Travel + Leisure just dropped their 2025 list of the top 15 cities in the U.S., based on nearly 180,000 reader votes—and I couldn’t help but notice how many of these overlap with short-term rental and lifestyle investing markets.
Here’s the full list:
1. Santa Fe, NM
2. New Orleans, LA
3. Charleston, SC
4. Savannah, GA
5. Alexandria, VA
6. Honolulu, HI
7. Greenville, SC
8. New York City, NY
9. Nashville, TN
10. Chicago, IL
11. Boston, MA
12. Asheville, NC
13. Williamsburg, VA
14. Austin, TX
15. San Antonio, TX
Santa Fe took the top spot this year, ending Charleston’s 12-year run at #1. Readers praised its arts scene, weather, and charm. New Orleans and Savannah also ranked high for their food and walkability, while cities like Asheville, Austin, and Nashville continue to attract people for lifestyle and tourism reasons.
From an investor lens, several of these cities have strong short-term rental potential or are already popular STR hubs. Others, like Alexandria or Williamsburg, might fly more under the radar but offer proximity to major metros and unique tourism draws.
I’m curious—are any of you investing in these markets? Have you seen Travel + Leisure’s rankings line up with actual guest demand or market performance? Are these types of “best cities” lists something you track when choosing where to invest?
This list has a distinct tilt to it...history, architecture, museums, restaurants, etc...likely based on the magazine's customer profile. With kids, our trips for the past 20+ years have been different (lakes, beaches, cruises, Disney, Universal, travel sports, etc.).
New Orleans is interesting but not surprising. NOLA attracts a lot of corporate outings & maintains a lot of tourism (rightfully so). It also gained a lot of traction this past year with the UFC & Superbowl coming to town. Believe people started noticing the potential NOLA has for hosting large events outside of the typical jazz fest, Mardi Gras, etc.
My understanding of New Orleans STR laws is that it has changed drastically the last year or so. I haven't dug a lot into it & know there are a few STR hosts on BP operating there. If I recall correctly, the operator must now occupy the same lot as the STR itself. Basically requiring duplex or rooms instead of entire homes. I also believe they implemented a lottery system on who actually can get a STR permit within city limits.
I suppose this is a way to ensure hotels in the city remain full & active. Similar situation in Biloxi, MS where I have a STR. No permits within a certain distance of the casinos/hotels. Kind of interesting approach when it comes to maintaining tourism to your big drivers.
New Orleans is interesting but not surprising. NOLA attracts a lot of corporate outings & maintains a lot of tourism (rightfully so). It also gained a lot of traction this past year with the UFC & Superbowl coming to town. Believe people started noticing the potential NOLA has for hosting large events outside of the typical jazz fest, Mardi Gras, etc.
My understanding of New Orleans STR laws is that it has changed drastically the last year or so. I haven't dug a lot into it & know there are a few STR hosts on BP operating there. If I recall correctly, the operator must now occupy the same lot as the STR itself. Basically requiring duplex or rooms instead of entire homes. I also believe they implemented a lottery system on who actually can get a STR permit within city limits.
I suppose this is a way to ensure hotels in the city remain full & active. Similar situation in Biloxi, MS where I have a STR. No permits within a certain distance of the casinos/hotels. Kind of interesting approach when it comes to maintaining tourism to your big drivers.
Yeah, I would personally avoid NO as an STR investor, since I grew up there. It seems to be way too much red tape to get through. I do love visiting, though, still, but I usually choose a hotel there.
New Orleans is interesting but not surprising. NOLA attracts a lot of corporate outings & maintains a lot of tourism (rightfully so). It also gained a lot of traction this past year with the UFC & Superbowl coming to town. Believe people started noticing the potential NOLA has for hosting large events outside of the typical jazz fest, Mardi Gras, etc.
