Campgrounds force you to think about risk very differently

[Dillon Clark]

One thing I don’t see discussed much when it comes to campgrounds and RV parks is how differently risk shows up compared to more crowded asset classes.

With something like multifamily, most of the risk feels financial and macro-driven. Interest rates, cap rates, rent growth, expense creep. The asset itself doesn’t really change much year to year.

Campgrounds feel almost inverted.

A lot of the risk is front-loaded and structural: zoning, environmental constraints, infrastructure costs, layout decisions, access, utilities, and seasonality. Get those wrong early, and you’re stuck. But get them right, and the downside seems surprisingly contained.

What’s interesting is that once a park is stabilized, the revenue side isn’t tied to a single tenant type or lease structure. You’re spreading risk across nightly, weekly, monthly, and seasonal stays, plus ancillary income streams. You’re not betting everything on one renter or one market rent assumption.

It's also forced me to think more like an operator than an appraiser. Small changes in experience, site mix, or pricing strategy can have outsized impact on NOI without needing appreciation to bail you out.

I’m still early in this space and working through a ground-up plan, but it’s reshaped how I think about durability and downside protection in real estate.

For those who’ve looked seriously at campgrounds or RV parks:

• Where have you seen the real risks show up?

• And what assumptions did you initially underestimate?