62%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">In-season lift:<\/span><\/strong><span data-preserver-spaces=\"true\"> 0.98x<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Why it works<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The highest occupancy of anything I studied was 62% on a house under $250,000. Columbus has an economy that has nothing to do with Saturdays. It\u2019s the home of Intel, Nationwide, a giant hospital system, and a convention calendar that never really stops. That&#8217;s why it books in February while neighboring Oxford sits empty.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Football update<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Ohio State opens No. 1 in the country with the seventh-ranked 2027 class.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Investor angle<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Ohio State is the best team in America, and Columbus is 10th on this list. Sit with that for a second, because it&#8217;s the whole argument of the last section of this article.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The market posts a 0.98x lift, meaning a football night costs a hair less than an average night. I zoomed into the campus submarket looking for any signal at all, and October still finished behind May, which is graduation plus the Memorial Tournament. Home values also slipped 1% last year.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Rules are easy here. You\u2019ll need an annual permit through the Department of Public Safety, which is $150 a year for an investment property plus a $20 application and a $32 background check. You disclose that you don&#8217;t live there, and that&#8217;s the end of it. No night cap.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">You do need a local responsible party and $300,000 in liability coverage that specifically names short-term rental use.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">9. Columbia, MO (Missouri Tigers)<\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Revenue:<\/span><\/strong><span data-preserver-spaces=\"true\"> $29,920<\/span><\/li>\n\n\n\n<li><strong><a class=\"editor-rtfLink\" href=\"https:\/\/www.zillow.com\/home-values\/10918\/columbia-mo\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Median home price<\/span><\/a><span data-preserver-spaces=\"true\">:<\/span><\/strong><span data-preserver-spaces=\"true\"> $327,680<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Revenue yield:<\/span><\/strong><span data-preserver-spaces=\"true\"> 8.3%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">ADR:<\/span><\/strong><span data-preserver-spaces=\"true\"> $158.50<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Occupancy:<\/span><\/strong><span data-preserver-spaces=\"true\"> 58%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">In-season lift:<\/span><\/strong><span data-preserver-spaces=\"true\"> 1.25x<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Why it works<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Revenue climbed 15.6% last year while the number of listings dropped 2.7%. Fewer properties splitting more money is about the best setup an existing operator can ask for. Columbia is also one of only three towns here where fall revenue beats summer revenue outright.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Football update<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Missouri sits 25th in the coaches&#8217; poll with the 28th-ranked 2027 class.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Investor angle<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The top earner in this market is a 12-bedroom on 51 acres. It opens 125 nights a year and generates $99,000 in revenue. The listing that put &#8220;Mizzou Stadium&#8221; right in its title finished dead last of the top eight.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">There&#8217;s a reason a 12-bedroom can exist: 51 acres almost certainly puts it outside city limits. Inside Columbia, the rules get specific <\/span><span data-preserver-spaces=\"true\">in a hurry<\/span><span data-preserver-spaces=\"true\">: Every short-term rental is capped at eight occupants. The city issues one license per owner, so a portfolio is off the table.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">And if you don&#8217;t live in the property, you need a conditional use permit from the City Council to rent it for more than 120 nights, <\/span><span data-preserver-spaces=\"true\">with a cap of<\/span><span data-preserver-spaces=\"true\"> 210 nights. Downtown and mixed-use zones get looser treatment.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Compliance runs in three steps, and they have to happen in order: zoning clearance, then rental inspection, then business license.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">So the play here is on country land or a downtown parcel, not a four-bedroom in a neighborhood.