My understanding of New Orleans STR laws is that it has changed drastically the last year or so. I haven't dug a lot into it & know there are a few STR hosts on BP operating there. If I recall correctly, the operator must now occupy the same lot as the STR itself. Basically requiring duplex or rooms instead of entire homes. I also believe they implemented a lottery system on who actually can get a STR permit within city limits.
I suppose this is a way to ensure hotels in the city remain full & active. Similar situation in Biloxi, MS where I have a STR. No permits within a certain distance of the casinos/hotels. Kind of interesting approach when it comes to maintaining tourism to your big drivers.
Yeah, I would personally avoid NO as an STR investor, since I grew up there. It seems to be way too much red tape to get through. I do love visiting, though, still, but I usually choose a hotel there.
There are places I also prefer a hotel like Orlando. I prefer to have the convenience of staying on a Disney Property when going to Disney parks.
New Orleans is interesting but not surprising. NOLA attracts a lot of corporate outings & maintains a lot of tourism (rightfully so). It also gained a lot of traction this past year with the UFC & Superbowl coming to town. Believe people started noticing the potential NOLA has for hosting large events outside of the typical jazz fest, Mardi Gras, etc.
My understanding of New Orleans STR laws is that it has changed drastically the last year or so. I haven't dug a lot into it & know there are a few STR hosts on BP operating there. If I recall correctly, the operator must now occupy the same lot as the STR itself. Basically requiring duplex or rooms instead of entire homes. I also believe they implemented a lottery system on who actually can get a STR permit within city limits.
I suppose this is a way to ensure hotels in the city remain full & active. Similar situation in Biloxi, MS where I have a STR. No permits within a certain distance of the casinos/hotels. Kind of interesting approach when it comes to maintaining tourism to your big drivers.
The real reason is the city was overrun with listings and it has drastically increased cost of living in the city. They really want to ban it in the city all together. But in the mean time they have chosen the route of making it impossible to STR.
Very cool that Greenville made the list.
Although its illegal to have STR's in the city limits, there is a lot of opportunity right outside the city limits.
I have a bunch of LTR's that could be converted to STR's, but I only am interested in vacation rentals where a family would spend vacation money and use their vacation days to go stay.
Plus I'm trying to minimize my working hours where possible.
heard a lot of great things about Sante Fe but have also heard its pretty hard to get licensed there. city has been pretty strict on issuing more permits
We've had an stvr in Savannah for 10 years. It's always done well. Savannah is a great tourist city and has had a lot of progress over the last decade. Back then, the city had capped the amount of stvr licenses in the historic district, and recently they added some more, and we've noticed. We're not booked at all in August and September is slow for the first time ever. So, while I agree that Savannah is a "best city" as well as a great city to invest in, paying attention to local laws is essential.
We've had an stvr in Savannah for 10 years. It's always done well. Savannah is a great tourist city and has had a lot of progress over the last decade. Back then, the city had capped the amount of stvr licenses in the historic district, and recently they added some more, and we've noticed. We're not booked at all in August and September is slow for the first time ever. So, while I agree that Savannah is a "best city" as well as a great city to invest in, paying attention to local laws is essential.
Interesting, our Pigeon Forge Cabin is very slow for August and September.
We had block buster months for June and July, and November and December are filling in nicely.
It would be nice to have a private site for vetted stvr owners to be able to offer other stvr owners deals on last minute vacancies. I know there are FB groups for this but I'm sure just anyone can post in these groups.
We've had an stvr in Savannah for 10 years. It's always done well. Savannah is a great tourist city and has had a lot of progress over the last decade. Back then, the city had capped the amount of stvr licenses in the historic district, and recently they added some more, and we've noticed. We're not booked at all in August and September is slow for the first time ever. So, while I agree that Savannah is a "best city" as well as a great city to invest in, paying attention to local laws is essential.
Interesting, our Pigeon Forge Cabin is very slow for August and September.
We had block buster months for June and July, and November and December are filling in nicely.
It would be nice to have a private site for vetted stvr owners to be able to offer other stvr owners deals on last minute vacancies. I know there are FB groups for this but I'm sure just anyone can post in these groups.
