Airbnb ushered in the nationwide short-term rental economy. It has allowed millions of people to rent their homes, mostly for a few days. However, the long-term rental market has not gone away. The Wall Street Journal recently reported that a number of these were vacation homes.
Among the data considered for Evolve’s recently released report on rental properties (Best Places to Buy a Vacation Rental in 2022) were places that regularly outperformed the market and those that offered the owners the best return on investment. The report looked specifically at vacation rental performance, median home values from housing research site Zillow and yearly expenses to run a vacation rental per year.
Louis Olds, senior manager of real estate services at Evolve commented:
Evolve’s 2022 Travel Trends Forecast uncovered that out of more than 5,000 travelers surveyed, the majority are seeking out rural, secluded mountain escapes and waterfront getaways – 60.7 percent and 83.7 percent respectively – over urban experiences.
The research showed the top 12 places to buy a vacation rental. Three-quarters of them were in mountain regions. The balance of the places were on the water.
The Poconos in Pennsylvania topped the list, as it has for four consecutive years. The area is southwest of New York City and north of Philadelphia. Most likely, its proximity to such large populated areas helps it. New York City residents can get there in about two hours.
These are the 12 best places to own a vacation rental:
- The Poconos, Pa.
- McGaheysville, Va.
- Sevierville, Tenn.
- Bryson City, N.C.
- Surfside Beach, Texas
- Branson, Mo.
- Waldport, Ore.
- North Conway, N.H.
- Ruidoso, N.M.
- Windham, N.Y.
- Gulf Shores, Ala.
- Pinetop – Lakeside, Ariz.