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">8. Columbia, SC (South Carolina Gamecocks)<\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Revenue:<\/span><\/strong><span data-preserver-spaces=\"true\"> $36,303<\/span><\/li>\n\n\n\n<li><strong><a class=\"editor-rtfLink\" href=\"https:\/\/www.zillow.com\/home-values\/4174\/columbia-sc\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Median home price<\/span><\/a><span data-preserver-spaces=\"true\">:<\/span><\/strong><span data-preserver-spaces=\"true\"> $230,662<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Revenue yield:<\/span><\/strong><span data-preserver-spaces=\"true\"> 14.6%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">ADR:<\/span><\/strong><span data-preserver-spaces=\"true\"> $178.39<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Occupancy:<\/span><\/strong><span data-preserver-spaces=\"true\"> 61%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">In-season lift:<\/span><\/strong><span data-preserver-spaces=\"true\"> 1.02x<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Why it works<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Columbia has the third-best revenue yield of all 22 markets. A $230,662 house pulling $36,303 at 61% occupancy actually pays you in March, which almost nothing else on this list does.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Football update<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">South Carolina is receiving votes but sits outside the top 25, with its 2027 class ranked 27th.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Investor angle<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Here&#8217;s what actually decides whether you can buy: Columbia allows short-term rentals outright in mixed-use, activity center, commercial, and employment-campus districts. If you want a residential base zone, a non-owner-occupied rental has to front a four-lane street classified as a major arterial, minor arterial, or collector. Most neighborhood houses don&#8217;t. So shop commercial and mixed-use first.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The city also adopted a 365-day moratorium on new residential STR permits starting in June 2025. Whether that expired, got extended, or was replaced by something else is exactly the kind of thing that changes between when I write this and when you read it. Ask the city in writing before you go under contract.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">7. Norman, OK (Oklahoma Sooners)<\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Revenue:<\/span><\/strong><span data-preserver-spaces=\"true\"> $29,336<\/span><\/li>\n\n\n\n<li><strong><a class=\"editor-rtfLink\" href=\"https:\/\/www.zillow.com\/home-values\/33136\/norman-ok\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Median home price<\/span><\/a><span data-preserver-spaces=\"true\">:<\/span><\/strong><span data-preserver-spaces=\"true\"> $265,617<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Revenue yield:<\/span><\/strong><span data-preserver-spaces=\"true\"> 10.1%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">ADR:<\/span><\/strong><span data-preserver-spaces=\"true\"> $187.66<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Occupancy:<\/span><\/strong><span data-preserver-spaces=\"true\"> 47%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">In-season lift:<\/span><\/strong><span data-preserver-spaces=\"true\"> 1.23x<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Why it works<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Revenue was up 12.2% last year, the third-best on the board, on a home price that still starts with a 2. There were only 558 active listings.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Football update<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Oklahoma enters at No. 9 with the fifth-ranked 2027 class.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Investor angle<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Norman has the cleanest rulebook I found in nine hours of reading these things:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span data-preserver-spaces=\"true\">Short-term rentals are allowed in every zoning district except the industrial ones.\u00a0<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">No owner-occupancy requirement anywhere in the city.\u00a0<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">A license runs $150 plus a $50 annual inspection.\u00a0<\/span><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Planned unit developments require council approval, so check with the council before you make an offer.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">One trap worth knowing:<\/span><span data-preserver-spaces=\"true\"> The city&#8217;s guest tax published rate is 8%, but Norman put a proposition on the April 2026 ballot to raise it to 10% and extend it to RV spaces, so verify the current number before you price out anything.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">September rates hit $226, compared to $172 in summer. Real, but modest.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">6. Iowa City, IA (Iowa Hawkeyes)<\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Revenue:<\/span><\/strong><span data-preserver-spaces=\"true\"> $34,270<\/span><\/li>\n\n\n\n<li><strong><a class=\"editor-rtfLink\" href=\"https:\/\/www.zillow.com\/home-values\/5291\/iowa-city-ia\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Median home price<\/span><\/a><span data-preserver-spaces=\"true\">:<\/span><\/strong><span data-preserver-spaces=\"true\"> $305,824<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Revenue yield:<\/span><\/strong><span data-preserver-spaces=\"true\"> 9.5%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">ADR:<\/span><\/strong><span data-preserver-spaces=\"true\"> $177.33<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Occupancy:<\/span><\/strong><span data-preserver-spaces=\"true\"> 60%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">In-season lift:<\/span><\/strong><span data-preserver-spaces=\"true\"> 1.23x<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Why it works<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">This was the best growth story <\/span><span data-preserver-spaces=\"true\">in the study<\/span><span data-preserver-spaces=\"true\">.