We've had an stvr in Savannah for 10 years. It's always done well. Savannah is a great tourist city and has had a lot of progress over the last decade. Back then, the city had capped the amount of stvr licenses in the historic district, and recently they added some more, and we've noticed. We're not booked at all in August and September is slow for the first time ever. So, while I agree that Savannah is a "best city" as well as a great city to invest in, paying attention to local laws is essential.
Interesting, our Pigeon Forge Cabin is very slow for August and September.
We had block buster months for June and July, and November and December are filling in nicely.
It would be nice to have a private site for vetted stvr owners to be able to offer other stvr owners deals on last minute vacancies. I know there are FB groups for this but I'm sure just anyone can post in these groups.
Absolutely. I would prefer this be a direct booking situation to save on more fees, but if the price is right...
You could have an owner to owner site and then an owner to the public site.
We've had an stvr in Savannah for 10 years. It's always done well. Savannah is a great tourist city and has had a lot of progress over the last decade. Back then, the city had capped the amount of stvr licenses in the historic district, and recently they added some more, and we've noticed. We're not booked at all in August and September is slow for the first time ever. So, while I agree that Savannah is a "best city" as well as a great city to invest in, paying attention to local laws is essential.
Interesting, our Pigeon Forge Cabin is very slow for August and September.
We had block buster months for June and July, and November and December are filling in nicely.
It would be nice to have a private site for vetted stvr owners to be able to offer other stvr owners deals on last minute vacancies. I know there are FB groups for this but I'm sure just anyone can post in these groups.
Absolutely. I would prefer this be a direct booking situation to save on more fees, but if the price is right...
You could have an owner to owner site and then an owner to the public site.
Yes, I read all of their lists. I don't invest in these but I was interested in the top 15 favorite islands in the Continental US and Marco Island is 6th which is where I invest.
https://www.travelandleisure.com/worlds-best-awards-2025-isl...
Yes, I read all of their lists. I don't invest in these but I was interested in the top 15 favorite islands in the Continental US and Marco Island is 6th which is where I invest.
https://www.travelandleisure.com/worlds-best-awards-2025-isl...
Nice! That's a cool list to see as well. How has it been going for you there?
Yes, I read all of their lists. I don't invest in these but I was interested in the top 15 favorite islands in the Continental US and Marco Island is 6th which is where I invest.
https://www.travelandleisure.com/worlds-best-awards-2025-isl...
Nice! That's a cool list to see as well. How has it been going for you there?
We had a great year! We are up YOY for occupancy and ADR. June and July, however, so record last minute bookings (it was nail biting). I usually don't have much last minute but this summer has averaged anywhere from 3 - 12 days prior. The fall is slow but it always is which I'm okay with given hurricane season. 2026 season is nicely booked in one of my condos.
It feels odd very little beach on this list (Honolulu and Savannah sort of has a beach nearby)
It feels odd very little beach on this list (Honolulu and Savannah sort of has a beach nearby)
I was surprised by that as well. As someone who has been to Santa Fe a few times, I can't believe they were number 1.
This list has a distinct tilt to it...history, architecture, museums, restaurants, etc...likely based on the magazine's customer profile. With kids, our trips for the past 20+ years have been different (lakes, beaches, cruises, Disney, Universal, travel sports, etc.).
This list has a distinct tilt to it...history, architecture, museums, restaurants, etc...likely based on the magazine's customer profile. With kids, our trips for the past 20+ years have been different (lakes, beaches, cruises, Disney, Universal, travel sports, etc.).
I agree. This does seem very skewed.
Been operating in Greenville SC for 2.5 years, slightly outside the city limits as mentioned above by @John Underwood
Have looked at a fair number of properties in #1, 3, 4, 13 & 15. Santa Fe has great numbers and I was close to putting in offers until I spoke with the city last fall. They were close to their STR permit limit at the time and were waiting until the spring to open up the application process, at which point they were likely to exhaust the remaining supply. Could still be a "outside the city limits" play.
