Live in Your Own Personal DESERT Paradise.
Or, as an investment with the INCOME using it as a Vacation Rental
To invest in vacation rental property, you should acknowledge your long-term financial goals, research top destinations for investing in vacation rental properties, work with a local real estate agent specializing in vacation rentals, calculate your potential vacation rental ROI, use dynamic pricing and choose the right property manager for your vacation rental investment or manage yourself on VRBO and Airbnb. See my home here.
The best place to invest in real estate for vacation rentals is in or near tourist hotspots. This means close to beaches, ski resorts, national parks, golf courses or theme parks. Business hubs also make great locations for short-term rentals such as corporate housing due to traveling professionals.
I have found some more information that might be helpful for you as a vacation rental investor. Here are some of the top destinations for investing in vacation rental properties in 2023, according to [this article]:
- Palm Springs, California: Palm Springs is a desert oasis that attracts visitors with its sunny weather, golf courses, spas, and festivals. Palm Springs also has a high demand for short-term rentals, as it is a popular destination for weekend getaways and events. The average nightly rate for a vacation rental in Palm Springs is $358, and the occupancy rate is 64%.
- Orlando, Florida: Orlando is the home of Disney World, Universal Studios, and many other attractions that draw millions of visitors every year. Orlando also has a warm climate, affordable housing, and a strong rental demand. The average nightly rate for a vacation rental in Orlando is $182, and the occupancy rate is 72%.
- Gatlinburg, Tennessee: Gatlinburg is a popular destination for nature lovers, as it is located near the Great Smoky Mountains National Park. Gatlinburg also offers a variety of activities, such as skiing, hiking, fishing, and shopping. The average nightly rate for a vacation rental in Gatlinburg is $269, and the occupancy rate is 66%.
These are just some of the best places to invest in real estate for vacation rentals in 2023. Of course, there are many other factors to consider when choosing a location, such as property taxes, regulations, maintenance costs, and competition. You can use [this calculator] to estimate your potential vacation rental ROI based on various inputs.