<\/span><span data-preserver-spaces=\"true\"> Revenue was up 18.8%, while occupancy was up 12.4% and rates up 7.8%. Supply was down 3.6%. This market grew revenue by nearly 19% while losing listings.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Football update<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Iowa opens 22nd with an unranked 2027 class, which cost it a couple of spots in my scoring.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Investor angle<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">With only 291 active listings, this was the smallest market on this list. I saw that number and assumed a permit squeeze. I was wrong in the other direction.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Iowa preempts city STR regulation at the state level. Any stay of 30 days or less counts as residential use, and cities can&#8217;t ban them, cap them, add conditional-use hurdles, or charge an STR-specific permit fee. Iowa City requires a rental permit and compliance with the housing code. That&#8217;s the entire list.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Iowa&#8217;s 1.71% property tax is the highest anywhere on this list, and it&#8217;s the only real drag on the yield.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">One more thing worth a look:<\/span><span data-preserver-spaces=\"true\"> Three of the eight top earners in Iowa City are log cabins outside town. The secluded cabin 15 minutes out beats the house you can walk to Kinnick from. That pattern showed up in six different markets in this study, and it&#8217;s the most consistent <\/span><span data-preserver-spaces=\"true\">thing I found<\/span><span data-preserver-spaces=\"true\">.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">5. Lubbock, TX (Texas Tech Red Raiders)<\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Revenue:<\/span><\/strong><span data-preserver-spaces=\"true\"> $29,154<\/span><\/li>\n\n\n\n<li><strong><a class=\"editor-rtfLink\" href=\"https:\/\/www.zillow.com\/home-values\/53060\/lubbock-tx\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Median home price<\/span><\/a><span data-preserver-spaces=\"true\">:<\/span><\/strong><span data-preserver-spaces=\"true\"> $212,191<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Revenue yield:<\/span><\/strong><span data-preserver-spaces=\"true\"> 12.2%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">ADR:<\/span><\/strong><span data-preserver-spaces=\"true\"> $164.38<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Occupancy:<\/span><\/strong><span data-preserver-spaces=\"true\"> 53%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">In-season lift:<\/span><\/strong><span data-preserver-spaces=\"true\"> 1.26x<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Why it works<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The cheapest real door on this list. A $212,191 house earning $29,154 works out to 13.7% before Texas takes its cut, and Lubbock County takes 1.51% of it.&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Football update<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Texas Tech comes in at No. 12 with the ninth-ranked 2027 class, second-best recruiting in this top 10.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Investor angle<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Football is not why you buy in Lubbock. The fall premium is 1.26x, and the highest-rate month <\/span><span data-preserver-spaces=\"true\">of the year<\/span><span data-preserver-spaces=\"true\"> is May. Texas Tech graduation outearns Texas Tech football, which I checked three times before I believed it.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Buy it because it&#8217;s a cheap house in a market with 6.8% revenue growth. You&#8217;ll need an STR permit and to remit monthly taxes on occupied guest nights.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">4. Athens, GA (Georgia Bulldogs)<\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Revenue:<\/span><\/strong><span data-preserver-spaces=\"true\"> $38,028<\/span><\/li>\n\n\n\n<li><strong><a class=\"editor-rtfLink\" href=\"https:\/\/www.zillow.com\/home-values\/23534\/athens-ga\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Median home price<\/span><\/a><span data-preserver-spaces=\"true\">:<\/span><\/strong><span data-preserver-spaces=\"true\"> $344,516<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Revenue yield:<\/span><\/strong><span data-preserver-spaces=\"true\"> 10.2%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">ADR:<\/span><\/strong><span data-preserver-spaces=\"true\"> $265.88<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Occupancy:<\/span><\/strong><span data-preserver-spaces=\"true\"> 45%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">In-season lift:<\/span><\/strong><span data-preserver-spaces=\"true\"> 1.71x<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Why it works<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Athens doesn&#8217;t win any single category, but it finishes near the top of most <\/span><span data-preserver-spaces=\"true\">of them<\/span><span data-preserver-spaces=\"true\">: Revenue was up 7.6%. A 1.71x fall premium. A tax rate of 0.82% that won&#8217;t hurt you.