Are you in the market to get your very first vacation rental property? Well, since the pandemic is almost over in some countries, there's no better time to buy than in 2021. With Covid-19 altering the tourism industry, demand has shifted from luxury hotels to privately owned homes.
Where should you buy your vacation rental property? A huge market exists in the US because of the thousands of vacation hot spots it possesses. Before buying a suitable rental property, the opportunity for high rental prices and long-term appreciation must be present.
We've compiled a list of our top seven areas in America where you can buy a vacation rental property. So enjoy reading about vacation rentals!
Top 7 Areas To Buy The Best Vacation Rental Property
Buying a vacation rental property requires more consideration than where you'd enjoy owning a vacation house that you can only visit a few times a year.
If you're looking to get the best out of your investment, getting yourself acclimated with markets with a high rate of returns, consistent high occupancy rates, and local regulations is vital.
Enough of chitchat; these are our top seven Best Places to Own Vacation Rental Property at The Short Term Shop. They include:
Panama City Beach, Florida
While having the unflattering nickname "God's waiting room," Florida is a vacation rental destination. Wondering why? Three hundred twenty days of sunshine and white sand beaches that run for thousands of kilometers. Tourists can't get enough of the "sunshine state."
Panama City Beach is an excellent choice for owning a vacation rental property. It boasts of the perfect weather all year round, 27 miles of sand beaches, emerald green waters, and most importantly, affordable to Americans and tourists alike.
A couple of years ago, Panama City Beach was one of America's most profitable places to buy a vacation rental property with an estimated rental income summing up to $28,800.
Panama City has it all. From its beaches to the perfect nightlife. Therefore, investing in a vacation rental property here is sure to yield dividends.
While Panama City Beach is recognized, they're many other spots in Florida. For example, Destin 30A, Kissimmee, Tampa Bay, and Orlando.
Smoky Mountains, Tennessee
There's no place quite like the Smoky Mountains of Tennessee. While some people want to get down to the beach, most are more concerned with having a taste of its mountain life. For these reasons, there are vacation homes for sale in this region of the state.
This area draws about 13 million people every year, and it's possibly one of the most beautiful locations in the US with many activities ranging from hiking, outdoor adventures to fishing. Gatlinburg, Pigeon Forge, and Sevierville are consistently ranked as the best areas to buy a rental property. In 2021, Pigeon Forge was ranked first on the "best areas to buy" list by rented.com, while Gatlinburg came in a close second.
Gulf Shores And Orange Beach, Alabama
The Gulf Shores and Orange Beach of Alabama joined together, have over 32 miles of white sand beaches with crystal clear blue waters. They are great vacation spots for both travelers and anglers alike.
The number of people flooding into these parts of Alabama has skyrocketed over the past five years. As at 2016, that number was pegged at 25.8 million, in 2018 however, that number had gone up to 27.7 million, with tourists spending a whopping $15bn.
All these visitors need places to stay, making it one of the best places for vacation home property investments as it's incredibly lucrative. Existing property owners make use of websites like VRBO, Airbnb, and TripAdvisor to make the most out of these record numbers of tourists. Therefore, don't miss out!
South Jersey Shore, New Jersey
The Jersey Shore is a hugely popular vacation ground for most vacationers. It is home to a large number of entertaining activities and a vast number of nearby beaches.
Long Beach is one particular highlight, with unfettered access points to the best beaches, cafes, bars, restaurants, and nightlife. Nature lovers can go on ocean expeditions, including snorkeling and marine life exploration.
Jersey Shore has a bit of everything at a reasonable price, making it a trendy destination. Areas worth considering include Weehawken, Bayonne, Stone Harbor, and Summit.
Killington, Vermont
Driving north of New York City for 5 hours in the direction of Vermont brings you to Killington. It's a natural beauty characterized by snow-capped mountains, vast lakes, winding rivers, and ancient forests. It being an outdoor person paradise attracts millions of visitors every year.
Being an outdoor person's paradise also makes it a hotspot for vacation rental opportunities. Killington is home to many cabins, chalets, and traditional homes, all ready to be snatched at reasonable prices. With annual income summing up to $39,000, it was rated number four on Rented 2019 list of top places to buy vacation rental property.
Killington is popular among skiers and snowboarders during winter and is also a great destination in summer.
The Poconos, Pennsylvania
The Poconos Mountains in Pennsylvania is rapidly becoming one of the most popular vacation destinations in the US. It is attributed to its top vacation resorts, natural areas of beauty, lakes, and historical American towns.
Cottages and condos are extremely popular with visitors, providing property owners with excellent rental income. The Poconos is a family favorite coupled with excitement at every turn.
The Poconos ranked number 3 on Rented's 2021 list of Best Places to Buy Vacation Rental Property. Annual income in the Poconos is valued at approximately $22,000.
Central Texas, TX
Over the last decade, Texas has seen growth in population, jobs, and tourism, making it one of the country's most profitable vacation rental locations.
For tourists, Texas is a place filled with adventure and fun. The city has become more metropolitan, and due to the large number moving to these big cities daily, there's no shortage of activities and nightlife.
The best places to buy vacation rental property include:
- Lubbock
- Waco
- Arlington
- Round Work
- Corpus Christi
Other Top Options For The Best Rental Properties Worldwide
- London, UK
- Paris, France
- Barcelona, Spain
- Montreal, Canada
Final Takeaway On Top U.S. Vacation Rentals
If you're in the market for a rental vacation property, they're so many places out there waiting to be snapped up. Before making that decision, ensure that you carry out comprehensive research on the location you're looking to buy in.
Experts can also help you when you're in doubt of purchasing properties. They offer guidance from the moment you pick an interest up until you become the owner of that rental property in 2021 and 2022.