Honolulu, NYC and Boston seem like a no go between regulations and entry prices. Nashville, Charleston and Austin seem tough as well.
Been operating in Greenville SC for 2.5 years, slightly outside the city limits as mentioned above by @John Underwood
Have looked at a fair number of properties in #1, 3, 4, 13 & 15. Santa Fe has great numbers and I was close to putting in offers until I spoke with the city last fall. They were close to their STR permit limit at the time and were waiting until the spring to open up the application process, at which point they were likely to exhaust the remaining supply. Could still be a "outside the city limits" play.
Honolulu, NYC and Boston seem like a no go between regulations and entry prices. Nashville, Charleston and Austin seem tough as well.
Good info! I do think most of the list is not the best place to invest if people are searching for random markets. Greenville and Savannah seemed like the STR winners when just looking at their data. Interesting to hear investors in Savannah say it's slow for the first time for them though. I was surprised they had Santa Fe at #1 on this though
Been operating in Greenville SC for 2.5 years, slightly outside the city limits as mentioned above by @John Underwood
Have looked at a fair number of properties in #1, 3, 4, 13 & 15. Santa Fe has great numbers and I was close to putting in offers until I spoke with the city last fall. They were close to their STR permit limit at the time and were waiting until the spring to open up the application process, at which point they were likely to exhaust the remaining supply. Could still be a "outside the city limits" play.
Honolulu, NYC and Boston seem like a no go between regulations and entry prices. Nashville, Charleston and Austin seem tough as well.
Good info! I do think most of the list is not the best place to invest if people are searching for random markets. Greenville and Savannah seemed like the STR winners when just looking at their data. Interesting to hear investors in Savannah say it's slow for the first time for them though. I was surprised they had Santa Fe at #1 on this though
Santa Fe has similar revenue to Sedona but much lower entry price. Greenville and Savannah are still affordable as well and have very good occupancy year round.
Hey @Jon Martin, we are expanding our STR management operations to Greenville this fall. Would love to connect and see if there are any synergies between what we do. Feel free to send me a DM if you're interested in chatting!
I live just outside of Asheville. I’m sure hurricane Helene had an impact on where Asheville landed on this years list. It is on the upswing though, and I think it will still be down from 2024’s tourist numbers due to the uncertainty if everything is back open and available. I think a place in between Asheville and Greenville, Traveler’s Rest, will be a hidden gem for investing.
I can not speak for all those cities. But as an owner in the New Orleans area I cant recommend against it enough. I purchased my duplex at the beginning of 23 with the intent to LTR 1 unit and STR the other. This was right around the beginning of the war the city started waging on STR.
They did/are implementing things like occupancy requirements. Limiting 1 permit per square block. Doing a lottery for permits. Getting ABNB to delist properties. Adding fines and shutting off, or at least threatening, water.
The unfortunate part is I can not completely blame the city. As it was overrun with listings and cause a dramatic increase in the cost of living for local residents.
Hi @John Underwood, I operate STR properties in Greenville and TR. Would be great to connect and explore opportunities to work together. Cheers!
Hi @John Underwood, I operate STR properties in Greenville and TR. Would be great to connect and explore opportunities to work together. Cheers!
Great list, Garrett. I'm based in Honolulu (#6 on the list), and while demand here is always strong, the STR laws are so strict that most of the "Airbnb play" doesn't work unless you're in a resort-zoned building. A lot of investors pivoted to 30+ day mid-term rentals for traveling nurses, military, and remote workers; still tapping into the lifestyle demand that puts us on these rankings.
That’s the key with these “best city” lists: they show where people want to go, but not necessarily where you can legally or profitably operate. Santa Fe, Savannah, NOLA; all great destinations, but local rules and oversupply can make them tricky.
I see these rankings as a good starting point for demand, but the real play is figuring out which strategy actually fits the city’s laws and numbers.