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Best detail in the market:<\/span><span data-preserver-spaces=\"true\"> Athens lost 7.2% of its listings last year and raised rates 17% anyway. Supply walked out the door, and the operators who stuck around collected.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Football update<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Georgia opens third in the country with the 12th-ranked 2027 class.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Investor angle<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Read this before you get excited about the No. 4 ranking: Athens is not an easy market for a remote investor, and the rate data is doing all the work here.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Athens-Clarke County runs two STR categories. A Home Occupation permit requires you to be the owner-occupant or a long-term tenant, which rules out anyone buying from out of town. A Commercial STR drops that requirement but is zoning-dependent and needs a Special Use Permit.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">That permit is discretionary, and the commission has not been friendly to them. In January 2026, they denied one, and the minutes have several commissioners saying they oppose the process generally.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">So Athens is a specific-address market. Buy in a qualifying commercial zone, budget for a public hearing, and don&#8217;t sign anything you can&#8217;t walk away from if the vote goes badly.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">3. Oxford, MS (Ole Miss Rebels)<\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Revenue:<\/span><\/strong><span data-preserver-spaces=\"true\"> $41,703<\/span><\/li>\n\n\n\n<li><strong><a class=\"editor-rtfLink\" href=\"https:\/\/www.zillow.com\/home-values\/13149\/oxford-ms\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Median home price<\/span><\/a><span data-preserver-spaces=\"true\">:<\/span><\/strong><span data-preserver-spaces=\"true\"> $419,443<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Revenue yield:<\/span><\/strong><span data-preserver-spaces=\"true\"> 9.1%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">ADR:<\/span><\/strong><span data-preserver-spaces=\"true\"> $438.41<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Occupancy:<\/span><\/strong><span data-preserver-spaces=\"true\"> 33%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">In-season lift:<\/span><\/strong><span data-preserver-spaces=\"true\"> 2.21x<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Why it works<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">This is <\/span><span data-preserver-spaces=\"true\">the<\/span><span data-preserver-spaces=\"true\"> most football-dependent market <\/span><span data-preserver-spaces=\"true\">in America<\/span><span data-preserver-spaces=\"true\">.<\/span><span data-preserver-spaces=\"true\"> It has the highest nightly rate anywhere in the study: $438; lowest occupancy: 33%.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">A night in Oxford costs $277 in July and $611 in September. And it doesn&#8217;t drop back down after. September, October, November, and December all clear $500.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Think about what 33% occupancy actually means. The average house there sits empty two nights out of every three, all year long, and still produces $41,703. That&#8217;s what 28,000 people and a 64,000-seat stadium do to a rate calendar.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Football update<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Ole Miss enters 10th with the 14th-ranked 2027 class.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Investor angle<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Here&#8217;s the strange part, and I only found it by reading the actual Land Development Code: Oxford doesn&#8217;t cleanly classify a non-owner-occupied whole-home short-term rental as a use. The code addresses an owner-occupied bed-and-breakfast, which is a special exception in the AG, RCN, ER, SR, and NR districts. A regular Airbnb where nobody lives full-time isn&#8217;t on the table of uses.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">That is not the same as permission. The code states that an omitted use isn&#8217;t automatically allowed, and Section 1.9 delegates interpretation of omissions to the Planning Director. So whether your specific house qualifies comes down to a written determination, and you want that in hand before you close, not after.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">For what it&#8217;s worth, I also found no code provision expressly imposing an owner-occupancy mandate, an annual night cap, or a 1,500-foot separation rule on a whole-home rental. People repeat all three online. The separation rule appears to belong to Oxford, Mississippi. But because the use isn&#8217;t clearly classified, the absence of a restriction doesn&#8217;t mean a green light.