With any real estate investment, one of the most important things to consider is the location. When you’re buying a vacation rental, you have to make sure it’s in a place that people actually want to go. But that’s not the only factor. When deciding where to buy a vacation rental, you must also consider areas where it is easy and legal to run a short-term rental, and where there is a high ROI on short-term rentals. To make your search easier, here are some of the best places to buy a vacation rental in 2018!
Where To Start Looking
From beautiful beaches and warm temperatures to theme parks, natural landmarks, countless food options and pockets of rich history, the best places to own a vacation rental are often the areas that attract the most vacationers. These cities check all the boxes when it comes to tourist desirability, ease of rental ownership, and high ROI:
Panama City, Florida
When you think of a vacation that is fun in the sun, Florida is usually the first place that comes to mind. But Panama City in particular tops the list of the best places to buy a vacation rental thanks to its affordable real estate prices, beautiful beaches, and easy-breezy coastal lifestyle. Panama City is a favorite place for families and retirees to thaw out from the blistery winters up north, providing plenty of family-friendly activities. There’s no income tax in Florida, and since tourism is such a huge part of the Panama City culture, there’s no ad valorem tax either. These factors help make this gorgeous city even more affordable to live, visit, buy, and invest.
If you’re not listening to great music and licking BBQ sauce off of your fingers, are you even on vacation? Memphis is another southeastern city that makes a lot of sense for vacation homeowners. This vibrant city is not only home to historical attractions like Graceland and the Memphis Zoo, but it also provides owners with a lot of house for their money and will bring in high rental rates. The market in Memphis is so versatile, allowing you to invest in new developments near popular attractions or older homes with personality and charm in the suburbs.
Sticking with our southeastern theme, Tulsa, Oklahoma also ranks as one of the best places to invest in short-term rental property. Tulsa is the ideal city for families looking for a more cultured experience, as it offers world-class museums, live concerts, exceptional food and drink venues, the ballet, sports events, and much more. Homes here are affordable (the average price for a three-bedroom home is $118K), and there’s a strong demand for rentals as well. While it’s not known for its palm trees and beach bungalows, this gorgeous city offers a unique experience for owners and vacationers alike.
While the bulk of prime vacation rental real estate can be found in states like Florida and Tennessee, there are cities up north that are great options for prospective owners. Of course, Chicago is a popular tourist city. Visiting Chicago and taking a selfie in front of The Bean is often at the top of many bucket lists.
And it’s also a great spot to invest in property. People don’t come to Chicago to “rough it,” after all. They visit for the luxurious real estate, upscale dining and shopping and a vibrant art and music scene. The average price for a three-bedroom home is $225,900, and Chicago is home to a diverse collection of neighborhoods, each having their own unique draw for both investors and travelers.
California is proven to be a hot vacation destination and a profitable place to buy a vacation home. Tourists come for the beautiful wineries and laid back breweries, but it’s more than a place to enjoy an adult beverage. Hotel rooms in the area are on the pricey side, which makes spacious vacation homes even more appealing to travelers. From cozy cottages to sprawling waterfront estates, you can find the perfect home for your budget and style in Napa.
Rounding out the list is another hot spot in the southeast—Nashville. Home to country stars and mouth-watering fried chicken, this music-inspired city holds its title as one of the best places to buy a vacation rental for many reasons. Nashville is a popular destination for business travelers and retirees—low-maintenance guests looking for a clean and comfortable alternative to a hotel.
Real estate in popular areas like the Nashville Convention Center and the Tennessee State Capitol are attractive to those passing through on business, while single-family homes and high rises in Downtown Nashville and Music Row are magnets for traveling families. Guests are used to paying over $1650 for a week in a two-bedroom home in the heart of the city, providing a profitable opportunity for vacation homeowners in the area.
No Matter Where You Buy, Bookfull Makes It Simple
The two most important decisions you’ll make when buying a vacation property is where to buy and what software you’ll use to manage it. Bookfull combines innovative features with a user-friendly dashboard and industry-leading technology to make managing your vacation home easier than ever. The best part? It’s free!
Whether you’ve bought a home in Panama City or Napa Valley, cutting-edge software can help you to handle all of your reservations, sync your calendars, assist with payment processing, email automation, and more. Bookfull does it all! Request a demo of Bookfull today to see how easy owning vacation property can be!