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">2. Tuscaloosa, AL (Alabama Crimson Tide)<\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Revenue:<\/span><\/strong><span data-preserver-spaces=\"true\"> $37,800<\/span><\/li>\n\n\n\n<li><strong><a class=\"editor-rtfLink\" href=\"https:\/\/www.zillow.com\/home-values\/14208\/tuscaloosa-al\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Median home price<\/span><\/a><span data-preserver-spaces=\"true\">:<\/span><\/strong><span data-preserver-spaces=\"true\"> $232,816<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Revenue yield:<\/span><\/strong><span data-preserver-spaces=\"true\"> 15.3%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">ADR:<\/span><\/strong><span data-preserver-spaces=\"true\"> $360.85<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Occupancy:<\/span><\/strong><span data-preserver-spaces=\"true\"> 34%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">In-season lift:<\/span><\/strong><span data-preserver-spaces=\"true\"> 2.04x<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Why it works<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Fall nights average $513 against $252 in July. That&#8217;s about 2.04 times July&#8217;s rate, or 104% higher, and it lands on a 34% annual occupancy rate.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">So Tuscaloosa sits quiet most of the year and then becomes the most expensive address in Alabama for seven Saturdays. There are currently only 525 active listings, the second-thinnest supply in the study.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Football update<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Alabama enters 11th. Its 2027 recruiting class ranks 41st nationally.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Investor angle<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Now, the part that decides your deal, and it&#8217;s the single most important sentence in this article: For a residential dwelling in the applicable Tourist Overlay area, Tuscaloosa allows short-term rental operation by right for no more than 45 days per calendar year. Going beyond that may require discretionary approval.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">That $37,800 revenue figure is a market average. It includes grandfathered operators and approval holders running full calendars. At $360 a night, 45 nights gets you to roughly $16,000. If you&#8217;re buying by right, underwrite 45 nights and treat any approval as upside <\/span><span data-preserver-spaces=\"true\">rather than<\/span><span data-preserver-spaces=\"true\"> the plan. Call the Office of Urban Development, give them the exact address, and get the night count in writing.<\/span><\/p>\n\n\n<p><iframe src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2026\/08\/04_summer_vs_fall_night.html\" width=\"100%\" height=\"540\" style=\"border:0;\" loading=\"lazy\"><\/iframe><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">One more thing:<\/span><span data-preserver-spaces=\"true\"> Alabama assesses owner-occupied homes at 10% of value and rentals at 20%. Your effective rate doubles the day you list it, so budget 0.90%, not the 0.45% published.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">1. South Bend, IN (Notre Dame Fighting Irish)<\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Revenue:<\/span><\/strong><span data-preserver-spaces=\"true\"> $39,546<\/span><\/li>\n\n\n\n<li><strong><a class=\"editor-rtfLink\" href=\"https:\/\/www.zillow.com\/home-values\/20555\/south-bend-in\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Median home price<\/span><\/a><span data-preserver-spaces=\"true\">:<\/span><\/strong><span data-preserver-spaces=\"true\"> $202,170<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Revenue yield:<\/span><\/strong><span data-preserver-spaces=\"true\"> 17.7%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">ADR:<\/span><\/strong><span data-preserver-spaces=\"true\"> $285.89<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Occupancy:<\/span><\/strong><span data-preserver-spaces=\"true\"> 46%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">In-season lift:<\/span><\/strong><span data-preserver-spaces=\"true\"> 1.82x<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Why it works<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">South Bend finished 18 points clear of second place, the widest gap on the board, by winning nearly every category at once. A typical house costs $202,170, and the average listing earns $39,546. Revenue is up 7.7%. Home values are up 6.9%, the fastest appreciation in the study. September rates run 82% above the July floor.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Football update<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Notre Dame opens fifth with the second-ranked 2027 class, behind only Texas A&amp;M.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Investor angle<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The 46% occupancy rate scares people off, and it shouldn&#8217;t. <\/span><span data-preserver-spaces=\"true\">Six<\/span><span data-preserver-spaces=\"true\"> or seven Saturdays at $433 a night <\/span><span data-preserver-spaces=\"true\">is the whole model<\/span><span data-preserver-spaces=\"true\">, and Irish <\/span><span data-preserver-spaces=\"true\">alumni<\/span><span data-preserver-spaces=\"true\"> will fly in from Phoenix for a 6-6 season.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Here&#8217;s the comparison I want stuck in your head: Ann Arbor produces $38,872 per listing, within $700 of South Bend. A typical Ann Arbor house costs <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.zillow.com\/home-values\/8097\/ann-arbor-mi\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">$536,036<\/span><\/a><span data-preserver-spaces=\"true\">. You&#8217;d be paying an extra $334,000 for identical revenue and a better football team. Only one of those shows up in your<\/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\">.<\/span><\/p>\n\n\n<p><iframe src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2026\/08\/05_revenue_vs_price.html\" width=\"100%\" height=\"610\" style=\"border:0;\" loading=\"lazy\"><\/iframe><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">There are two<\/span><span data-preserver-spaces=\"true\"> things to watch anyway. The Common Council held a public meeting in July 2026 about regulating STRs and floated annual permits plus public owner contact info, which is the mild end of what a city can do. Nothing passed. Check the agenda before you close.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">And Indiana caps non-homestead rentals at 2% of assessed value while giving them none of the homestead deductions, so budget 1.9%, not the 0.86% any county lookup shows you.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Final Play Call: What the Data Actually Says<\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">1. The best football markets are the hardest ones to buy into<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Three of the five largest fall-rate premiums I measured are in towns with the tightest rules:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Tuscaloosa<\/span><\/strong><span data-preserver-spaces=\"true\"> at 2.04x with a 45-day by-right limit<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">State College<\/span><\/strong><span data-preserver-spaces=\"true\"> at 1.80x with a primary-residence mandate<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Athens <\/span><\/strong><span data-preserver-spaces=\"true\">at 1.71x behind a discretionary permit<\/span><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">That is not a coincidence. Football pushed rates so high in those towns that investors poured in, neighbors got loud, and the council responded. The thing that creates the premium <\/span><span data-preserver-spaces=\"true\">is the thing that<\/span><span data-preserver-spaces=\"true\"> creates the restriction.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">2. Football is a rate event, not a volume event<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Across the 17 markets where I could read monthly occupancy, I did not find one where fall occupancy consistently beat summer. In this sample, the football effect showed up far more reliably in nightly rates than in booked nights. You&#8217;re usually monetizing a handful of higher-value weekends, not counting on a broad lift in annual occupancy.<\/span><\/p>\n\n\n<p><iframe src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2026\/08\/03_rate_vs_occupancy.html\" width=\"100%\" height=\"610\" style=\"border:0;\" loading=\"lazy\"><\/iframe><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">3. Poll rank and recruiting rank don&#8217;t reliably predict returns on their own<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Recruiting tested negative against revenue in this sample. Texas A&amp;M has the No. 1 class in America, and College Station didn&#8217;t crack the top 10. Oregon is ranked second in the country, and Eugene finished dead last out of 22. Ohio State is No. 1, and Columbus posts a 0.98x football premium.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">I still gave recruiting 5% of the score as a forward-looking tiebreaker because college football relevance is part of what this list is trying to capture in the first place.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">4. Published property tax averages understate what an investor pays<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">County effective rates get averaged across a pool full of owner-occupants claiming homestead exemptions and assessment treatment you don&#8217;t get. I checked five states, and each one understated the non-owner-occupied tax bill. Alabama assesses rentals at double the owner-occupied ratio. Indiana caps rentals at 2% while denying them any homestead deductions.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">That&#8217;s a lot of numbers. If you&#8217;ve had AirDNA, Zillow, and ESPN open in three tabs for the last 20 minutes, I get it.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">So do what Lee Corso did every Saturday morning for almost 40 years: Reach under the desk, pull out the mascot head, and commit. That&#8217;s how you go from tab-hopping to the Heisman of hosts.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It&#8217;s still 94 degrees out, but everyone has collectively decided it feels like fall; somebody&#8217;s uncle is already furious about a backup quarterback he has never watched play a snap; [&hellip;]<\/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],"tags":[],"class_list":["post-189115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-markets"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/189115","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=189115"}],"version-history":[{"count":3,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/189115\/revisions"}],"predecessor-version":[{"id":189133,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/189115\/revisions\/189133"}],"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=189115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=189115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=189115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}